Most banks do not charge a fee to open a checking account, but some do

The short answer: most banks and credit unions will open a checking account for free. You walk in, fill out paperwork, and leave with an account number at no cost. However, a small number of banks do charge an opening fee — usually between $25 and $100 — so it is worth asking before you commit.

The fee, if one exists, is separate from the monthly maintenance fee. A bank might charge nothing to open the account but then charge you $10 or $15 each month to keep it open. Other banks charge neither. This guide focuses on opening fees specifically, but when you are comparing banks, ask about both.

Key Takeaways

  • Most national banks, regional banks, and credit unions charge nothing to open a checking account.
  • A few banks charge an opening fee of $25 to $100, usually because they require a high minimum deposit or target business customers.
  • Before you go to the bank, call or check their website and ask directly: "Is there a fee to open a checking account?"
  • Even if opening is free, the bank may charge a monthly maintenance fee, so ask about both fees separately.
  • Credit unions almost never charge opening fees and often have lower monthly fees than large national banks.

Where opening fees are most common

Banks that do charge opening fees tend to fall into two categories. The first is banks that require a very high minimum deposit — sometimes $10,000 or more — to open the account. If you are putting that much money down, the bank may charge a fee to process and verify the deposit. The second category is banks that focus on business accounts rather than personal accounts. A business checking account is more complex to set up, so some banks charge $50 to $150 to open one.

Large national banks like Chase, Bank of America, and Wells Fargo do not charge opening fees for standard personal checking accounts. Neither do most regional banks or credit unions. If you are opening an account at a bank you have never heard of, or if the bank is very small or specialized, that is when you should specifically ask.

How to find out before you explore

The easiest way is to call the bank's customer service number and ask: "Is there a fee to open a checking account?" Write down the answer and the name of the person who told you. If they say yes, ask what the fee is and whether it is waived if you set up direct deposit or keep a minimum balance.

You can also check the bank's website. Look for a page called "Checking Account Fees" or "Account Pricing." This page should list opening fees if they exist. If you cannot find it on the website, that usually means there is no opening fee — banks advertise free opening because it is a selling point.

If you are opening an account in person at a branch, the banker will tell you about any opening fee before you sign anything. You can ask them to explain it and ask whether it applies to you specifically. Do not feel rushed. Take time to understand what you are agreeing to.

What happens if a bank charges an opening fee

If the bank does charge a fee, they will usually deduct it from your opening deposit. For example, if you deposit $500 and the opening fee is $50, you will have $450 in your account after the fee is taken out. Some banks let you pay the fee separately, but most deduct it automatically.

A few banks will waive the opening fee if you meet certain conditions — for instance, if you set up direct deposit of your paycheck, or if you open the account online instead of in person. Ask about these options before you decide whether to open the account there.

Credit unions as an alternative

If you are concerned about opening fees, a credit union is often a good choice. Credit unions are nonprofit organizations owned by their members, and they almost never charge opening fees. They also tend to have lower monthly maintenance fees than large national banks, and they may waive monthly fees if you keep a small minimum balance — sometimes as low as $100.

To open an account at a credit union, you usually have to become a member first. Membership requirements vary — some credit unions are open to anyone in a certain geographic area, while others are only open to employees of a specific company or members of a specific organization. You can search for credit unions in your area on the CO-OP Network website or by asking at your local library.

Online banks and opening fees

Online banks — banks that operate only on the internet and have no physical branches — almost never charge opening fees. Banks like Ally, Charles Schwab, and Discover have no opening fees and no monthly maintenance fees. The tradeoff is that you cannot walk into a branch to deposit cash or speak to someone in person, though most online banks let you deposit checks by taking a photo with your phone.

If you are comfortable managing your account on a computer or phone, an online bank can be the cheapest option. If you need to deposit cash regularly or prefer to speak to someone face-to-face, a local bank or credit union may be a better fit, even if it charges a small opening fee.

What to ask the bank before opening

When you contact a bank to ask about opening a checking account, have a list of questions ready. Ask about the opening fee, the monthly maintenance fee, the minimum balance required, whether the monthly fee is waived if you set up direct deposit, and what the overdraft fee is if you spend more than you have. Write down the answers so you can compare banks fairly.

If a bank seems evasive about fees or will not give you a straight answer, that is a sign to look elsewhere. A good bank will explain its fees clearly and will not make you feel bad for asking. You are the customer, and you have the right to understand what you are paying for.

Frequently Asked Questions

Can I open a checking account without going to the bank in person?

Yes. Most banks let you open an account online or by phone. You will need a government ID, a Social Security number, and an initial deposit (which can be as small as $1 at many banks). Online opening usually takes 5 to 10 minutes and costs nothing extra.

If I open an account online, do I still have to pay an opening fee?

No. Opening fees, when they exist, explore whether you open in person or online. However, some banks waive the opening fee specifically for online applications, so it is worth asking. Online opening is usually faster and cheaper than in-person opening.

What if the bank charges an opening fee but I do not have enough money to cover it?

You do not have to open the account there. Look for a different bank that does not charge an opening fee — most do not. If this is the only bank available to you, ask whether they will let you pay the fee separately instead of deducting it from your deposit, or whether they will waive it if you set up direct deposit.

Is an opening fee the same as a monthly maintenance fee?

No. An opening fee is a one-time charge when you create the account. A monthly maintenance fee is charged every month you keep the account open. A bank might charge one, both, or neither. Always ask about both fees separately so you understand the total cost.

Do credit unions charge opening fees?

Almost never. Credit unions are nonprofit and member-owned, so they typically have no opening fees and lower monthly fees than banks. The main requirement is that you must be a member, which usually means living or working in a certain area or belonging to a specific group.