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Chime® is a financial technology company, not a bank. Banking services, credit, and debit card provided by The Bancorp Bank, N.A. or Stride Bank, N.A., Members FDIC.
In this article
- What is a monthly maintenance fee?
- How do I avoid monthly maintenance fees?
- Monthly maintenance fees charged by the largest U.S. banks
- FAQs
- Final thoughts
Many banks charge monthly service fees on checking and savings accounts, which can add up quickly. Some banks don’t have any monthly fees associated with their accounts, but there are ways to avoid the ones that do. Learn how to avoid monthly maintenance fees at traditional banks and save money.
Chime Team • December 21, 2022
Banks may charge monthly maintenance fees in exchange for their services. Ironic, right? You may be thinking, why should I have to pay a company to open an account that you’re already giving your money to? Both online and brick-and-mortar banks can charge these monthly maintenance fees, which can easily add up over time.
Many financial institutions will charge a monthly maintenance fee if you don’t meet certain requirements. It’s important to be aware of maintenance fee charges as a consumer, and it’s also wise to know how to avoid paying them.
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What is a monthly maintenance fee?
A monthly maintenance fee is a fee charged by a financial institution to a customer for utilizing a checking or savings account if certain requirements aren’t met. This fee is typically withdrawn from your account each month automatically. For example, some banks may charge a monthly maintenance fee if your account balance is under a certain threshold.
Banks that do charge monthly maintenance fees often allow account holders to avoid them by meeting certain requirements.
How do I avoid monthly maintenance fees?
Monthly maintenance fees can add up quickly, especially if you have multiple accounts. So, you probably want to choose a financial institution that allows you to waive the fees. Typically, this involves meeting certain requirements when it comes to managing your funds. These can include things like:
- Keeping a certain account balance
- Accepting monthly direct deposits
- Holding multiple accounts at the same institution
- Being in a specific age range
Some banks make it possible to waive monthly maintenance fees, and they’re required to disclose any fees upfront. If you are looking to open a new account, make sure you read the account disclosures.
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*Amount varies based on individual SpotMe limit. Estimate is based on The New York Times' 2023 Overdraft Fee Study. https://www.nytimes.com/2023/06/16/your-money/overdraft-fees-banks.html
Monthly maintenance fees charged by the largest U.S. banks
Not all banks charge a monthly maintenance fee. But, many large financial institutions do.
Banks will tack on different amounts for their monthly maintenance fee, and it’s part of how they make their money. Here’s a closer look at some of the fees at the biggest banks in the U.S. and how you can avoid them.
Disclaimer: Fees for each bank may vary based on location.
Bank of America Monthly Maintenance Fees4
Account Type | Monthly Fee | How to Avoid Bank of America Monthly Maintenance Fee |
---|---|---|
Checking | $4.95 |
|
Savings | $8 |
|
Chase Monthly Maintenance Fees5
Account Type | Monthly Fee | How to Avoid Chase Monthly Maintenance Fee |
---|---|---|
Checking | $12 |
|
Savings | $5 |
|
U.S. Bank Monthly Maintenance Fees6
Account Type | Monthly Fee | How to Avoid U.S. Bank Monthly Maintenance Fee |
---|---|---|
Checking | $6.95 |
|
Savings | $4 |
|
TD Bank Monthly Maintenance Fees7
Account Type | Monthly Fee | How to Avoid TD Bank Monthly Maintenance Fee |
---|---|---|
Checking | $5.99 | Not applicable |
Savings | $5 |
**There’s no fee for the first year with a recurring transfer of $25 |
Citibank Monthly Maintenance Fees8
Account Type | Monthly Fee | How to Avoid Citibank Monthly Maintenance Fee |
---|---|---|
Checking | $12 |
**Fee also waived for account owners who are 62+ or a joint account includes a minor |
Savings | $4.50 |
|
Wells Fargo Monthly Maintenance Fees9
Account Type | Monthly Fee | How to Avoid Wells Fargo Monthly Maintenance Fee |
---|---|---|
Checking | $10 |
|
Savings | $5 |
|
PNC Monthly Maintenance Fees10
Account Type | Monthly Fee | How to Avoid PNC Monthly Maintenance Fee |
---|---|---|
Checking | $7 |
|
Savings | $5 |
|
FAQs
How do I know if a bank charges a monthly maintenance fee?
