“Senior-friendly” bank accounts sound like a safe, low-cost option—but many older Americans are discovering that the fine print tells a different story. From monthly maintenance charges to surprise ATM fees, these accounts can quietly chip away at fixed incomes. In fact, some seniors are losing hundreds of dollars a year to banking fees they didn’t even realize they were paying.
If you’re living on Social Security or retirement savings, even small fees can add up fast. Understanding where these costs hide is key to protecting your financial future. Here are five types of senior bank account fees that could be draining your savings—and what to watch for.
