BancorpSouth checking accounts have no monthly maintenance fee, but you may pay fees for specific actions like overdrafts or out-of-network ATM use

BancorpSouth does not charge a fee to open a checking account. The bank offers several checking products, and none of them have a monthly service charge. However, fees can appear later depending on how you use the account — overdraft fees, ATM fees outside the BancorpSouth network, and fees for stopping a check payment are all possible.

The account itself costs nothing to start. What matters is understanding which fees might hit you after you open it, so you can choose the right account type and avoid surprises.

Key Takeaways

  • Opening a BancorpSouth checking account has no fee, and the account carries no monthly maintenance charge.
  • Overdraft fees apply if you spend more than your balance, typically around $35 per transaction, though this varies by account type.
  • Using an ATM outside the BancorpSouth network usually costs $2.50 to $3.00 per withdrawal.
  • Some BancorpSouth checking accounts waive overdraft fees if you link a savings account or maintain a minimum balance.
  • You can open an account online, by phone, or in person at a BancorpSouth branch with no opening fee regardless of method.

Checking account types and their fee structures

BancorpSouth offers multiple checking account options, each with the same zero opening fee but different fee rules once the account is active. The main types are the Basic Checking, Interest Checking, and Premium Checking accounts. Basic Checking is the simplest and most common choice for everyday banking.

All three account types waive the monthly maintenance fee. The difference lies in what triggers fees and what perks you get. Interest Checking pays a small amount of interest on your balance but may have a minimum balance requirement. Premium Checking often includes benefits like waived overdraft fees or ATM fee reimbursement if you meet certain conditions.

Before you open, ask a BancorpSouth representative which account type matches your banking habits. If you rarely overdraft and use BancorpSouth ATMs, Basic Checking costs you nothing beyond the opening fee of zero. If you sometimes overdraft or use other banks' ATMs frequently, Premium Checking might save you money despite any higher requirements.

Overdraft fees and how to avoid them

An overdraft fee hits your account when you spend more money than you have on deposit. BancorpSouth charges approximately $35 per overdraft transaction, though the exact amount can vary by account type and may change. If you overdraft multiple times in one day, you can be charged multiple times.

The fastest way to avoid overdraft fees is to link a savings account to your checking account. If you overdraft, BancorpSouth will automatically transfer money from savings to cover it, and this transfer is free. You can also turn off overdraft protection entirely, which means transactions will simply decline if you do not have the funds — no fee, but also no purchase.

Some BancorpSouth checking accounts waive overdraft fees if you maintain a minimum balance, usually $500 to $1,500 depending on the account. Check your specific account terms when you open it, because the overdraft policy is one of the biggest sources of unexpected fees.

ATM fees and network access

BancorpSouth ATMs are free to use if you have a BancorpSouth account. Using an ATM owned by another bank typically costs $2.50 to $3.00 per withdrawal. If you live or work near a BancorpSouth branch or ATM, this is rarely a problem. If you do not, out-of-network fees can add up quickly.

Some BancorpSouth checking accounts reimburse out-of-network ATM fees up to a certain amount per month, usually $10 to $15. This benefit is more common in Premium Checking accounts. If you know you will use other banks' ATMs regularly, ask whether your account type includes this reimbursement before you open.

BancorpSouth is part of the MoneyPass network, which means you can use certain ATMs at other banks and retailers without a fee. Check the MoneyPass locator on BancorpSouth's website to see if there are free ATMs near you.

Other fees you may encounter

Beyond overdrafts and ATM use, BancorpSouth charges fees for specific services. Stopping payment on a check costs around $25 to $35. Requesting a replacement debit card is usually free, but expedited delivery may cost $10 to $15. Wire transfers, both incoming and outgoing, typically cost $15 to $25 depending on the type.

Overdraft protection transfers from savings are free, but if you do not have a linked savings account and you overdraft, you will pay the overdraft fee. Returned deposits and non-sufficient funds (NSF) fees also apply if a check or electronic payment bounces.

Most of these fees are avoidable if you manage your account carefully. The opening fee itself remains zero across all account types and all methods of opening.

How to open a BancorpSouth checking account with no fee

You can open a BancorpSouth checking account online, by phone, or in person at any branch. Online opening is the fastest and takes about 10 to 15 minutes. You will need a valid government ID, your Social Security number, and an initial deposit. The initial deposit amount varies by account type but is often $25 to $100.

Phone opening is also free and takes about 15 to 20 minutes. Call BancorpSouth's customer service line and ask to open a checking account. A representative will walk you through the process and answer questions about fees specific to your account type.

In-person opening at a branch is free as well and gives you a chance to ask questions face-to-face. Bring your ID, Social Security number, and your initial deposit or a way to fund the account (debit card, check, or transfer from another bank).

Comparing BancorpSouth to other banks

Many banks charge monthly maintenance fees for checking accounts, ranging from $5 to $15 per month. BancorpSouth does not, which saves you $60 to $180 per year. However, other banks may have lower overdraft fees, higher ATM reimbursement limits, or more ATMs in your area.

If you live in a BancorpSouth service area (primarily the South and Midwest), the zero monthly fee and free overdraft protection with a linked savings account make it competitive. If you live outside that area or rarely use ATMs, a national online bank with no fees and no ATM charges might be cheaper overall.

The real cost of a checking account is not the opening fee — it is the fees you pay after you open it. Compare overdraft policies, ATM networks, and minimum balance requirements across banks before you decide.

Frequently Asked Questions

Do I need a minimum deposit to open a BancorpSouth checking account?

Yes, BancorpSouth requires an initial deposit to open a checking account, typically $25 to $100 depending on the account type. You can fund it with a check, debit card, or transfer from another bank. The initial deposit is separate from the opening fee, which is zero.

What happens if I close my BancorpSouth checking account right after opening it?

You can close a checking account at any time with no penalty or fee. If you close it within a few days, you will not owe anything. However, if you have overdrafted or incurred other fees before closing, you are still responsible for paying those fees.

Can I waive overdraft fees if I keep a certain amount in my account?

Some BancorpSouth checking accounts waive overdraft fees if you maintain a minimum balance, usually $500 to $1,500. Ask which account type offers this benefit when you open your account, because not all of them do.

Are there any hidden fees I should know about?

No hidden fees exist, but fees do apply for specific actions: overdrafts, out-of-network ATM use, stop payments, wire transfers, and returned deposits. Read your account agreement when you open the account so you know exactly what costs money and what does not.

Can I open a BancorpSouth checking account online without going to a branch?

Yes, you can open a BancorpSouth checking account entirely online with no branch visit required. The process takes 10 to 15 minutes and requires a valid ID, Social Security number, and an initial deposit or a way to fund the account.