So you probably want to choose a bank where you're eligible to waive the fees. Monthly maintenance fees can add up quickly, especially if you have multiple accounts. You can still waive it the following month if you keep a higher balance. Maybe you don't qualify to waive the fee one month because your balance drops below a certain amount. Your ability to avoid the service fee renews every month. Others waive it if you make a certain amount in direct deposits. Some checking accounts let you waive the charge if you make a minimum number of purchases with your debit card each month. You could waive the fee if you keep a minimum daily balance or an average daily balance over the course of the month. In many cases, you'll need to maintain a certain balance. Most banks make it possible to waive monthly maintenance fees. A basic checking account may charge $5 per month, while a rewards checking account may charge $12 per month, for instance. Often, a more robust account charges a higher fee. If a bank has multiple types of checking or savings accounts, different ones will probably come with different fees. For example, you may pay $10 each month - unless you maintain a $1,500 daily balance, in which case you'll pay $0. But many banks let you waive the fee if you meet certain requirements. In some cases, you'll pay the fee no matter what. The fee is usually automatically withdrawn from your account each month. By clicking ‘Sign up’, you agree to receive marketing emails from InsiderĪs well as other partner offers and accept ourĪ monthly maintenance fee (sometimes called a monthly service fee) is money a bank charges you for working with the company.
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