What Is A Statement Of Fees And Covering Letter?
If your bank sent a Statement of Fees and you’re not sure what it means or how to use it, here’s your quick fix:
TL;DR: A Statement of Fees is a yearly summary of fees paid on your current account—like account maintenance, overdrafts, and interest. You can access it online for free. Avoid paper statement fees by going paperless. Need a copy? Download it from your bank’s app or website.
What exactly is this statement?
Your bank sends a Statement of Fees at least once a year to spell out every fee and charge on your payment account. Think account maintenance fees, overdraft charges, interest paid, and sometimes even paper statement fees. The goal? To make sure you actually understand what you’re paying—and can compare accounts without squinting at tiny print.
Come 2026, U.S. banks must send this statement annually thanks to the Truth in Savings Act, which forces them to lay the fees bare. FDIC rules keep hammering that point home.
How do I actually get my hands on this thing?
Here’s the step-by-step to pull up or download your Statement of Fees from your bank’s online portal:
- Log in to your bank’s website or mobile app. Enter your username and password. Forgot your login? Hit “Forgot Password”—most banks verify your identity through email or text these days.
- Find the right menu. Look for tabs or links labeled “Statements,” “Documents,” or “Account Activity.” On most platforms—Chase, Bank of America, Wells Fargo, you name it—this lives under “Accounts.”
- Pick the account. Got multiple accounts? Select the one tied to your Statement of Fees.
- Choose the time frame. Statements usually pop up monthly or quarterly. Select “Annual Statement” or “Year-to-Date” to see the full fee breakdown.
- Download or open the PDF. Most banks let you grab a PDF copy. Save it to your computer or print it if you’re old-school. Some banks, like Chase, call it “Annual Fee Summary.”
I tried those steps and still can’t find it. Now what?
- Try the app instead. Banks usually update their apps before websites. Grab the latest version from the App Store or Google Play, log in, and poke around “Statements” or “Documents.”
- Ring customer service. If online banking feels like rocket science, call your bank’s 24/7 support line. They’ll email or mail a copy—though paper copies often cost $2–$5 each.
- Walk into a branch. A teller can print your statement on the spot. Bring ID and your account number. Perfect if tech isn’t your thing or you just like human help.
How can I dodge these fees next time?
Want to keep your money where it belongs—in your pocket? Try these moves:
- Go paperless. Flip the switch to electronic statements in your account settings. You’ll dodge $2–$5 per paper statement and cut down on clutter. The Consumer Financial Protection Bureau (CFPB) says banks still have to give you free access to statements, even if you skip paper mail.
- Set up alerts. Turn on email or app notifications for new statements, overdrafts, or sneaky fees. Most banks let you tweak these in “Settings” > “Alerts.”
- Do an annual check-up. Block 10 minutes once a year to compare your Statement of Fees with other accounts. Sites like Consumer Reports or Bankrate have handy comparison tools.
- Ask about waivers. If your bank’s fees feel like highway robbery, call and ask for a break. Many waive charges for loyal customers—especially if you set up direct deposit or keep a minimum balance.
What fees usually show up on this statement?
Most statements cover the usual suspects: account maintenance fees, overdraft charges, interest paid on loans, and sometimes paper statement fees. A few banks sneak in other costs, like out-of-network ATM fees or foreign transaction charges. Honestly, this is the best way to catch those surprise fees before they surprise you.
Can I get a Statement of Fees for a closed account?
Yes—banks keep records for years. Log in to your old account’s portal or call customer service. They’ll usually email a PDF copy within a day or two. Some charge a small fee for paper copies, so digital is the way to go.
How far back can I retrieve statements?
Most banks store at least 12–24 months of statements online. Need older ones? Call or visit a branch; they can often dig up digital copies for free or a small fee. If you’re hunting for ancient history, ask about their records retention policy—some go back seven years or more.
Are joint account holders able to access the Statement of Fees?
Absolutely. Both account holders can view and download statements, as long as you’re both authorized users. That said, only one person needs to set up paperless delivery to avoid those pesky paper fees.
What should I do if I spot an error on my statement?
Don’t panic. Grab your statement, note the error, and call customer service right away. They’ll launch an investigation—usually within 10 business days—and fix it if they messed up. If it’s your mistake, they’ll explain the charge. Pro tip: Take notes during the call and follow up in writing.
Can my bank change fees without telling me?
Not quietly. The Truth in Savings Act requires banks to give you 30–45 days’ notice before hiking fees. Check your mail and email for updates—some banks bury the notice in your monthly statement. If they slip up, you can complain to the CFPB.
Do all banks offer this statement?
In the U.S., most do—thanks to federal rules. Credit unions and online-only banks included. If you’re banking abroad, check local laws; some countries don’t require annual fee summaries. When in doubt, ask your bank directly.
What’s the difference between a Statement of Fees and a regular bank statement?
A regular bank statement shows every transaction—deposits, withdrawals, transfers. The Statement of Fees zooms in on what you paid in fees and interest. Think of it as the receipt for all those sneaky charges. One tells you where your money went; the other tells you why it’s not all there.
How can I compare accounts using these statements?
Pull up statements from two or three banks side by side. Look at the total fees paid over 12 months—maintenance, overdrafts, everything. Factor in minimum balance requirements and interest earned. Sites like Bankrate and NerdWallet have calculators to crunch the numbers for you. This beats guessing which bank is cheaper.
What if I don’t recognize a fee on my statement?
First, double-check your transaction history. If it’s still a mystery, call customer service with the fee description and date. They’ll trace it back to the source—whether it’s a forgotten subscription, an overdraft, or a service you thought was free. Keep your statement handy; it speeds up the process.
Can I dispute a fee I think is unfair?
You sure can. Call your bank, explain why the fee feels wrong, and ask for a reversal. Be polite but firm—sometimes they’ll waive it on the spot. If they refuse, escalate to a manager or file a complaint with the CFPB. Persistence pays off more often than you’d think.
How do I request a Statement of Fees for an account I don’t own?
You can’t—unless you’re an authorized user or have legal authority (like power of attorney). Otherwise, the bank must protect the account holder’s privacy. If you need records for estate or legal reasons, contact the bank with proper documentation.
What’s the easiest way to keep track of these statements?
Set a calendar reminder for the same day every year to review your Statement of Fees. Store digital copies in a dedicated folder labeled “Bank Statements.” If you’re old-school, use a binder. Either way, you’ll never play hide-and-seek with your fees again. Trust me, your future self will thank you.
