A maintenance fee is a charge that various account holders take out every month just for possessing a checking account along with a financial institution. The simplest method to avoid chasing monthly maintenance fees is to select a bank that doesn’t charge the fees in prime places. You are required to select a bank where you could waive the monthly maintenance fees. The other option is to go with a company that doesn’t charge any monthly maintenance fees.
Banking products including monthly maintenance fees
It is seen that monthly maintenance fees get associated with business and personal checking accounts. But, various specific banks also charge monthly fees for savings accounts. You would not find the maintenance fees that are associated with various products such as certificates of deposit and many more. Charge monthly maintenance fees might help the banks to offset some costs that include everyday operations along with various account features. This fee waiver might behold new customers to create large deposits every month and could use the account with higher frequency.
How to avoid monthly maintenance fees?
The easiest method to avoid monthly maintenance fees from the banking institution is to select a specific bank and you are required to select a specific financial institution that entirely allows you to waive the monthly maintenance fees. This includes meeting specific requirements when it comes to funds management. It could include various aspects such as:-
Put a sufficient amount of money in an account
Certain banks would properly waive monthly fees till you keep a specific balance in the account, either on average daily balance or on minimum daily balance over the due course of a month. You might also qualify for waived maintenance fees whenever you meet with a combined balance from across various accounts.
To accept monthly direct deposits
If you create a specific dollar amount in various direct deposits in a particular month, and in that case, your bank might waive off the maintenance fees on account of the statement cycle.
To have other accounts from the same bank
It would be easy to get your monthly maintenance fees waived if you possess various other qualifying products, accounts, and services from the same bank, like a personal loan, home mortgage, or credit card.
To be in a specific age range
If you are a student or under a certain age limit, you could qualify to have the monthly fees waived. Every bank includes varying age limits, and various banks waive fees for either college or high school students.
To maintain a minimum balance
You could easily pay chase account fees just by maintaining a certain amount of money in your bank’s account. You need to check for the entire minimum balance just to avoid the chase of monthly maintenance fees.
Selection of correct account
Various accounts might become easier for you to meet any requirement, and to maintain your account make a proper selection of bank accounts. Moreover, you are required to keep a close eye on the account balance and also required to transfer funds. It would offer you with better chance to meet up the minimum requirement.
Conclusion
Various banks are allowed to waive monthly maintenance fees, and the banks are allowed to disclose any type of fees upfront. Moreover, shopping thoroughly before selecting a new bank account could offer you a chance to hold off the hard-earned money. Make sure to thoroughly read the fine print to view which fees might be thrown into your way and to consider the ways to avoid monthly maintenance fees. Choose to open a chase account when the fee gets automatically waived.
Q1) How to know whether a bank charges a monthly maintenance fee or not?
Ans. If you are opening an account in person or online mode, the monthly fees that are associated with the account are listed on the company’s website. It would be a better idea to perform your research and then compare fees just before opening an account.
Q2) Why do banks charge monthly maintenance fees?
Ans. Monthly maintenance fees usually deliver or contribute to profit and also help in covering the operating costs. The maintenance fees could help every bank that involves everyday operations along with certain features.
