Checking Account Fees at 10 Major Banks — and How To Avoid Them

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You might not know this, but most checking accounts come with a monthly fee. This may be surprising, as many advertisements mention “no fee checking” and access to a wide range of benefits without extra fees.

However, major banks make money off account and other service fees, so it’s important to know which accounts come with fees, and how you can avoid those fees altogether.

Standard Checking Accounts Fees for 10 Major Banks

Some of the biggest banks in the U.S. charge a standard checking account fee. This fee is usually charged monthly and is taken directly from your account balance.

Here’s a breakdown from 10 major banks on the account fees charged in their popular checking accounts:

How To Avoid Checking Account Fees

While most of the major banks charge fees to hold a standard checking account, in many cases, you can waive them by meeting certain requirements. Here’s a few ways to avoid checking account fees:

1. Meet the Minimum Balance

Many checking accounts that charge a monthly fee offer a way to waive the fee. In most cases, you’ll just need to hold a specific minimum balance in the account to avoid paying the fee. If your account has a minimum balance requirement, you’ll need to make sure your average daily balance stays above the minimum to avoid the fee.

2. Set Up Direct Deposit

Some checking accounts will waive your monthly account fee if you set up direct deposit into the account. This means you’ll need your paychecks to automatically deposit into the account on a regular basis. Some accounts require a minimum direct deposit amount into the account each month to waive account fees.

3. Open Another Account

Some banks will waive your checking account fees if you open another account at the same bank. This might just mean opening a linked checking account, or potentially opening another checking account, a certificate of deposit (CD), or even an individual retirement account (IRA).

4. Qualify for a Discount

Some banks offer no account fees for certain applications, such as college students, veterans or seniors. Ask your bank about special discounts available that you might qualify for to get your monthly fee waived.

Other Bank Fees To Watch Out For

While most of the major banks charge monthly maintenance fees, there are other bank account fees you need to look out for:

• Overdraft fees: If you overdraw your account by buying something you don’t have the funds for, you could be charged for an overdraft. If your bank covers the difference, you might pay up to $30 (or more) for the overdraft.
• Non-sufficient funds (NSF) fee: If you attempt a transaction (or write a check) and don’t have the funds in your account, your transaction might be rejected. This can result in a non-sufficient funds fee of up to $35 (or more) at some banks.
• ATM fees: Some banks charge ATM fees when you take cash out of a “non-network” ATM. Plus, you’ll pay any ATM fees charged at the machine. You’ll want to only use ATMs that are in-network at your bank to make sure you avoid this fee, or sign up for a checking account that reimburses ATM fees.
• Paper statement fees: To encourage a digital banking experience, some banks charge a monthly fee for paper statements. Make sure to select “eStatements” when you sign up to avoid this fee.
• Foreign transaction fees: If you’re traveling abroad, you might get hit with foreign transaction fees when you swipe your debit card. To avoid these, get a checking account that doesn’t charge foreign transaction fees (Schwab Investor Checking is one example).

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