Checking Account Fee: Understanding Common Fees and Charges

Checking accounts come with various fees, which can add up quickly if you're not aware of them. Some common fees include overdraft fees, which can range from $25 to $35 per transaction.

These fees can be triggered by a single transaction, so it's essential to keep an eye on your account balance. I've seen friends get caught off guard by these fees, so it's always better to be safe than sorry.

Monthly maintenance fees are another common charge, which can be waived if you meet certain requirements, such as maintaining a minimum balance. For example, some banks require a balance of $1,000 or more to avoid this fee.

These fees can be avoided by being mindful of your account activity and taking steps to minimize costs.

Opting for the right checking account can save you money on fees. 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 accounts waive fees if you make a minimum number of purchases with your debit card each month, while others require direct deposits. You can take advantage of these fee waivers every month, as long as you meet the requirements.

Your balance can fluctuate, but if you keep a higher balance, you may qualify for fee waivers the following month. It's essential to review your account terms regularly to ensure you're taking advantage of any available fee waivers.

By doing your research and choosing an account with fee waivers, you can avoid unexpected checking account fees.

You can avoid monthly maintenance fees by choosing accounts with fee waivers. Some banks will waive the fee if you maintain a certain daily balance.

Having a higher balance can make a big difference - you can waive the fee if you keep a higher balance. For example, if you've got a balance of $1,000 or more, you might be eligible for a fee waiver.

Many checking accounts also offer fee waivers if you make a minimum number of purchases with your debit card each month.

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. This can be a great way to save money, as it can add up quickly.

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

Monthly maintenance fees cost an average of $5.31 per month for checking accounts that don’t earn interest. This is a significant cost that can eat away at your balance significantly.

You can still qualify for a fee waiver even if you don't meet the requirements one month. If your balance drops below a certain amount, you can try to boost it back up the following month.

Most checking accounts come with a range of fees that can add up quickly. The average cost of an overdraft fee is $26.61.

Some banks will waive your monthly maintenance fee if you maintain a certain daily balance or make a minimum number of purchases with your debit card each month. You can still waive it the following month if you keep a higher balance.

Monthly service fees can be avoided by meeting certain requirements, such as making direct deposits or keeping a minimum balance.

Overdraft fees can be a major headache, but some banks offer overdraft protection services that can help cover transactions in the event that you overdraw your account.

The average overdraft fee is $26.61, and some banks may charge a fee if you use overdraft protection. However, it can help you avoid an uncomfortable moment if a check bounces or a transaction is declined.

Some common checking account fees include monthly service fees, overdraft fees, non-sufficient funds (NSF) fees, ATM fees, paper statement fees, foreign transaction fees, and account closure fees.

Here are some common checking account fees to watch out for:

ATM fees can quickly add up if you're not careful. The average out-of-network ATM fee is $4.73, according to Bankrate.

Using an out-of-network ATM can cost you both a surcharge from the ATM owner and a fee from your own bank, resulting in a total cost of $4.77, the highest in Bankrate's study since 1998.

To avoid these fees, it's essential to use in-network ATMs. Most banks offer an ATM locator on their website or mobile app to help you find fee-free ATMs.

You can also get cash back at the register when making a purchase at a store, which is often a more cost-effective option than using an ATM.

Here are some steps you can take to avoid ATM fees:

By taking these simple steps, you can save money and avoid the hassle of ATM fees.

Monthly maintenance fees are a common characteristic of checking accounts, and they can range up to $15 per month. The average monthly maintenance fee for checking accounts that don't earn interest is $5.31, according to a 2023 Bankrate checking account study.

To avoid monthly service fees, many accounts provide the opportunity to waive the fee if you meet certain requirements, such as maintaining a minimum balance, setting up direct deposit, and/or enrolling in paperless statements.

Some banks will waive the monthly maintenance fee if you keep your account balance above a predetermined minimum, with the average minimum balance to waive a non-interest checking account maintenance fee being $469.

You can also consider opening an account like Discover Cashback Debit, which has no monthly fees for maintenance or monthly balance requirements.

Here are some ways to avoid monthly service fees:

Your ability to avoid the service fee renews every month, so even if you don't qualify to waive the fee one month, you can still waive it the following month if you keep a higher balance.

Monthly service fees are a common characteristic of checking accounts, ranging up to $15. Many accounts provide the opportunity to waive the monthly fee if you meet certain requirements.

You can avoid monthly service fees by maintaining a minimum balance, setting up direct deposit, and/or enrolling in paperless statements. Some banks even offer no-fee checking accounts that don't charge monthly fees at all.

The average monthly maintenance fee for checking accounts that don't earn interest is $5.31, according to a 2023 Bankrate checking account study. This fee can have a huge impact on your balance, especially if you carry a small balance.

Some banks will waive the monthly maintenance fee if you keep your account balance above a predetermined minimum. The average minimum balance to waive a non-interest checking account maintenance fee is $469.

