Some of the fees are direct expenses you can track. These “hard” costs include bank depository fees, monthly fees, image fees and other line items on your monthly statement. The “soft” costs — or operating expenses — are not as easily quantified. Yet, these costs have an impact on your bottom line as well.
To determine the true cost per check, simply divide the monthly sum of your “hard costs” by the number of checks you accept for the month.
What about free checking?
Many banks promote free checking — but like any other account, free checking incurs fees that are paid for by the interest earned on the minimum balance you’re required to keep.
If the interest earned is higher than the fees, a simple review of your statement shows the bank keeps the difference. In other words, in exchange for free checking, you allow the bank to keep the interest earned on your minimum balance.