Why am I being charged a monthly maintenance fee for my bank or credit union account?

Banks and credit unions are allowed to charge you a monthly maintenance fee or service charge for having a savings, checking, or money market account. They must show you this fee when you open the account. The bank or credit union cannot charge you a fee that is higher than the amount you were told. Many banks and credit unions offer several types of accounts with different fees or requirements so you can compare them.

After you’ve opened an account, the bank or credit union can change the amount of or types of fees, and they must send you a notice in writing notifying you about the change.

How to avoid the charge

Many banks and credit unions do not charge a monthly maintenance or service fee for accounts where you consistently keep a specified amount of money, called a minimum balance, or where you have your paychecks or benefit checks directly deposited.

You can ask if the bank or credit union offers low-cost checking accounts, such as a senior or student account. Some banks and credit unions offer a basic checking account with a low minimum balance and a limited number of free checks and withdrawals.

To avoid fees from your bank or credit union, you can move your money to a different bank or credit union that offers accounts with a low maintenance fee or no fee.

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