Most banks do not charge a fee to open a checking account, but some do—and the fee varies by bank and account type

Opening a checking account is free at most major banks and credit unions. Wells Fargo, Chase, Bank of America, and most regional banks charge nothing to open a basic checking account. However, some banks do charge an account opening fee, typically between $25 and $100. Online-only banks almost never charge to open an account, partly because they have lower overhead costs. The fee, when it exists, is usually waived if you meet certain conditions—like setting up direct deposit or maintaining a minimum balance.

The real cost of a checking account is not the opening fee; it is the monthly maintenance fee. Many banks charge $10 to $15 per month to keep the account open, though this fee is often waived if you meet requirements like keeping a minimum balance (usually $500 to $1,500), setting up direct deposit, or maintaining a certain number of debit card transactions per month. Some banks waive the fee entirely for all customers. Credit unions typically charge lower or no monthly fees than banks.

Key Takeaways

  • Opening a checking account is free at most banks and credit unions, though some charge $25 to $100 at the time you open it.
  • Monthly maintenance fees range from $0 to $15 per month depending on the bank, but most banks waive the fee if you meet one straightforward requirement like direct deposit.
  • Online banks almost never charge opening or monthly fees because they operate with lower costs than brick-and-mortar branches.
  • Credit unions generally charge lower fees than banks and often have no monthly maintenance fee at all.

Opening fees: when banks charge and when they don't

Most national banks do not charge an opening fee. Chase, Wells Fargo, Bank of America, Citibank, and US Bank all open checking accounts for free. However, some regional banks and certain account types do charge. For example, some banks charge a fee only for premium or high-yield checking accounts, not for basic accounts. A few smaller regional banks charge $25 to $50 to open any account.

The way to know is to ask before you open the account. Call the bank, visit a branch, or check their website for the specific account you want. The fee, if it exists, is charged once when you open the account and does not recur. Some banks will waive the opening fee if you set up direct deposit within a certain timeframe—usually 30 to 60 days—so it is worth asking about that option.

Monthly maintenance fees and how to avoid them

Monthly maintenance fees are more common than opening fees. Banks charge these to cover the cost of maintaining your account. The fee typically ranges from $10 to $15 per month, though some banks charge as little as $5 and others as much as $25. The key is that most banks waive this fee if you meet at least one requirement.

Common ways to waive the monthly fee include: setting up direct deposit (the most common waiver), maintaining a minimum balance (usually $500 to $1,500), making a certain number of debit card transactions per month (often 10 or more), or keeping a linked savings account with the bank. Some banks waive the fee for customers under 25 or over 65. Online banks typically charge no monthly fee at all because they have no physical branches to maintain.

Credit unions versus banks: fee differences

Credit unions charge lower fees on average than banks. Many credit unions charge no monthly maintenance fee, period. Those that do charge typically ask for a much lower minimum balance—sometimes $100 or less—or waive the fee more easily. Credit unions are member-owned rather than shareholder-owned, which means they return profits to members instead of paying shareholders, and this often translates to lower fees.

The tradeoff is that credit unions have fewer branches and ATMs than large banks. If you need to deposit checks or withdraw cash frequently at physical locations, a large bank may be more convenient. If you primarily use online banking and ATMs, a credit union can save you money on fees.

Online banks and their fee structure

Online-only banks—such as Ally, Charles Schwab, Discover, and Chime—almost never charge opening fees or monthly maintenance fees. They operate entirely online, so they have no branch overhead. They make money through interest on deposits and lending, not through customer fees. This makes them the lowest-cost option if you do not need in-person banking.

The drawback is that you cannot deposit cash at a physical location. Most online banks offer mobile check deposit (you photograph the check with your phone) and reimburse ATM fees at out-of-network machines, so cash deposits and withdrawals are still possible. If you rarely handle cash, an online bank is the cheapest way to open and maintain a checking account.

Hidden costs beyond the monthly fee

Opening and monthly fees are not the only costs. Overdraft fees (charged when you spend more than you have) typically run $30 to $35 per transaction. ATM fees for using another bank's machine range from $2 to $3. Wire transfer fees are usually $15 to $30. Stopping payment on a check costs $25 to $35. Foreign transaction fees on debit card purchases abroad are typically 1 to 3 percent of the transaction.

These fees are not automatic—they only explore if you trigger them. However, they are worth understanding before you open an account. Some banks charge fewer overdraft fees than others, and some reimburse out-of-network ATM fees entirely. Read the fee schedule on the bank's website before you open the account so you know what you are signing up for.

How to compare accounts before you open

Before opening a checking account, look up the fee schedule on the bank's website. Most banks publish this as a document called "Pricing and Fees" or "Account Fees." Look for: opening fee, monthly maintenance fee, overdraft fee, ATM fee, and wire transfer fee. Then check what waivers are available for the monthly fee.

If you plan to set up direct deposit, choose a bank that waives the monthly fee for direct deposit. If you will not have direct deposit, choose a bank that waives the fee for a low minimum balance or no balance at all. Online banks are the safest choice if you want to avoid fees entirely. Credit unions are the second-best option if you want low fees and do not mind fewer physical locations.

Frequently Asked Questions

Can I open a checking account with no money?

Yes. Most banks do not require an opening deposit. You can open the account with $0 and deposit money later. However, some banks require a minimum opening deposit of $25 to $100. Check with the specific bank before you go in.

What happens if I cannot meet the minimum balance to waive the monthly fee?

You will be charged the monthly maintenance fee. However, you can switch to a different account type or bank that does not require a minimum balance. Many banks offer a basic checking account with no minimum balance and no monthly fee, though it may have fewer features than a premium account.

Do I have to pay the opening fee upfront?

Usually yes, but not always. Some banks deduct the opening fee from your first deposit. Others charge it separately. Ask the bank how they will charge it before you open the account. If they waive the fee for setting up direct deposit, you can avoid it entirely.

Is it cheaper to open a checking account at a credit union or a bank?

Credit unions are usually cheaper. Most charge no monthly fee at all, while banks typically charge $10 to $15 per month unless you meet a waiver requirement. However, banks have more branches and ATMs, so the choice depends on whether convenience or cost matters more to you.

What if I open an account and then want to close it?

Closing a checking account is free. You will not be charged a fee for closing it. However, make sure you have no outstanding checks or automatic payments linked to the account before you close it, or those transactions may fail.