Most banks do not charge a fee to open a checking account, but some do—and the amount varies widely by institution
Opening a checking account is usually free. The major national banks—Chase, Bank of America, Wells Fargo, Citibank—do not charge an account opening fee. Neither do most regional banks or credit unions. But some banks do charge between $25 and $100 to open an account, and a few online banks charge nothing but require a minimum deposit to set up the account.
The fee, when one exists, is separate from the monthly maintenance charge. A bank might charge $50 to open the account and then $12 per month to keep it open. Some banks waive the opening fee if you set up direct deposit or maintain a minimum balance, but you need to ask about this before you open the account—the fee is not automatically reversed.
The best way to know what you will pay is to check the bank's fee schedule before you start the process. This document is usually called the "Checking Account Fee Schedule" or "Account Disclosures" and is available on the bank's website. If you cannot find it, call the bank's customer service line and ask directly: "Is there a fee to open a checking account?"
Key Takeaways
- Most major banks and credit unions charge nothing to open a checking account, but some regional or specialty banks charge $25 to $100.
- The opening fee is different from the monthly maintenance fee—you may pay both, one, or neither depending on the bank.
- Some banks waive the opening fee if you set up direct deposit or keep a minimum balance, but this is not automatic.
- The bank's fee schedule is the only reliable source for this information; it is available on their website or by phone.
- Online banks often have no opening fee but may require a minimum deposit to set up the account.
Where the opening fee appears on your account
If a bank charges an opening fee, it is usually deducted from your initial deposit on the day you open the account or within the first few business days. You will see it as a line item in your account activity, labeled something like "Account Opening Fee" or "New Account Fee."
For example: you deposit $500 to open the account. The bank charges a $50 opening fee. Your available balance is $450. The fee is not refundable, even if you close the account the next day.
Some banks charge the fee separately—they may ask for it by check or debit card during the process process. This is less common but does happen with some credit unions and smaller regional banks.
Banks that commonly charge opening fees
Most banks that charge opening fees are regional institutions or banks that target business customers. Some examples include certain branches of U.S. Bank, PNC Bank, and some community banks, though this varies by location and account type. A few online banks charge opening fees, though most do not.
Business checking accounts are more likely to have opening fees than personal checking accounts. If you are opening a business account, expect to pay $50 to $150 in some cases. Personal accounts at the same bank may be free.
The fee structure also changes over time. A bank that charged an opening fee five years ago may have stopped, or vice versa. This is why checking the current fee schedule matters—do not assume based on what you heard from someone else.
How to avoid the opening fee
If a bank charges an opening fee and you want to avoid it, you have a few options. First, ask whether the fee is waived if you set up direct deposit. Many banks will waive $25 to $50 of the opening fee if your paycheck is deposited directly into the account. This usually takes effect within 30 to 90 days of the first direct deposit.
Second, ask whether the fee is waived if you maintain a minimum balance. Some banks waive the opening fee if you keep $500 or $1,000 in the account for the first 30 days. If you can meet that threshold, it may be worth doing.
Third, straightforward choose a different bank. If you are comparing two banks and one charges an opening fee while the other does not, the fee-free option is usually the better choice unless the fee-charging bank offers something you specifically need.
Opening fees versus monthly maintenance fees
Do not confuse the opening fee with the monthly maintenance fee. The opening fee is a one-time charge when you create the account. The monthly maintenance fee (also called a monthly service charge) is charged every month you keep the account open.
A bank might have no opening fee but charge $12 per month to maintain the account. Another bank might charge $50 to open but $0 per month. Over a year, the second bank costs $50 total; the first costs $144. The opening fee is not always the bigger expense.
Many banks waive the monthly maintenance fee if you meet certain conditions—direct deposit, a minimum balance, or a minimum number of debit card transactions per month. The opening fee, by contrast, is usually not waived once charged, though you can ask.
What happens if you close the account soon after opening
If you open an account, pay the opening fee, and then close the account a week later, the opening fee is not refunded. Banks do not reverse opening fees based on how long you keep the account open.
Some banks do charge an early closure fee if you close the account within a certain period—often 90 days to six months. This fee is separate from the opening fee and is typically $25 to $50. If you think you might close the account quickly, ask about early closure fees before you open it.
How to find the fee schedule before you open
Every bank is required to provide fee information before you open an account. On the bank's website, look for a link labeled "Fees," "Pricing," "Disclosures," or "Account Terms." The document you are looking for is usually a PDF called the "Checking Account Fee Schedule" or "Personal Checking Disclosures."
This document lists the opening fee (if any), the monthly maintenance fee, overdraft fees, ATM fees, and other charges. It is the authoritative source. If you cannot find it online, call the bank's customer service number and ask them to email or mail you the fee schedule for the specific checking account you are interested in.
Do not rely on a bank representative's verbal answer alone. Ask them to send you the written fee schedule so you have it in writing. This protects you if there is a dispute later about what you were told.
Frequently Asked Questions
Can a bank charge me an opening fee after I have already opened the account?
No. The opening fee must be disclosed and charged at the time you open the account. If a bank tries to charge you an opening fee weeks or months later, contact their customer service and dispute it. This would be a violation of their disclosure requirements.
Do online banks charge opening fees?
Most online banks do not charge opening fees. However, some online banks require a minimum deposit to set up the account—typically $25 to $100. This is different from a fee; it is money that goes into your account, not money the bank keeps. Check the specific bank's requirements before you open.
If I open an account with a low balance, will I be charged more?
The opening fee is the same regardless of how much you deposit. However, some banks charge a monthly maintenance fee if your balance falls below a certain threshold. For example, a bank might charge $12 per month if your balance drops below $500. Read the fee schedule to see whether your bank has a minimum balance requirement.
What if the bank charged me an opening fee but I did not see it listed on their website?
Contact the bank's customer service and ask for an explanation. Request a copy of the fee schedule that was in effect when you opened the account. If the fee was not disclosed before you opened the account, you may be able to dispute it and have it refunded. Document everything in writing.
Do credit unions charge opening fees?
Most credit unions do not charge opening fees, but some do. Credit unions vary widely in their fee structures. Call your local credit union or check their website fee schedule before you open an account. If they do charge an opening fee, it is usually smaller than what a bank charges—typically $10 to $25.