Your account probably has fees, but which ones depends on your bank and how you use the account

Most checking accounts charge something — monthly maintenance fees, overdraft fees, ATM fees, or fees for specific transactions. Some banks charge nothing if you meet certain conditions, like keeping a minimum balance or setting up direct deposit. The only way to know what you actually pay is to look at your account's fee schedule, which your bank is required to provide before you open the account and must make available online anytime after.

The fee schedule is a document, usually called a "Schedule of Fees" or "Pricing Information," that lists every charge your bank can impose. It shows the amount, when the fee applies, and sometimes how to avoid it. This is different from your account agreement, which explains the terms and conditions. You need the fee schedule to understand what money leaves your account beyond your own spending.

Key Takeaways

  • Your bank's fee schedule is a required document that lists every charge your account can incur, and you can request it online, by phone, or in person at any branch.
  • Monthly maintenance fees are the most common charge and often disappear if you maintain a minimum balance, set up direct deposit, or meet other conditions your bank specifies.
  • Overdraft fees, ATM fees, and fees for stopping payment or closing an account early are separate charges that explore only when you take those specific actions.
  • Comparing fee schedules between banks can save you money if you know which fees you are likely to encounter based on how you use your account.

Where to find your account's fee schedule

If you already have an account, log into your bank's website or app and look for a link labeled "Fees," "Pricing," "Account Terms," or "Disclosures." Most banks put this in the footer or under a Help or Support section. You can also call the customer service number on the back of your debit card and ask them to email or mail you the fee schedule for your specific account type.

If you do not yet have an account and are comparing banks, ask each bank for the fee schedule before you open anything. Banks are required to give you this information, and most will email it or let you read it from their website. Do not rely on a summary from the website — the full fee schedule is more detailed and shows every possible charge.

The most common checking account fees

Monthly maintenance fees are charged by many banks straightforward for having the account open. These range from nothing to $15 per month depending on the bank. Most banks waive this fee if you keep a minimum balance (often $500 to $1,500), set up direct deposit, or maintain a certain number of debit card transactions per month. Check your fee schedule to see which conditions explore to your account.

Overdraft fees are charged when you spend more money than you have in your account. A single overdraft fee typically costs $25 to $35, and some banks charge multiple fees if you overdraw by more than one transaction in a single day. You can usually opt out of overdraft protection, which means transactions will be declined rather than charged a fee — but this also means your card will not work if you do not have enough money.

ATM fees are charged when you withdraw cash from an ATM that does not belong to your bank's network. These fees are usually $2 to $3 per withdrawal and are charged by the ATM's bank, not yours — though your own bank may also charge a fee for using an out-of-network ATM. Using your bank's own ATM network is free.

Other common fees include charges for stopping payment on a check (usually $25 to $35), closing an account within a certain time period (sometimes $25), requesting a paper statement, or making too many transfers out of a savings account linked to your checking account.

How to compare fees between banks

If you are deciding between banks, create a straightforward list of the fees that matter to you. If you rarely use ATMs, ATM fees do not matter. If you always keep a large balance, monthly maintenance fees might not explore. If you have direct deposit from your employer, that condition is straightforward to meet.

For each bank you are considering, write down the monthly maintenance fee and the conditions to waive it, the overdraft fee amount, and the ATM fee. Then estimate which fees you would actually pay based on your habits. A bank with a $12 monthly fee but no overdraft fees might cost less than a bank with no monthly fee but $35 overdraft charges if you tend to overdraw.

What to do if your bank charges unexpected fees

If you see a fee on your statement that you do not understand, call your bank's customer service line and ask what triggered it. Explain that you did not expect the charge. Banks sometimes reverse a single unexpected fee as a courtesy, especially if it is your first time incurring it or if you have been a customer for a long time. There is no harm in asking.

If a fee appears to be an error — for example, you were charged an overdraft fee but your balance was positive — dispute it when ready. Your bank can investigate and reverse the charge if they find a mistake on their end.

Banks and accounts with no monthly fees

Some banks charge no monthly maintenance fee under any circumstances. Online banks like Ally, Charles Schwab, and others often have no monthly fees and no minimum balance requirement. Traditional banks like Chase and Bank of America offer no-fee checking accounts, but they usually require you to meet a condition like direct deposit or a minimum balance.

Credit unions often have lower fees than traditional banks, though this varies by credit union. If you are a member of a credit union, ask for their fee schedule and compare it to the banks you are considering.

Frequently Asked Questions

Can a bank charge me a fee without telling me first?

No. Banks must disclose all fees in the fee schedule before you open an account, and they must notify you before charging a new fee or increasing an existing one. If a fee appears without notice, contact your bank when ready.

What is the difference between a monthly fee and an overdraft fee?

A monthly fee is charged just for having the account open, regardless of how you use it. An overdraft fee is charged only when you spend more than your balance. You can avoid overdraft fees by opting out of overdraft protection, but you cannot avoid a monthly maintenance fee unless you meet the bank's conditions to waive it.

If I switch banks, will my old bank charge me a fee?

Some banks charge a fee for closing an account within a certain period, usually 90 days to six months. Check your fee schedule before you close the account. If you are charged an unexpected closure fee, call and ask if they will reverse it.

Do I have to pay overdraft fees if I opt out of overdraft protection?

No. If you opt out, transactions will be declined when you do not have enough money, and you will not be charged a fee. However, your card will not work, so you need to monitor your balance carefully.

Are ATM fees the same at every bank?

No. ATM fees vary by bank and by the ATM network. Using your own bank's ATM is always free. Out-of-network ATM fees typically range from $2 to $3 and are charged by the ATM's bank. Some banks reimburse out-of-network ATM fees if you maintain a high balance or have a premium account.