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Fees are any payments consumers make to a financial institution that are not classified as interest payments. Most financial products come with fees, which are sometimes waived in exchange for other commitments from the consumer such as direct deposit or meeting a minimum balance.

Expanded Definition

Banks make money in two ways, they are paid interest from lending money, and they are paid fees by users of their products. Fees are usually charged on a time schedule, or per item transacted.

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