You can avoid a monthly maintenance fee on your bank account by following these common strategies:
- Maintain a minimum balance: Many banks waive the fee if you keep a certain daily or monthly minimum balance, such as $500 to $1,500 depending on the bank
- Set up direct deposit: Having a recurring direct deposit, like your paycheck, can often waive the fee. For example, some banks require $250 to $1,000 in monthly direct deposits to avoid the fee
- Use your debit card regularly: Some banks waive fees if you make a minimum number of debit card transactions each month
- Open multiple accounts at the same bank: Linking checking and savings accounts and maintaining a combined balance can help you avoid fees
- Choose a bank or credit union that doesn’t charge maintenance fees: Online banks, credit unions, and app-based banks often offer fee-free accounts
- Opt for electronic statements: Some banks reduce fees if you enroll in paperless statements
- Ask for fee forgiveness: If you have a good relationship with your bank and usually keep your account in good standing, you might get fees waived by contacting customer service
In summary, the best approach is to either meet your bank’s fee waiver requirements-like minimum balances, direct deposits, or transaction activity- or switch to a no-fee bank or credit union to avoid monthly maintenance fees altogether
