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?
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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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