Free checking accounts have been non-existent at major U.S. banks for quite some time now, but you can still get your checking accounts for free.
Many banks are willing to waive the cost of these pesky monthly fees when certain requirements are met — typically by maintaining a minimum balance or by posting direct deposits every month.
Here is the basic checking account fee comparison at the ten biggest banks in the U.S.:
Reasons for a monthly checking account fee
Why do banks consistently charge these fees despite knowing how despised they are by their banking customers?
Although many people feel that this is a service that should be provided to them for free, it should be understood that banks are for-profit businesses with the ultimate goal of making money.
Also, there are costs associated with running a business. Even the almighty too-big-to-fail banks are not immune to these costs.
In order for banks to provide those basic services to the customers, they need money. The funds to support these activities will come directly from the consumers through fees.
Here are the basic checking account fees at the largest U.S. banks:
Basic Checking Account Fees at Top Banks
|Account||Monthly Fee||Minimum Balance to Waive Fee||Direct Deposit Amount to Waive Fee|
|Bank of America|
Basic Banking Account
|$12||$1,500||Any amount + one bill payment|
Virtual Wallet® Account
360 Checking® Account
TD Convenience Checking
BB&T Bright Checking
A basic checking account is defined as a non-interest checking account with the lowest monthly fee offered, which can be avoided with a minimum balance or direct deposit.
Though the same fee at any given bank tends to be consistent across the country, certain fees may vary depending on where you live.
We advise that you check with your local branch for the most accurate fee and waiver policy.