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Any Bank Checking Accounts That DON'T Charge a Monthly Service Fee?
Old 10-12-2019, 11:32 AM
  #1

Are there ANY banks & if so which TYPE of checking account that does NOT charge a monthly maintenance/service fee?

As many of you know, they'll charge $10-12/mo if you:

- don't get direct deposit
- don't have a direct deposit totaling a certain amount
- don't maintain a balance of a certain amount of money for the full 30 days of the month
- don't have a certain # of other accounts at the same bank
etc.

I'm losing $10/mo & my SO is losing $12/mo for keeping out checking accounts open, but we currently don't have direct deposit from them, etc. We're so sick of losing hard-earned $$$!


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Old 10-12-2019, 11:48 AM
  #2

Try a credit union. My credit union checking doesnít have a fee unless the balance falls below $100. I rarely use it. Iím not sure how much is in that checking but itís only a few hundred dollars. I donít get hit with any fees like you mentioned.
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Old 10-12-2019, 11:50 AM
  #3

I don't blame you! This seems like it shouldn't even be legal! We are members of a credit union and have never had any service fees, except for a $5 fee if they have to transfer money from our savings to checking to cover something. I don't think that's right either, but its nothing like what you and your SO are paying. Check out some credit unions.

Nancy
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Old 10-12-2019, 11:55 AM
  #4

That would me anyone mad!
2 words:
Credit union
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Old 10-12-2019, 12:05 PM
  #5

My state credit union for public school teachers and state employees has a $1 monthly maintenance fee. It's a very well respected credit union nationally, but you have to meet the membership requirements.

I also use a bank that's not in California that charges $5 a month for the kind of checking account you want. I don't think that's unreasonable. There is a cost to servicing accounts. Without a larger balance, direct deposits,or mortgage loans, you're not contributing much to the bank. It's a business, not just a convenience for customers. Beware though, this bank makes up for its smaller maintenance fee on basic checking by charging huge fees for overdrafts.

In my area, Bank of America also has a fundamental checking account with a $5 monthly maintenance fee. They don't allow overdrafts and refuse any transaction with insufficient funds.

I think online banks are your best bet for what you want on the terms you want.


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Old 10-12-2019, 12:34 PM
  #6

My local bank offers free checking for teachers, students, and seniors(62 and over). Maybe check into that. I agree with a credit union as well.
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2 words
Old 10-12-2019, 12:54 PM
  #7

Credit union!
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Old 10-12-2019, 01:04 PM
  #8

Thanks so far guys. I'm no longer teaching at this time, so I won't qualify for anything for teachers. But, thanks.
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Old 10-12-2019, 02:38 PM
  #9

Just set up your paycheck for direct deposit. That will qualify you for monthly fee waiver
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another vote
Old 10-12-2019, 02:52 PM
  #10

for credit unions. Ours treats us courteously, no charges for services and everything is done efficiently.


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Old 10-12-2019, 02:53 PM
  #11

I agree with everyone who says Credit Union. I just recently changed from a regular bank checking account to credit union account. I did have to sign up for direct deposit, but that is how my district pays us anyway, so not a big deal. No fees, and best of all 7% interest on the first $500 in the account. Yes, I will be doing absolute best to always keep that $500 in. The bank I'm switching from just sent out notices that their maintenance fees will be $15 for accounts that don't maintain a certain amount. So glad I'm making the switch.
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Good site for research
Old 10-12-2019, 05:25 PM
  #12

Here is a great site to research bank and credit union fees and interest rates. You can research local ones or online banks. Just plug in your zip code to search. It also gives you ratings about stability and also customer reviews.
https://www.depositaccounts.com/
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Old 10-12-2019, 08:22 PM
  #13

We don't have a monthly fee with Wells Fargo or Capital One. I hate Wells Fargo but the no fee is helpful. We don't have direct deposit (don't get me started on that...) and both of those are accounts that we don't need to keep a certain amount at all times. My dd has an account at WF and she generally has about $3 in it.
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Old 10-12-2019, 08:31 PM
  #14

I have a u.s. bank and the monthly maintenance fee is always waved. I think you do have to maintain a certain amount in there but it's not very much. I know at some points I've had just a couple hundred dollars in checking and I've never actually been charged the fee. It may be worth looking into.
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