Checking Fees at the 10 Largest Banks
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Is free checking going to be a thing of the past? Since the beginning of last year Bank of America has been testing different options for new customers who open checking accounts in Arizona, Georgia and Massachusetts.
Branches in those states are now experimenting with monthly fees of $6 to $9 for an “Essentials” account, according to the Wall Street Journal.
There are other account charges in those states that range from $9 to $25, the paper reported, but customers have the ability to get the charges waived if they use a credit card, take a mortgage with the bank or meet minimum balance requirements.
Bank of America says it continues to learn from its tests and has not made any decisions about whether to change fees on new accounts more widely.
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.
- 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).
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).
- 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).
4. Citigroup
- Checking: $0 to open; $10 monthly fee unless balance of at least $1,500 in prior month or one direct deposit and one bill payment each month.
- 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).
6. PNC
- Checking: $25 to open; no monthly fee.
- Debit Card: Included with all checking accounts (no additional fees).
7. TD Bank
- 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).
8. Capital One
- 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).
9. SunTrust
- Checking: $100 to open; $7 monthly fee unless minimum balance of $500 or direct deposit.
- Debit Card: Included with all checking accounts (no additional fees).
10. BB&T
- Checking: $50 to open; $10 monthly fee unless direct deposit of at least $100, $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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The BofA information is outdated. The monthly fee for Access Checking is now $12 a month…up from $8.95
Posted by: Mike | March 1, 2012, 7:55 pm 7:55 pm
This is why I bank with USAA. They credit me back ATM fees every month and their customer service is topnotch….
Posted by: Laura | March 1, 2012, 9:13 pm 9:13 pm
How is requiring a deposit to open an account considered a fee? It’s not a fee if I deposit the money into my own account and can withdrawal it the next day.
Posted by: E Pow | March 1, 2012, 9:35 pm 9:35 pm
Good information, if not completely accurate. I use PNC and USAA – no fees for either. Customer service for both is excellent. I can never understand the attraction of most big banks (PNC is an exception), given the really outrageous fees. At least, with this information, you are informed of what you are paying for really lousy service and high fees, especially BoA. You have choices, as this article aptly points out. Too bad credit unions were not mentioned. They might be your best bet.
Posted by: jim chao | March 1, 2012, 11:26 pm 11:26 pm
Just go with Credit unions. Always great service and never any fees. Banks are only good for businesses. Credit Unions are designed with the average person in mind. End of story.
Posted by: Bob Smith | March 2, 2012, 1:30 am 1:30 am
It never fails to amaze me that people use banks that outlandish fees for their services. I’m laughing all the way to MY bank!
Posted by: Sherri | March 2, 2012, 2:07 am 2:07 am
A sucker’s born every minute, I guess. My credit union has free (no-fee) checking. They also pay me interest on my balance. And their loan rates beat all 10 of these sleazy corporate banks. I guess the fact that the credit union CEO only makes 100k instead of 30 million per year may have something to do with it.
Posted by: SL | March 2, 2012, 4:04 am 4:04 am
I see it`s time to pack up at US Bank and move to the credit union. Can you imagine if you have 8 million customers across the nation, thats $8 million free dollars a month to invest into the markets or whatever, i did not agree to these terms when i established my account ten years ago , so does that mean when they automatically withdraw from my account without my signed and agreed permission that they are committing forced larceny?
Posted by: NewUnion | March 2, 2012, 5:48 am 5:48 am
ITS ALL SO THE FAT ARSES AT THE TOP CAN GET THE BONUSES . GREED thats all its about.
Posted by: Hadenoughuc | March 2, 2012, 7:16 am 7:16 am
it’s amazing that fees can be charged for anything and everything. and the sad thing is most people will pay it. What’s next a teller fee?
Posted by: tonyi | March 2, 2012, 8:40 am 8:40 am
Citibank increased its minimum balance to $15,000 for free checking. As I don’t make interest free loans, I closed my account.
Posted by: pendulumswings | March 2, 2012, 10:49 am 10:49 am
“Just go with Credit unions. Always great service and never any fees.” Never say “never”. The credit union with which I’ve banked for nearly twenty years has adotped many per-incident and recurring account fees, the main one being an $8 per month maintenance fee on draft (checking) accounts unless you keep a $500 minimum balance or have direct deposit. If you are willing to limit the number of checks you write per month and/or limit your accesses to electronic transactions the monthly fees come down a bit, but never go away completely. Other credit unions in the area have similar policies.
Posted by: MyTake | March 2, 2012, 3:44 pm 3:44 pm
I will remove my money from my financial institution and into a credit union.
I refuse to bail these banks out again and will not let them charge me to lend my money.
Posted by: Needs Vacation | March 5, 2012, 7:07 pm 7:07 pm
The truth is, if we could get the goverment out of bailouts for banks, guarantees for the bank”s bad loans, and a limitation on the excessive fees, the big banks would either have to fold or start doing business like credit unions. I swtiched my banking and my mortgage to a credit union and couldn’t be happier.
Posted by: penoftruth | March 8, 2012, 8:46 am 8:46 am
MY bank is randomly holding peoples payments on their credit cards for 7 days showing the balance but won’t make it available for that long. However the payments post and clear your bank in one day. Go figure. Military Bank and large. I looked it up online and it is a huge problem. Many members complained. Does that mean the bank is in trouble?
Posted by: Steve | March 18, 2012, 2:15 pm 2:15 pm