Whether you’re opening an account online or in person, the monthly fees associated with that account are usually listed on the company’s website or at the brick-in-motor branch. Financial institutions are required to let you know about any monthly fees upfront so that you aren’t surprised down the line. It’s a good idea to first do your research and compare fees before opening an account.
Why do banks charge monthly maintenance fees?
Financial institutions are for-profit businesses and need to make money to survive. Monthly maintenance fees contribute to this profit and help cover operating costs. These monthly fees can help banks offset some of the costs involved with day-to-day operations and certain account features. The ability to waive fees might also attract new customers to make larger deposits each month, hold larger balances, and even use their account(s) more frequently.
What’s a service fee?
Financial instructions charge service fees to their banking customers for conducting a specific service related to their account, such as using an ATM that’s not in-network, or being charged a credit card fee when making certain purchases. These types of fees can also be called customer service fees or maintenance fees.
Are there other banking products that have monthly maintenance fees?
You’ll commonly see monthly maintenance fees associated with personal checkings and savings accounts, and sometimes with business accounts as well. Other types of accounts, such as certificates of deposit (CDs), may charge fees or have monetary penalties.
Final thoughts
Monthly maintenance fees will ultimately vary, depending on the type of account you open and the financial institution you choose to hold your money. Each bank also has different requirements and ways to avoid these fees.
There’s a better way to avoid fees altogether: sign up for Chime to avoid monthly service fees²and get paid up to two days early with direct deposit³!
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Chime® is a financial technology company, not a bank. Banking services are provided by The Bancorp Bank, N.A. or Stride Bank, N.A., Members FDIC. The Chime Visa® Debit Card and the Chime Credit Builder Visa® Credit Card are issued by The Bancorp Bank, N.A. or Stride Bank pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa debit and credit cards are accepted. Please see the back of your Card for its issuing bank.
While Chime doesn’t issue personal checkbooks to write checks, Chime Checkbook gives you the freedom to send checks to anyone, anytime, from anywhere. See your issuing bank’s Deposit Account Agreement for full Chime Checkbook details.
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1 Chime SpotMe is an optional, no fee service that requires a single deposit of $200 or more in qualifying direct deposits to the Chime Checking Account each month and Visa debit card activation. All qualifying members will be allowed to overdraw their account up to $20 on debit card purchases and cash withdrawals initially, but may be later eligible for a higher limit of up to $200 or more based on member's Chime Account history, direct deposit frequency and amount, spending activity and other risk-based factors. Your limit will be displayed to you within the Chime mobile app. You will receive notice of any changes to your limit. Your limit may change at any time, at Chime's discretion. Although there are no overdraft fees, there may be out-of-network or third party fees associated with ATM transactions. SpotMe won't cover non-debit card transactions, including ACH transfers, Pay Anyone transfers, or Chime Checkbook transactions. See Terms and Conditions.
2 Out-of-network ATM withdrawal fees apply except at MoneyPass ATMs in a 7-Eleven location or any Allpoint or Visa Plus Alliance ATM. Other fees such as third-party and cash deposit fees may apply.
3 Early access to direct deposit funds depends on the timing of the submission of the payment file from the payer. We generally make these funds available on the day the payment file is received, which may be up to 2 days earlier than the scheduled payment date.
4 https://www.bankofamerica.com/deposits/account-fees/ “Advantage SafeBalance Banking Checking Account, Advantage Savings Account”
5 https://www.chase.com/personal/checking/total-checking
https://www.chase.com/personal/savings/savings-account
6 https://www.usbank.com/bank-accounts/savings-accounts/standard-savings-account.html
https://www.usbank.com/bank-accounts/checking-accounts.html “Easy Checking Account”
7 https://www.td.com/us/en/personal-banking/savings-accounts/simple/
https://www.td.com/us/en/personal-banking/checking-accounts/simple_b/
8 https://online.citi.com/US/ag/banking/citi-savings
https://online.citi.com/US/banking/checking/citi.action?ID=basic-banking-account
9 https://www.wellsfargo.com/checking/everyday/
https://www.wellsfargo.com/savings-cds/ “Ways2Save Savings Account”
10 https://www.pnc.com/en/personal-banking/banking/savings/standard-savings.html
https://www.pnc.com/en/personal-banking/virtual-wallet-overview.html “Virtual Wallet”
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