Checking Account Fees: Understanding Common Fees and How to Avoid Them (2024)

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• Many banks charge monthly maintenance fees in exchange for their services.
• There are usually ways to waive the fees, such as keeping a minimum balance.
• Numerous banks don't charge monthly maintenance fees at all.

A monthly maintenance fee (sometimes called a monthly service fee) is money a bank charges you for banking with the company. The fee is usually automatically withdrawn from your account each month.

In some cases, you'll pay the fee no matter what. But many banks will waive the fee if you meet certain requirements. For example, you may pay $10 each month unless you maintain a $1,500 daily balance, in which case you'll pay $0.

Here's what you should know about paying — and avoiding — checking account fees.

Types of checking account fees

Here are some of the most common bank fees associated with checking accounts:

• Monthly maintenance fees: Charged by financial institutions for account upkeep. If a bank has multiple types of checking or savings accounts, different ones will probably come with different fees. Often, a more robust account charges a higher maintenance fee. A basic checking account may charge $5 per month, while a rewards checking account may charge $12 per month, for instance.
• Overdraft fees: When you overdraw your account but the bank processes the transaction and covers the shortfall.
• Non-sufficient funds (NSF) fees: When you overdraw your account, but the bank does not process the transaction.
• ATM fees: Can be charged by your bank when you use an out-of-network ATM and/or charged by the ATM operator. Many banks refund ATM fees.
• Foreign transaction fees: Some banks charge an additional fee when you make a purchase with your debit card out of the country.
• Paper statement fees: Banks are increasingly sending customers digital copies of their monthly bank statements. If you opt for a paper copy, you may pay between $5 and $10 extra per month.

How to avoid or minimize a monthly maintenance fee

Opt for accounts with fee waivers

Many banks will waive your monthly maintenance fee if you maintain a certain daily balance or an average daily balance over the course of the month.

Some checking accounts waive the charge if you make a minimum number of purchases with your debit card each month. Others waive it if you make a certain amount in direct deposits.

Your ability to avoid the service fee renews every month. Maybe you don't qualify to waive the fee one month because your balance drops below a certain amount. You can still waive it the following month if you keep a higher balance.

Choose a fee-free bank

If you don't want to keep close tabs on your account, look for a free checking account.

Note that most institutions without monthly maintenance fees are online. There are a few brick-and-mortar banks that don't charge fees on certain accounts, so those could be good options if you're set on in-person banking.

Utilize in-network ATMs

ATM fees are charged by banks when you use an ATM outside of its network. By choosing a bank with a large ATM network, or a bank that reimburses ATM fees, you can avoid these charges.

Negotiating fees with your bank

If you're looking to negotiate a fee or ask about a fee waiver, it's important to call your bank and talk to a representative. This will give you the opportunity to explain your situation and make your case.

Ask what you can do to get a monthly service fee waived, whether it's setting up direct deposit or keeping a certain balance (just make sure it's realistic). If the bank doesn't seem amenable to your suggestions, tell them you're considering switching to a competitor's account with better terms. Banks don't want to lose your business and will likely make exceptions if it means keeping you under their roof.

Monthly maintenance fees at the biggest banks

Here are the biggest national banks in the United States by number of branches. We've listed their monthly maintenance fees for checking accounts. If there's ways of avoiding checking account monthly fees, we've listed those, too.

For institutions with more than one checking account, we've listed the monthly maintenance fee for the most basic or popular account option.

Wells Fargo

Checking fee: $10 monthly service fee for the Wells Fargo Everyday Checking Account. Waive it by maintaining a $500 minimum daily balance, making $500 in direct deposits, linking a Wells Fargo campus ATM or debit card, or being ages 17 to 24.

Chase Bank

Checking fee: $12 monthly service fee for Chase Total Checking. To waive it, do at least one of the following: keep a minimum $1,500 daily balance, have monthly electronic deposits totaling $500 or more, or have an average beginning day balance of $5,000 or more in this account plus linked Chase accounts.

Bank of America

Checking fee: $4.50 monthly service fee for the Bank of America Advantage SafeBalance Banking Account. Waive it by signing up for the Preferred Rewards program, maintaining a minimum daily balance of $500, or by being a student under age 24.

U.S. Bank

Checking fee: $6.95 monthly service fee for U.S. Bank Smartly Checking. Waive it by setting up $1,000 in direct deposits per month, maintaining a $1,500 average balance, or having a U.S. Bank consumer credit card.

PNC Bank

Checking fee: $7, $15, or $25 monthly service fee for PNC Bank Virtual Wallet. Avoid it by having a $500 monthly direct deposit to a Spend or Reserve account, having a $500 monthly balance in Spend and Reserve accounts, or being age 62 and older.

Regions Bank

Checking fee: $8 or $11 monthly service fee for Regions Bank LifeGreen Checking Account. Waive it by maintaining a $1,500 average monthly balance, setting up at least one direct deposit of $500 or more, or making $1,000 combined in direct deposits.

TD Bank

Checking fee: $15 monthly service fee for TD Bank Complete Checking. Avoid it by maintaining a minimum $500 daily balance, setting up recurring direct deposits of $500 or more per month, or having a $5,000 minimum daily balance across all linked personal deposit accounts.

Checking account fees FAQs