How to Avoid Bank Fees (2024)

FAQs

How can you avoid fees from your bank? ›

Account holders can tend to get out of their monthly fees by opening both a checking and a savings account at the same bank or by maintaining a minimum balance in your account. Sometimes, setting up a monthly direct deposit is enough to waive the monthly fee.

Simply call and ask for the waiver, and you're likely to get it. And just like with ATM fees, don't make a habit of it. Another option, for salaried employees, is to have your company set up direct deposit of your weekly or bimonthly paycheck. Or check around for a bank that doesn't charge monthly maintenance fees.

Not every financial institution charges these fees (though many do), and they may not apply to every type of account offered. And those that do charge monthly maintenance fees often allow account holders to avoid them by meeting certain requirements. Banks are required to disclose any monthly maintenance fees upfront.

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This account maintenance fee is charged to keep your bank account active and your money secure. Some banks may waive the monthly fee if you keep a certain amount of money in your account at all times. Transaction fee. Some bank accounts allow a certain number of free transactions before this fee is charged.

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What is the most frequently charged fee on checking accounts? ›

If you already have an account at a bank you like but they are charging a monthly fee, try to get them to waive it. They will often do this if you set up direct deposit, which lets your employer deposit your paycheck directly into your account every month.

One Deposit Checking from Citizens

The monthly maintenance fee is $9.99 and the fee can be waived with one deposit each statement period. With this account, you can pay with a contactless debit card, a digital wallet, Zelle or checks.

Chase Total Checking®, the bank's basic checking account, has a monthly fee of $12, though you can get it waived by meeting one of a few requirements. Other fees include $3 for each use of a non-Chase ATM in the U.S., Puerto Rico and the U.S. Virgin Islands.

The easiest way to avoid any card surcharges is to pay for everything using cash. If you're not a fan of carrying around cash, you can choose to only buy from businesses that don't charge you to pay by card.

Minimum balance fees

Some banks have a minimum balance you may not dip below. For example, you could be required to have a minimum of $100 in your account at all times. If your balance falls below that amount, you end up with a fee. How to avoid it: You ideally want an account with no minimum balance.