Fund losses can prompt fees

In addition to the mounting losses you might notice on your mutual fund statements, you may also spot some additional fees you’ve never seen before. During good times, you're not likely to see account balance fees, but when the market tanks your mutual fund balance can fall below the minimum amount a fund company requires. Fidelity Spartan 500 Index Fund (FSMKX), which tracks the S&P 500, has a minimum investment requirement of $10,000 and a balance requirement of $10,000. Fall below that and you’ll be dinged with a $10 annual fee.

That’s not so bad if you compare it to American Century Funds, which charges $50 every six months for balances below $10,000 in its brokerage accounts. (The company will waive the fee if you make two commission trades every six months, which will cost you $25 to $45 for each trade). If you buy an American Century fund without a broker, you'll be charged (only) $12.50 semiannually for balances below $10,000; the fee is waived if you manage your account online.

Even Vanguard, which prides itself on low fees, charges $20 for every fund that has less than $10,000 in value. So, if you have five Vanguard funds each worth less than $10,000, that’s $100. Vanguard will, however, let you avoid account service fees if you sign up to receive your account statements and fund reports via e-mail. Vanguard has the same account fees for IRAs, though some fund companies have lower fees or minimums for retirement accounts.

Bottom line: Check your account statements for fees and contact your fund company to see if you can get them waived.—Chris Fichera