How to avoid banking fees when opening a checking account?
Most chequing accounts will waive monthly fees if you keep a minimum balance in your account.
Most chequing accounts will waive monthly fees if you keep a minimum balance in your account.
In many cases, banks that offer no-fee checking are online-only banks, small regional banks or credit unions. We found that Axos Bank, Discover, PenFed Credit Union, nbkc and EverBank are the best banks with no fees. They all offer some of the top no-fee checking accounts.
- Call your bank. Contact your bank as soon as you realize you've been charged an overdraft fee. ...
- Explain what happened. ...
- Provide a timeline. ...
- Point out your history as a customer. ...
- Always be polite. ...
- Get a second opinion. ...
- As a last resort, try this.
Sometimes, if you meet certain requirements, such as maintaining a minimum balance and/or setting up direct deposit, your bank will waive the monthly fee. However, there are several good no-fee options that don't come with a bunch of rules attached.
- Utilize free checking and savings accounts. Many banks still offer them.
- Sign up for direct deposit. ...
- Keep a minimum balance. ...
- Keep multiple accounts at your bank. ...
- Use only your bank's ATMs. ...
- Don't spend more money than you have. ...
- Sign Up for Email or Text Alerts.
Chime Checking Account
Why we like it: Chime's customers have access to a broad no-fee ATM network as well as a strong overdraft program. They can also receive their paychecks up to two days early with direct deposit. No overdraft fees. No monthly fees.
When negotiating a fee waiver, it's important to be specific and straightforward. Call the bank, mention the fee you incurred and say you would like to have it waived by the bank. If the bank isn't immediately open to helping you, try to show you're a valuable customer.
Account holders can tend to get out of their monthly fees by opening both a checking and a savings account at the same bank or by maintaining a minimum balance in your account. Sometimes, setting up a monthly direct deposit is enough to waive the monthly fee.
- Overdraft fees. ...
- Insufficient funds fees. ...
- Paper statement fees. ...
- Wire transfer fees. ...
- Account closing fees. ...
- Dormancy fees. ...
- Foreign transaction fees. ...
- Lost card fees. We've all been guilty of losing or misplacing a bank card.
Where can I open a bank account for free?
- Discover Bank, Cashback Debit Account: Earns 1% cash back on eligible debit card purchases, $0 minimum deposit.
- NBKC Bank, Everything Account: 1.75% APY; $0 minimum opening deposit.
- Ally Bank, Interest Checking Account: 0.10%-0.25% APY; $0 minimum opening deposit.
Sr.No. | Bank Name | Minimum Account Balance |
---|---|---|
1 | State Bank of India | Nil |
2 | Union Bank of India | Nil |
3 | HDFC Bank | Rs.2,500, Rs.5,000, or Rs.10,000, depending on the location |
4 | ICICI Bank | Rs.1,000, Rs.2,000, Rs.5,000, or Rs.10,000, depending on the location |
![How to avoid banking fees when opening a checking account? (2024)](https://i.ytimg.com/vi/ku52Pb7fFT8/hq720.jpg?sqp=-oaymwEcCNAFEJQDSFXyq4qpAw4IARUAAIhCGAFwAcABBg==&rs=AOn4CLAfrRBm29la8H3RtTUOKkY0vVhApg)
- Alliant Credit Union: Best credit union.
- Ally Bank: Best bank; best CDs.
- Charles Schwab Bank: Best for ATM access.
- Chase: Best for sign-up bonuses; best for branch access.
- Discover® Bank: Best online banking experience.
Basic costs and minimum balance requirements | ||
---|---|---|
FNB PayU | R5.25 | R0.00 |
Nedbank MiGoals Pay-as-you-use | R5.00 | R0.50 |
Standard Bank MyMo | R6.95 | R0.30 |
TymeBank | R0.00 | R0.50 |
With IDFC FIRST Bank, you pay zero charges on all commonly used Savings Account services.
5 easiest bank accounts to open online | ||
---|---|---|
Bank | Account | Time to apply |
Capital One | 360 Checking account | About 5 minutes |
Chime | Chime Online Checking Account | Less than 2 minutes |
Discover | Discover Cashback Debit | A few minutes |
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.
A monthly service fee is a fee you pay each month to maintain your account, and many checking accounts charge them. These fees typically run between $5 and $15 per month. Premium checking accounts with more banking perks may cost $25 per month or more.
The general rule of thumb is to try to have one or two months' of living expenses in it at all times. Some experts recommend adding 30 percent to this number as an extra cushion.
APY | Monthly maintenance fee | |
---|---|---|
UFB Direct High Yield Savings | 5.25% | $0 |
TAB Bank High Yield Savings | 5.27% | $0 |
Varo Savings Account | 5.00% | $0 |
Bask Bank Interest Savings Account | 5.10% | $0 |
What bank has no transaction fees?
Certain banks and credit unions—especially online banks—offer checking accounts with no ATM fees (including no fees for ATM usage or ATM reimbursem*nts). Some of our top-rated accounts are provided by Axos Bank, Needham Bank, LendingClub, and Alliant Credit Union.
- NAB Classic Banking.
- HSBC Everyday Global account.
- ING Orange Everyday account.
- MyState Bank Glide Account.
- Suncorp Everyday Options Account.
I've found you'll almost always get further by calling up a bank's customer service and getting a representative (just be prepared to put your phone on speakerphone so you don't lose your mind waiting on hold). First be clear by saying something like, “I incurred fees on my account I would like to be waived.”
Keep the email concise and polite, explaining that you're eligible for a fee waiver and asking if they have any specific guidelines or forms you need to follow or complete. Attach any documentation that proves your eligibility as well. Remember to be courteous and thank them for their time.
These fees may be lower or waived in certain situations, such as when you have direct deposit, maintain a minimum balance, or make a certain number of transactions each month. You might consider a bank that allows you to avoid monthly maintenance fees by direct depositing your paycheck.