How to avoid wasting money on checking account fees

ByJason Knowles and Ann Pistone WLS logo
Saturday, March 4, 2023
Are you wasting money on checking account fees?
Wondering how to save money on checking account fees? Here are some tips from BankRate.

CHICAGO (WLS) -- According to a new study from, more than one in four checking account holders pay monthly service fees to their banks.

On average, it could cost those consumers $24 per month, which is $288 per year. Here is a quick tip on how to avoid checking account fees:

  • Do your homework before you open the account. Only about half of non-interest checking accounts are free, but the vast majority become free when certain requirements are met, such as maintaining a set minimum balance or having your paycheck directly deposited.
  • Ask yourself what works for you. If you withdraw cash a lot, find a bank that reimburses you for out-of-network ATM fees. If you rarely visit a bank, make an account with an online bank. Also, online banks may have lower account fees!
  • Regularly check your account balance, or set up low-balance alerts. Two of the most common charges are overdraft fees and non-sufficient funds. You could also try to find a bank that waives overdraft fees.

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