What are the fees for a checking account?

Checking account fees differ from bank to bank; however, many charge a $10 to $15 monthly maintenance fee that can be waived if you maintain a minimum daily balance, you transfer a certain amount of money each month, or you're age 24 or younger. Out-of-network ATM fees and foreign transaction fees are also common.

Do all banks charge checking account fees?

Not all banks charge monthly maintenance fees, but even banks that advertise "free" checking accounts will also have other fees, like overdraft fees and out-of-network ATM fees.

What bank has a free checking account?

Many banks offer checking accounts without monthly maintenance fees or overdraft fees. Examples of free checking accounts include Ally Spending Account, Capital One 360 Checking, Discover Cashback Debit, and SoFi Checking and Savings.

Checking Account Fees and How to Avoid Them

Updated May 31, 2024

By: Kailey Hagen and Robin Hartill, CFP

Our Banking Experts

Fact Checked Ashley Maready

Many or all of the products here are from our partners that compensate us. It’s how we make money. But our editorial integrity ensures our experts’ opinions aren’t influenced by compensation. Terms may apply to offers listed on this page. APY = Annual Percentage Yield. APYs are subject to change at any time without notice.

Most banks provide several ways to waive their checking account fees. We'll take a look at what you need to know about common checking account fees and how you can avoid them.

Types of checking account fees

Common checking account fees include:

Monthly maintenance fees: What you pay to simply maintain your account.
ATM fees: Some banks charge you around $3 for ATM withdrawals outside of their networks. That's on top of the fee the ATM owner may charge you. However, some checking accounts don't charge ATM transaction fees at all. And a few will even reimburse you for out-of-network ATM fees you incur.
Overdraft fees: You could pay an overdraft fee if you've opted into overdraft protection and you attempt to withdraw more money from your checking account than you have. These fees can be upward of $35 per transaction.
Non-sufficient funds fees: You could pay a non-sufficient funds (NSF) fee if you write a check for more than you have in your checking account.
Paper statement fee: If your bank still sends you paper statements, it may charge a small fee. You can usually waive this by opting into eStatements.
Foreign transaction fee: Using your checking account debit card outside of the United States could result in a foreign transaction fee, often 3% of the purchase price.
Account closure fee: If you close your checking account within a certain number of days after opening it, you could pay an account closure fee of $25 or more.
Inactivity fee: Some banks charge a fee if you don’t use your checking account for an extended period of time. Typical inactivity fees range from $5 to $20.

How much do Americans pay in checking account fees?

A typical brick-and-mortar checking account can have a monthly maintenance fee in the $10 to $15 range. If you're paying $15 per month, that's $180 per year and $1,800 over a decade.

Compare checking accounts

We recommend comparing checking accounts to make sure you're getting the best fit for you. Here's a list of our favorite accounts.

Account	APY	Promotion	Next Steps
Open Account for Discover® Cashback Debit Member FDIC. Rating image, 5.00 out of 5 stars. 5.00/5 Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor.	0% Min. to earn: N/A	Earn 1% cash back on up to $3,000 in debit card purchases each month (see details when you click 'Open Account')	Open Account for Discover® Cashback Debit
Open Account for SoFi Checking and Savings Member FDIC. Rating image, 4.50 out of 5 stars. 4.50/5 Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor.	0.50% Rate info Min. to earn: $0	Cash bonus up to $300 with direct deposit set up (see details when you click 'Open Account')	Open Account for SoFi Checking and Savings
Open Account for Axos Bank Rewards Checking Member FDIC. Rating image, 4.25 out of 5 stars. 4.25/5 Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor.	0.40% (up to 3.30%) Rate info Min. to earn: Monthly direct deposits totaling at least $1,500	Use the promo code AXOS300 when you apply for a Rewards Checking account by June 30th, 2024. Then have qualifying direct deposits to earn up to a $300 bonus!	Open Account for Axos Bank Rewards Checking

Ways to avoid checking account fees

Checking accounts that charge monthly maintenance fees often give you several options to waive them. The most common way is to maintain a certain minimum balance. The monthly or daily balance requirements will vary by account. Some will also waive your fee if you meet one or more of the following criteria:

Direct deposit a certain amount of money each month
Make a certain number of debit card purchases each month
Be under a certain age -- usually for college-age or younger account owners

Review your bank's fee waiver options if you're not familiar with them. Make sure there's at least one you feel confident you can accomplish every month. Remember, you can qualify for a fee waiver one month and owe it the next. So if you want to avoid fees altogether, you must consistently meet one of the checking account's requirements.

It's also worth seeing whether a credit union checking account might work for you. Credit unions may not charge an account fee, and other charges are often lower than with regular banks.

You can also avoid a lot of checking account fees by going with an online checking account instead. Online banks don't have branch networks to maintain, which saves them a lot of money. This means they can offer free checking accounts, while brick-and-mortar banks often can't afford to do so. Online checking accounts are also more likely to offer interest and out-of-network ATM fee reimbursements. As long as you're comfortable with online banking, it's a good way to get out of paying a monthly service fee.

There's no good reason to pay checking account fees

It's rare to find a checking account that forces you to pay a monthly fee without any way out. But if you pay a monthly service fee, it's probably time to think about a switch. Look for a free checking account or a bank account with a minimum account balance you can meet.

You don't have to go with an online bank if you're not comfortable with online and mobile banking. Just look around for a brick-and-mortar checking account that has reasonable fee waiver requirements.

As for other types of checking account fees, a lot of them are easy to avoid as long as you know they're there and avoid the behaviors that would trigger them. Take some time to familiarize yourself with your checking account's fees if you don't already know what they are.

The Ascent's best checking accounts

Don't get caught paying nuisance checking account fees. Check out The Ascent's top checking account picks to open a fee-free checking account that earns a high interest rate.

Best Checking Accounts

Still have questions?

Here are some other questions we've answered:

FAQs

Checking account fees differ from bank to bank; however, many charge a $10 to $15 monthly maintenance fee that can be waived if you maintain a minimum daily balance, you transfer a certain amount of money each month, or you're age 24 or younger. Out-of-network ATM fees and foreign transaction fees are also common.
Not all banks charge monthly maintenance fees, but even banks that advertise "free" checking accounts will also have other fees, like overdraft fees and out-of-network ATM fees.
Many banks offer checking accounts without monthly maintenance fees or overdraft fees. Examples of free checking accounts include Ally Spending Account, Capital One 360 Checking, Discover Cashback Debit, and SoFi Checking and Savings.

Our Banking Experts

By: Kailey Hagen

Writer

Kailey Hagen has been writing about small businesses and finance for almost 10 years, with her work appearing on USA Today, CNN Money, Fox Business, and MSN Money. She specializes in personal and business bank accounts and software for small to medium-size businesses. She lives on what's almost a farm in northern Wisconsin with her husband and three dogs.

By: Robin Hartill, CFP

Writer

Robin Hartill, CFP®, is a personal finance writer and editor whose work frequently appears in various national publications. She wrote the syndicated “Dear Penny” financial advice column for four years.

Fact Checked Ashley Maready

Writer and Editor

Ashley Maready is a former history museum professional who made the leap to digital content writing and editing in 2021. She has a BA in History and Philosophy from Hood College and an MA in Applied History from Shippensburg University. Ashley loves creating content for the public and learning new things so she can teach others, whether it's information about salt mining, canal mules, or personal finance.

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