Banks that charge monthly maintenance fees

Most large national banks charge a monthly fee unless you meet specific conditions. Chase, Bank of America, Wells Fargo, and Citibank all charge between $12 and $15 per month on their standard checking accounts. The fee disappears if you maintain a minimum balance (usually $1,500 to $2,500), set up direct deposit, or keep a linked savings account with them.

U.S. Bank charges $14.95 monthly on its basic checking account. PNC Bank charges $7 to $10 depending on the account type. TD Bank charges $6.95 on some accounts but waives it with direct deposit or a minimum balance. Regional banks like Regions Bank, SunTrust, and Huntington Bank also charge monthly fees ranging from $5 to $12, with similar waiver options.

Banks with no monthly fee

Online banks and credit unions typically do not charge monthly maintenance fees at all. Charles Schwab, Ally Bank, Discover Bank, Capital One 360, and Chime offer checking accounts with zero monthly fees, no minimum balance requirement, and no direct deposit requirement. These banks make money from other sources—interest on loans, investment products, or transaction fees—rather than charging you to hold an account.

Credit unions, including Navy Federal Credit Union, Alliant Credit Union, and most local credit unions, also charge no monthly fee on basic checking accounts. If you belong to a credit union through your employer or membership group, this is often the cheapest option available to you.

Key Takeaways

  • Chase, Bank of America, Wells Fargo, and Citibank charge $12 to $15 monthly unless you maintain a minimum balance or set up direct deposit.
  • Online banks like Ally, Discover, and Charles Schwab charge no monthly fee and have no minimum balance requirement.
  • Credit unions typically charge no monthly maintenance fee on checking accounts.
  • The fee waiver conditions vary by bank—some require direct deposit, others require a minimum balance, and some require both.
  • Switching to an online bank or credit union can save you $120 to $180 per year if you cannot meet your current bank's fee waiver conditions.

How to check if your current account has a monthly fee

Look at your most recent bank statement or log into your online banking portal. The monthly fee appears as a line item, often labeled "monthly maintenance fee," "account service fee," or "monthly service charge." If you do not see a fee, check your account agreement or call your bank's customer service line to confirm whether your account type is subject to a fee.

If you have been paying the fee but meet one of the waiver conditions, contact your bank and ask them to remove it retroactively. Some banks will refund fees from the past three to six months if you can show you now meet the requirement—for example, if you just set up direct deposit or reached the minimum balance.

Conditions that waive monthly fees

The most common waiver is a minimum balance. Banks set this between $500 and $2,500 depending on the account type and institution. If your balance drops below the threshold even once during the month, the fee usually applies. Some banks calculate the balance on the last day of the month; others use an average balance throughout the month.

Direct deposit is another frequent waiver. This means your paycheck, government benefits, or other regular income must be deposited electronically into the account. A single direct deposit per month is usually enough. Some banks also waive fees if you maintain a linked savings account with them, use their debit card a certain number of times per month, or keep a minimum combined balance across multiple accounts.

What happens if you cannot meet waiver conditions

If you cannot maintain a minimum balance or do not receive direct deposit, you have two options: pay the monthly fee or switch banks. Paying $12 to $15 per month adds up to $144 to $180 per year—money that goes to the bank rather than staying in your account.

Switching to an online bank or credit union takes about 10 minutes to open the account and a few days to transfer your money. You will need to update direct deposit information with your employer or benefits provider, and you may need to order a new debit card. The process is straightforward, and many people find the savings worth the small amount of setup work.

Banks with low fees for specific situations

Some banks charge lower fees or have different waiver options if you are a student, senior, or military member. Bank of America offers a Student BankAmericard account with no monthly fee for customers under 24. Chase has a similar student checking account. Many banks offer reduced or waived fees for customers age 55 or older, and military banks like USAA typically charge no monthly fee at all.

If you fall into one of these categories, ask your bank whether a different account type might save you money. You may be able to switch to a lower-fee account without closing your current one.

Frequently Asked Questions

Can a bank charge a monthly fee without telling me?

No. Banks must disclose all fees in writing before you open the account, and they must provide a fee schedule. If you opened the account in person or online, you received this information. If a fee appears on your statement that was not disclosed, contact your bank immediately and ask them to remove it.

If I switch banks, do I lose my old account number?

Yes. Your old account closes when you close it, and you receive a new account number at the new bank. Before you close the old account, make sure all automatic payments and direct deposits have been moved to the new account. This usually takes three to five business days to process.

Do savings accounts have monthly fees too?

Some do, but most do not. Online banks and credit unions typically charge no monthly fee on savings accounts. Large banks may charge a fee if your balance falls below a certain threshold, usually $300 to $500. Check your savings account agreement or ask your bank directly.

What if I have a very low income and cannot maintain a minimum balance?

Online banks and credit unions are your best option because they charge no monthly fee and have no minimum balance requirement. You can open an account with as little as $1 or even $0 at many of these institutions. This is one of the main reasons people switch from large banks to online banks.

Can I negotiate a monthly fee with my bank?

Rarely. Banks have set fee structures and waiver conditions that apply to all customers in a given account category. However, if you have been a long-term customer or maintain a large balance, you can call and ask whether they will waive the fee as a courtesy. The worst they can say is no, and some banks will do it to keep your business.