Chime is a financial technology company, not a bank. Banking services provided by The Bancorp Bank or Stride Bank N.A.; Members FDIC
 

How to Avoid Monthly Maintenance Fees in 2021

By Melanie Lockert
March 4, 2020

What if you asked a friend to watch over your precious jewels and she said, “Yeah, no problem.” But later on, she hit you up for a monthly fee for babysitting your jewelry. How would you feel, especially as she didn’t tell you upfront about this so-called fee? Probably a little peeved, right?

Unfortunately, this kind of scenario happens all the time in the form of monthly maintenance fees at numerous banks. It’s true. Many financial institutions charge a monthly maintenance fee if you don’t meet certain requirements. As a consumer, it’s important for you to be aware that your bank may be charging you fees. Along these lines, you should 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 if certain requirements aren’t met. For example, some banks may charge a monthly maintenance fee if your account balance is under a certain threshold.

These fees are charged by banks to help “maintain” your account, kind of like a service fee. Banks thrive off of managing your money and if you carry a high balance in your account, you may get hit with a fee.

How Do I avoid Monthly Maintenance Fees?

Paying a monthly maintenance fee can be annoying. What’s worse: you may not even realize you’re getting charged. I remember a friend of mine telling me she was scrolling through her Bank of America account and noticed she was being charged a fee.

Just how much was she paying? The Bank of America monthly maintenance fee was $12 per month. In order to avoid the fee, she had to have a certain balance or sign up for direct deposit. The issue? She didn’t have a steady job at the time and her income was irregular.

🛏 Cushion negotiates your bank and credit card fee refunds—quickly, efficiently, and securely. Sign up in 3 minutes for a hands-off way to take control of your finances.

Monthly Maintenance Fees Charged by The Biggest Banks in The U.S.

Not all banks charge a monthly maintenance fee. However, many large financial institutions do charge monthly fees and these charges vary from bank to bank.

Here’s a closer look at the monthly maintenance fees at big banks and how you can avoid them.

Bank of America monthly maintenance fee

  • Fee: $12 per month
  • How to avoid Bank of America’s monthly maintenance fee: Maintain a minimum balance of $1,500 each day or make one direct deposit equal or greater than $250 per month.

Chase monthly maintenance fee

  • Fee: $12 per month
  • How to avoid Chase’s monthly maintenance fee: Maintain a minimum balance of $1,500 each day, have $500 or more in your account through direct deposit per month, or have $5,000 or more in various qualified accounts.

US Bank monthly maintenance fee

  • Fee: $6.95 per month with electronic statements or $8.95 per month with paper statements.
  • How to avoid US Bank’s monthly maintenance fee: Maintain a minimum balance of $1,500 or make $1,000 or more total in direct deposits every month.

TD Bank monthly maintenance fee

  • Fee: $15 per month
  • How to avoid TD Bank’s monthly maintenance fee: Maintain a minimum daily balance of $100.

Citibank monthly maintenance fee

  • Fee: $12 per month
  • How to avoid Citibank’s monthly maintenance fee: Have $1,500 in qualified accounts or make one eligible direct deposit and bill payment each month.

Wells Fargo monthly maintenance fee

  • Fee: $10 per month
  • How to avoid Wells Fargo monthly maintenance fee: Complete 10 qualified debit card transactions, make direct deposits of $500 or more to your account, or maintain a $1,500 balance every day.

PNC monthly maintenance fee

  • Fee: $7 per month
  • How to avoid PNC’s monthly maintenance fee: Make direct deposits of $500 or more or maintain a $500 minimum balance each month.

Say Goodbye to Hidden Fees¹ 👋 

As you can see, monthly maintenance fees vary by bank accounts and each financial institution has different requirements so that their customers can avoid them. While you may be able to meet the requirements to avoid bank fees, there is a better way to never worry about paying maintenance fees again.

You can avoid maintenance fees altogether and enjoy getting paid up to 2 days early² by banking through Chime.


This page is for informational purposes only. Chime does not provide financial, legal, or accounting advice. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for financial, legal or accounting advice. You should consult your own financial, legal and accounting advisors before engaging in any transaction.

Banking services provided by The Bancorp Bank or Stride Bank, N.A., Members FDIC. The Chime Visa® Debit Card is issued by The Bancorp Bank or Stride Bank pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa debit cards are accepted. The Chime Visa® Credit Builder Card is issued by Stride Bank pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa credit cards are accepted. Please see back of your Card for its issuing bank.

By clicking on some of the links above, you will leave the Chime website and be directed to a third-party website. The privacy practices of those third parties may differ from those of Chime. We recommend you review the privacy statements of those third party websites, as Chime is not responsible for those third parties' privacy or security practices.

Opinions, advice, services, or other information or content expressed or contributed here by customers, users, or others, are those of the respective author(s) or contributor(s) and do not necessarily state or reflect those of The Bancorp Bank and Stride Bank N.A. (“Banks”). Banks are not responsible for the accuracy of any content provided by author(s) or contributor(s).

1 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.

2 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.

© 2013-2021 Chime. All Rights Reserved.