Checking Fees at the 10 Largest Banks

Oct 4, 2011 5:58pm

gty bank debit fees ll 111004 wblog Checking Fees at the 10 Largest Banks

Banks are looking to increase revenue by charging for debit cards and basic checking accounts in reaction to the Durbin Amendment of the Dodd-Frank Act. The amendment, which took effect Saturday, limits the fees banks collect from merchants when customers make debit card purchases.

ABC News has compiled a list of the 10 largest banks and how much each is charging for basic checking accounts and the debit cards that accompany them.

1. Bank of America

  • Checking: $25 deposit to open; $8.95 monthly fee unless statements are paperless and deposits/withdrawals are done online or by ATM.
  • Debit Card: Included with all checking accounts (no additional fees); $5 debit fee to be rolled out in early 2012, which can be waived under certain circumstances.

2. Wells Fargo

  • Checking: $100 deposit to open; $5 monthly fee unless direct deposit or average balance of $1,500.
  • Debit Card: Included with all checking accounts (no additional fees); test marketing $3 debit fee in five Western states, possible national rollout.

3. JPMorgan Chase

  • Checking: $25 deposit to open; $12 monthly fee unless direct deposit of at least $500, minimum balance of $1,500 or $5,000 average daily balance in linked accounts.
  • Debit Card: Included with all checking accounts (no additional fees); test marketing $3 debit fee in Georgia and Wisconsin, possible national rollout.

4. Citigroup

  • Checking: $0 to open; $8 monthly fee, waived if account has two of the following: direct deposit, online bill payments, ATM withdrawal, debit card purchase.
  • Debit Card: Included with all checking accounts (no additional fees).

5. US Bank

  • Checking: $50 to open; $6.95 monthly fee with online statements or $8.95 with paper statements unless direct deposits of at least $500 or average account balance of $1,500.
  • Debit Card: Included with all checking accounts (no additional fees).

 

  • Checking: $25 to open; no monthly fee.
  • Debit Card: Included with all checking accounts (no additional fees).

 

  • Checking: $0 to open; $2.99 monthly fee with online statements or $3.99 monthly fee with paper statements.
  • Debit Card: Included with all checking accounts (no additional fees).

 

  • Checking: $50 to open; $8.95 monthly fee unless $300 minimum daily balance or monthly direct deposit of at least $250.
  • Debit Card: Included with all checking accounts (no additional fees).

 

  • Checking: $100 to open; $7 monthly fee unless minimum balance of $500 or direct deposit.
  • Debit Card: $5 monthly fee for unlimited debit card usage.

 

10. BB&T
  • Checking: $50 to open; $10 monthly fee unless direct deposit, $1,500 average balance or a mortgage with BB&T.
  • Debit Card: Included with all checking accounts (no additional fees).

ABC News’ Dan Arnall and Susanna Kim contributed to this report. 
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