Most banks charge a monthly maintenance fee, but the amount and who pays it varies widely

Nearly every major bank in the United States charges a monthly fee to hold a checking account, though the fee itself ranges from $0 to $15 or more depending on the bank and account type. The fee is called different things—maintenance fee, monthly service charge, account fee—but it serves the same purpose: banks use it to cover the cost of maintaining your account and the systems that process your transactions.

The key difference is not whether a fee exists, but whether you can avoid paying it. Most banks waive the monthly fee if you meet certain conditions: keeping a minimum balance, setting up direct deposit, using their debit card a certain number of times per month, or maintaining a linked savings account. Some banks charge the fee to everyone, while others charge it only to accounts that don't meet the waiver requirements.

Key Takeaways

  • Chase, Bank of America, Wells Fargo, and Citibank all charge monthly maintenance fees on standard checking accounts, ranging from $12 to $15, but waive them for accounts with direct deposit or minimum balances.
  • Credit unions and online banks like Ally, Charles Schwab, and Discover typically charge no monthly fee on any checking account.
  • The fee waiver conditions vary by bank—some require $1,500 in your account, others require two debit card transactions per month, and some require direct deposit of any amount.
  • Regional banks and smaller institutions often charge lower fees or no fee at all, so comparing your specific bank's terms is faster than assuming all banks charge the same amount.

Major national banks and their monthly fees

Chase charges $12 per month on its Chase Total Checking account. You can waive the fee by maintaining a $500 minimum daily balance, setting up direct deposit, or linking a Chase savings account with a $500 balance.

Bank of America charges $12 per month on its Core Checking account. The fee is waived if you keep a $1,500 minimum daily balance, set up direct deposit, or maintain a linked savings account with $500.

Wells Fargo charges $10 per month on its Everyday Checking account. You avoid the fee by maintaining a $500 minimum daily balance, setting up direct deposit, or making 10 debit card transactions per month.

Citibank charges $15 per month on its Citibank Account checking. The fee is waived if you maintain a $1,500 minimum daily balance or set up direct deposit.

Banks that charge no monthly fee

Several large institutions charge no monthly maintenance fee on any checking account, regardless of balance or activity. Charles Schwab Bank offers checking with no monthly fee, no minimum balance requirement, and no transaction limits. Ally Bank, an online-only bank, charges no monthly fee and pays interest on checking balances. Discover Bank also offers no-fee checking with interest.

Most credit unions charge no monthly fee on checking accounts. Credit unions are member-owned financial institutions, and many prioritize keeping costs low for members. You typically need to join the credit union to open an account, which usually means living or working in a specific area or belonging to a particular employer or organization.

Regional and community banks vary widely. Some charge $5 to $8 per month, while others charge nothing. The only way to know is to check the fee schedule for the specific bank you are considering.

What determines whether you pay the fee

Banks set different conditions for waiving monthly fees, and meeting one condition usually waives the fee entirely. The most common waiver conditions are a minimum daily balance (usually $500 to $1,500), direct deposit of any amount, a certain number of debit card transactions per month (typically 10 to 15), or maintaining a linked savings account with a minimum balance.

Direct deposit is the easiest condition to meet if your employer offers it, because it requires no action beyond what you already do. If you receive a paycheck, Social Security, or any regular payment by direct deposit, you likely meet this requirement at most banks.

Minimum balance requirements are harder to meet if you live paycheck to paycheck, because the money must stay in the account—you cannot spend it without risking the fee. Some banks calculate the minimum as an average daily balance over the month, while others require you to maintain it every single day. Read the fine print to understand which method your bank uses.

How to find out what your bank charges

Your bank's fee schedule is available on its website under account terms, disclosures, or fee schedules. Search for "checking account fees" plus your bank's name. The document will list the monthly maintenance fee, the amount, and the exact conditions to waive it.

If you cannot find it online, call your bank's customer service line and ask directly: "What is the monthly maintenance fee on a checking account, and what do I need to do to avoid paying it?" Write down the answer, because the conditions matter more than the fee itself.

Comparing fees across banks

The lowest-cost option depends on your situation. If you receive direct deposit, the fee is waived at most major banks, so the monthly cost is zero. If you do not receive direct deposit and cannot maintain a $1,500 balance, an online bank or credit union with no monthly fee is cheaper than a bank that charges $12 to $15.

If you already have an account at a bank that charges a fee, switching to a no-fee bank takes about two weeks. You open the new account, set up direct deposit with your employer or benefits provider, and let the old account close naturally once the balance reaches zero. You do not need to close the old account immediately.

Frequently Asked Questions

Can a bank charge me a monthly fee without telling me?

No. Banks must disclose all fees in writing before you open the account. The disclosure is usually part of the account agreement or fee schedule. If you opened the account online, you received a digital copy. If you opened it in person, you should have received a paper copy. If you cannot find it, your bank can send you another one.

What happens if I do not meet the waiver conditions?

The bank charges the monthly fee to your account automatically. The fee is deducted from your balance, so your account balance decreases by the fee amount each month. If your balance is very low, the fee can push you into overdraft, which triggers additional overdraft fees.

Do savings accounts have monthly fees too?

Some do, but most do not. Banks are more likely to charge monthly fees on checking accounts than savings accounts. If a savings account has a monthly fee, it is usually waived by maintaining a minimum balance of $300 to $500. Check your bank's fee schedule to confirm.

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

No. Your old bank keeps your transaction history and statements even after you close the account. You can request copies of old statements at any time. Your new bank does not automatically have access to your old history, but you can download statements from your old bank and keep them for your records.

Are online banks really safer than traditional banks if they charge no fees?

Online banks are insured the same way traditional banks are. Deposits up to $250,000 are protected by the Federal Deposit Insurance Corporation (FDIC) at banks, and by the National Credit Union Administration (NCUA) at credit unions. The lack of a physical branch does not affect the safety of your money.