Updated on Tuesday, November 24, 2020
Checking account fees can really add up if youâ€™re not paying attention. Common charges include monthly maintenance, overdraft and ATM fees. However, there is good news: Not all checking accounts are created equal. There are an array of options with minimal (or even no) fees as well as simple steps you may be able to take to waive or minimize fees.
Hereâ€™s our list of what you should know about checking account fees.
We found that the average checking account monthly maintenance fee at the 10 biggest U.S. banks comes out to an average of $11.80. While financial institutions tout the convenience of their checking accounts, they may also tack on an array of fees for everything from keeping the account open to getting cash out of an ATM.
The chart below outlines the monthly maintenance fees for the mid-tier checking account options (which tend to have all of the essentials checking accounts are known to offer, but for minimal fees) at the 10 of the biggest banks in the U.S., as determined by assets under management per DepositAccounts.com and broad availability nationwide. Note that these banks may waive the monthly maintenance fee if certain requirements are met, such as making direct deposits of a certain amount of money each month, keeping a minimum balance or linking a savings account with the same institution.
|Average Checking Account Fees at the Biggest Banks in the U.S.|
|Bank||Account||Monthly Maintenance Fee|
|Chase Bank||Total Checking||$12|
|Bank of America||Advantage Plus||$12|
|Wells Fargo Bank||Everyday Checking||$10|
|US Bank||Gold Checking||$14.95|
|PNC Bank||Virtual Wallet with Performance Spend||$15|
|TD Bank||Convenience Checking||$15|
|Capital One||360 Checking||$0|
You could easily rack up more than $50 in fees in one month if you donâ€™t meet the requirements to waive the monthly maintenance fee, take a couple withdrawals from other banks and incur an overdraft on your account. Thatâ€™s why itâ€™s important to be aware of the laundry list of fees that you should be on the lookout for when shopping for a checking account.
Below are the most common types of checking account fees you may incur:
Note that the exact fees for checking accounts may vary by location.
In many cases, checking account fees can easily be avoided â€” or at least minimized â€” by taking a few extra steps. To avoid checking account fees, try the following strategies:
If youâ€™re looking to avoid checking account fees, perhaps one of the easiest ways to do so is to simply choose a no-fee checking account. While many of the big, brick-and-mortar banks charge monthly maintenance fees, online banks and local credit unions often charge minimal monthly maintenance fees, if any.
The chart below outlines our top picks for checking accounts, many of which not only have no monthly maintenance fee, but also perks like competitive APY rates, ATM fee reimbursements and even cashback rewards. These accounts were all pulled from our top picks for checking accounts overall.
|Checking Accounts With No Fees|
|Bank||Account name||Monthly maintenance fee|
|Ally Bank||Interest Checking||$0|
|Consumers Credit Union||Rewards Checking||$0|
|Axos Bank||Rewards Checking||$0|
|Discover Bank||Cashback Debit||$0|
|Radius Bank||Rewards Checking||$0|
All information included in this profile is accurate as of 11/24/2020.