Here are some common checking account fees to watch out for:

Wells Fargo charges a $10 monthly service fee for their Everyday Checking Account, but you can waive it by maintaining a $500 minimum daily balance or making $500 in direct deposits.

Chase Bank's Total Checking comes with a $12 monthly service fee, but you can avoid it by keeping a minimum $1,500 daily balance or having monthly electronic deposits totaling $500 or more.

Bank of America's Advantage SafeBalance Banking Account has a $4.50 monthly service fee, but you can waive it by signing up for their Preferred Rewards program or maintaining a minimum daily balance of $500.

U.S. Bank's Smartly Checking has a $6.95 monthly service fee, but you can avoid it by being 24 and under, being 65 and over, or setting up $1,000 in direct deposits per month.

PNC Bank's Virtual Wallet comes with a $7, $15, or $25 monthly service fee, but you can avoid it by having a $500 monthly direct deposit to a Spend or Reserve account or being age 62 and older.

TD Bank's Complete Checking has a $15 monthly service fee, but you can avoid it by maintaining a minimum $500 daily balance or setting up recurring direct deposits of $500 or more per month.

Foreign transaction fees can be a significant cost when traveling abroad. You'll often incur a fee that's a percentage of the U.S. dollar amount of the transaction.

To avoid these fees, use a debit card or credit card that doesn't charge foreign transaction fees.

Wells Fargo has a monthly service fee of $10 for their Everyday Checking Account, but you can waive it by maintaining a $500 minimum daily balance.

You can also avoid the fee by making $500 in direct deposits into your account each month.

Linking a Wells Fargo campus ATM or debit card to your account will also waive the monthly service fee.

If you're a student, you're in luck - you can waive the fee if you're between 17 and 24 years old.

Chase Bank has a monthly service fee of $12 for their Total Checking account, but you can waive it by keeping a minimum daily balance of $1,500.

To avoid the fee, you'll need to meet one of the following conditions: 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.

U.S. Bank has a Smartly Checking account with a $6.95 monthly service fee. You can waive this fee by being 24 and under, being 65 and over, being a member of the military, setting up $1,000 in direct deposits per month, maintaining a $1,500 average balance, having a U.S. Bank consumer credit card, or qualifying for one of the four Smart Reward tiers.

To maintain a low monthly service fee, consider setting up direct deposits with U.S. Bank. This can be as simple as having your paycheck or government benefits deposited directly into your account.

PNC Bank has a monthly service fee for their Virtual Wallet, which can range from $7 to $25.

To avoid this fee, you'll want to have a direct deposit of at least $500 into a Spend or Reserve account each month, or maintain a balance of $500 in both Spend and Reserve accounts.

Alternatively, seniors age 62 and older are exempt from this fee.

You can avoid monthly maintenance fees by opting for accounts with fee waivers. Many banks will waive the fee if you maintain a certain daily balance or 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 or if you make a certain amount in direct deposits. Your ability to avoid the service fee renews every month, so if you don't qualify one month, you can still try to waive it the following month if you keep a higher balance.

To avoid unexpected fees, do your research and understand what fees are associated with an account before opening one. Here are three common fee-inducing moves checking account holders can make:

By understanding these common fees, you can take steps to avoid them and save money.

You can negotiate a fee with your bank by calling them and talking to a representative. This will give you the opportunity to explain your situation and make your case.

Banks don't want to lose your business, so they may be willing to make exceptions if it means keeping you as a customer. 93 percent of noninterest checking accounts either don't charge a fee or have one that's easy to avoid.

To negotiate a fee, ask what you can do to get a monthly service fee waived, such as 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. This can give them a reason to reconsider and make a deal.

You may have found yourself in a situation where you've spent more than you had in your account, resulting in an overdraft fee. The average cost of an overdraft fee is $26.61, according to a Bankrate study.

To avoid overdraft fees, consider enrolling in overdraft protection, which can transfer money from a linked bank account. This protection often comes at a fee, but it's often less than the overdraft fee.

You can also help avoid overdraft fees by carefully monitoring your balance using online and mobile banking. Set up low-balance alerts to receive a text when your balance falls below a certain amount.

Some banks may charge a fee if you use overdraft protection, but Hanks says it does come with benefits, like helping you avoid an uncomfortable moment if a check bounces or a transaction is declined.

Here are some ways to avoid overdraft fees:

If you close your account within 90 to 180 days of opening it, you may incur an account closure fee around $25. This fee can be a surprise, so it's essential to review the terms of your account to avoid it.

You can avoid account closure fees by reviewing the terms of your checking account to see how long your account needs to remain open. This simple step can save you up to $25.

Paper statement fees can add up quickly, with some banks and credit unions charging $5 per statement.

Enrolling in paperless statements is a simple way to avoid these fees, allowing you to view and print your statements for free at home.