How to Avoid Monthly Maintenance Fees in 2022

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: Say Goodbye to Monthly Fees⁸ 👋

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.

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 This fee is typically withdrawn from your account each month automatically.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.

Not every financial institution charges these fees, and they don’t always apply to every type of account offered. 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
Having other products or accounts from that same bank
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. When you’re shopping around for a new checking or savings account, be sure to read the fine print carefully to see which fees may be thrown your way and if there are ways to avoid them.

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 Fees¹

Account Type	Monthly Fee	How to Avoid Bank of America Monthly Maintenance Fee
Checking	$4.95	Are an owner of this account who qualifies as a Student under age 25 enrolled in school or an educational or vocational program Or are an account owner who is under the age of 18 Or are enrolled in Preferred Rewards (first 4 checking accounts)
Savings	$8	Maintain a minimum daily balance of at least $500 Or link your Bank of America Advantage Relationship Banking account to your savings account (waiver applies to first 4 savings accounts) Or enroll in the Preferred Rewards program and qualify for the Gold, Platinum, or Platinum Honors tier (first 4 savings accounts) Or have an account owner who is under the age of 18 Or have an owner of the account is under 25 and qualifies as a Student enrolled in school or an educational or vocational program

Chase Monthly Maintenance Fees²

Account Type	Monthly Fee	How to Avoid Chase Monthly Maintenance Fee
Checking	$12	Have an electronic deposit made into this account totaling $500 or more Or have a balance at the beginning of each day of $1,500 or more Or have an average beginning day balance of $5,000 or more in any combination of this account and linked qualifying deposits or investments
Savings	$5	Have a balance at the beginning of each day of $300 or more Or $25 or more in total Autosave or other repeating automatic transfers from your personal Chase checking account Or Chase College Checking account linked to this account for Overdraft Protection Or an account owner who is under the age of 18 Or a linked Chase Better Banking Checking, Chase Premier Checking, Chase Premier Plus Checking, Chase Sapphire Checking, or Chase Private Client Checking account

U.S. Bank Monthly Maintenance Fees³

Account Type	Monthly Fee	How to Avoid U.S. Bank Monthly Maintenance Fee
Checking	$6.95	Have a combined monthly direct deposits totaling $1,000 or more Or keep an average account balance of $1,500 Or are 65 or older
Savings	$4	Have a $300 minimum daily ledger balance Or have a $1,000 average monthly collected balance Or an account owner who is under the age of 18

TD Bank Monthly Maintenance Fees⁴

Account Type

Monthly Fee

How to Avoid TD Bank Monthly Maintenance Fee

Checking

$5.99

Not applicable

Savings

Maintain a $300 minimum daily balance

**There’s no fee for the first year with a recurring transfer of $25

Citibank Monthly Maintenance Fees⁵

Account Type

Monthly Fee

How to Avoid Citibank Monthly Maintenance Fee

Checking

$12

Must make one qualifying direct deposit and one qualifying bill payment per statement period
Or maintain a $1,500+ combined average monthly balance in eligible linked accounts

**Fee also waived for account owners who are 62+ or a joint account includes a minor

Savings

$4.50

Maintain an average monthly balance of $500

Wells Fargo Monthly Maintenance Fees⁶

Account Type	Monthly Fee	How to Avoid Wells Fargo Monthly Maintenance Fee
Checking	$10	Maintain a $500 minimum daily balance Or have $500 or more in total qualifying direct deposits Or an account owner who is 17 to 24 years old Or have a linked Wells Fargo Campus ATM Card or Campus Debit Card (for college students)
Savings	$5	Have a $300 minimum daily balance Or one automatic transfer each fee period of $25 or more from a linked Wells Fargo checking account Or one automatic transfer each business day within the fee period of $1 or more from a linked Wells Fargo checking account Or one or more Save As You Go transfers from a linked Wells Fargo checking account Or an account owner who is 24 years old or younger

PNC Monthly Maintenance Fees⁷

Account Type

Monthly Fee

How to Avoid PNC Monthly Maintenance Fee

Checking

Have $500 in monthly direct deposits
Have a $500 monthly balance in Spend + Reserve
Or an account holder who is 62 years old or older

Savings

Have an average monthly balance of $300
Or account is linked to a select PNC checking account
Or set up an Auto Savings transfer of $25 or more each month from your PNC Checking account to your Savings account
Or an account owner who is under the age of 18

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. You typically won’t find monthly maintenance fees associated with products like certificates of deposit (CDs), but those types of accounts can have other fees and penalties to keep in mind.

Final Thoughts: Say Goodbye to Monthly Fees⁸ 👋

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.

While you may be able to meet the requirements there’s a better way to avoid fees altogether: Open a checking account or savings account through Chime, and also get paid up to 2 days early⁹!