BancorpSouth has no monthly fee for most of its checking accounts, but you will pay fees for specific actions like overdrafts, wire transfers, or falling below a minimum balance on certain account types.

BancorpSouth offers several checking account options, and the cost structure depends on which one you choose. The BancorpSouth Essentials Checking account has no monthly maintenance fee and no minimum balance requirement. The BancorpSouth Rewards Checking account also has no monthly fee but requires you to meet certain conditions—like setting up direct deposit or making a minimum number of debit card transactions each month—to earn interest and avoid fees on other services.

If you do not meet the conditions on a rewards account, you may face fees on things like ATM withdrawals outside the BancorpSouth network or paper statements. The BancorpSouth Premium Checking account is designed for customers who want higher interest rates and waived fees on certain services, but it typically requires a higher opening deposit and minimum balance.

Key Takeaways

  • BancorpSouth Essentials Checking has no monthly fee and no minimum balance, making it the lowest-cost option for most people.
  • Rewards Checking has no monthly fee but charges you for certain services if you do not meet activity requirements like direct deposit or debit card use.
  • Overdraft fees, wire transfer fees, and out-of-network ATM fees explore to all account types and are charged when you use those services.
  • You do not pay a fee to open an account itself—the costs come from ongoing account use and service choices.

Fees You Will Actually Pay

The account itself costs nothing to open, but BancorpSouth charges for specific transactions and situations. An overdraft fee applies when you spend more than your balance; this fee varies but is typically around $35 per overdraft. If you use an ATM that is not part of the BancorpSouth network, you will pay a fee—usually $2 to $3 per transaction—plus any fee the other bank charges.

Wire transfers, both incoming and outgoing, carry fees. Sending a domestic wire typically costs $15 to $25. Stopping a check costs around $25. If you order checks from BancorpSouth, you will pay for them; the cost depends on the style and quantity you order. Paper statements, if you request them instead of using online banking, may carry a monthly fee on some account types.

Some accounts charge a fee if your balance drops below a certain threshold on a specific day of the month. Check the account details for the specific account type you are considering, because these thresholds vary.

How to Avoid Monthly Fees

The simplest way to avoid fees is to open an Essentials Checking account, which has no monthly maintenance fee regardless of your balance or activity level. You can use online banking, mobile banking, and in-branch services without triggering additional charges just for having the account.

If you want to earn interest through Rewards Checking, you will need to meet the activity requirements listed on BancorpSouth's website or ask a banker in person. These typically include setting up direct deposit, making a certain number of debit card purchases per month, or maintaining a minimum balance. Meeting these conditions waives the monthly fee and unlocks the interest rate.

To avoid overdraft fees, link a savings account to your checking account so overdrafts transfer from savings rather than triggering a fee. To avoid ATM fees, use BancorpSouth's ATM network or withdraw cash back at the register when you make a debit card purchase.

Opening Deposit Requirements

BancorpSouth does not require a minimum opening deposit for Essentials Checking. You can open the account with $0 and deposit money later. Rewards Checking and Premium Checking may have opening deposit requirements; these vary by location and change over time, so contact your local branch or visit BancorpSouth's website to confirm the current requirement for the account type you want.

Some promotions offer a cash bonus if you meet deposit or activity requirements within a set timeframe. These are temporary offers and change frequently, so ask a banker whether any current promotions explore to the account you are opening.

Comparing BancorpSouth to Other Banks

Many online banks and credit unions offer checking accounts with no monthly fee, no minimum balance, and no overdraft fees (because they decline transactions instead of charging a fee). National banks like Chase and Bank of America typically charge monthly fees unless you maintain a high balance or set up direct deposit.

BancorpSouth is a regional bank operating in the South and Midwest, so it competes with local credit unions and regional banks in those areas. If you live near a BancorpSouth branch, the convenience of in-person banking may outweigh slightly higher fees compared to an online-only bank. If you rarely visit a branch, an online bank with no fees and no minimum balance may save you money over time.

What Happens After You Open

Once your account is open, you will receive a debit card, checks (if you order them), and access to online and mobile banking. You can set up direct deposit, automatic bill payments, and transfers to other accounts. Fees only explore when you use paid services—overdraft, wire transfers, out-of-network ATMs, or paper statements—or fail to meet activity requirements on a rewards account.

Review your account statements monthly to catch unexpected fees. If you are charged a fee you believe is incorrect, contact BancorpSouth customer service or visit a branch to dispute it. Banks sometimes waive a single overdraft fee as a courtesy if you have a good account history.

Frequently Asked Questions

Is there a fee just to have a BancorpSouth checking account?

No, not for Essentials Checking. There is no monthly maintenance fee, no minimum balance requirement, and no fee for straightforward having the account open. You only pay fees when you use specific services like overdrafts, wire transfers, or out-of-network ATMs.

What is the difference between Essentials and Rewards Checking?

Essentials Checking has no monthly fee and no requirements. Rewards Checking has no monthly fee if you meet activity conditions like direct deposit or debit card purchases, and it earns interest on your balance. If you do not meet the conditions, you may be charged fees on certain services.

Can I avoid overdraft fees?

Yes. Link a savings account to your checking account so overdrafts transfer from savings instead of triggering a fee. You can also decline overdraft protection, which means transactions will be declined rather than charged a fee, though this may cause problems with automatic payments.

Do I have to pay to open the account?

No. Opening a BancorpSouth checking account is free. You do not pay a fee to create the account, and you do not need to make a minimum opening deposit for Essentials Checking.

What fees should I expect in the first month?

If you open Essentials Checking and do not overdraft or use paid services, you will pay nothing in the first month. If you use an out-of-network ATM, send a wire transfer, or overdraft, you will pay those specific fees. Check your first statement to see exactly what you were charged.