There’s no shortage of irritating bank and credit card fees. There are overdraft fees, the ones that always seem to kick you when you’re down. There are late fees, a minor inconvenience that could cause considerable damage if left unhandled. There are fees on ATM transactions, which are not so expensive in the grand scheme of things, but an irritant nonetheless. But one of the more frustrating, and confusing, fees is the one that dings your bank account just for existing — the monthly maintenance fee.
When you signed up for a checking account at your financial institution, you were likely hoping for a safe place to store your money, somewhere you could easily access it with a swipe of your debit card or a quick ATM withdrawal. However, banks operate on human power, and those humans have to maintain your account, as well as any other perks associated with your account.
Some banks charge monthly fees to keep a checking or savings account open with them. These fees can often be waived automatically if you meet certain criteria established by your bank, such as setting up direct deposit or keeping a minimum amount in the account.
Monthly maintenance fees typically range from $1–$30 depending on the institution. Cushion has analyzed more than $13 billion worth of consumer transactions, and these fees most frequently come in at $5 or $12.
That means if you consistently pay monthly maintenance fees, you’ll spend between $60–$144 each year, and possibly more.
Not all banks charge maintenance fees. The ones that do, though, use these fees to cover any costs associated with maintaining your account, including add-ons such as overdraft protection, out-of-network ATM coverage, and other perks.
Different banks refer to these charges by different names, so be sure to know what you’re looking for on your banking statement. Your bank may refer to them as:
Luckily, there are a few ways to avoid landing these fees. Depending on the institution and the type of account you have there, your bank may automatically waive the monthly maintenance fee if you meet any one or more criteria. These criteria typically include a minimum balance requirement, making regular deposits to the account, or connecting other accounts at the same institution and keeping a minimum balance in those as well.
Cushion has found that, per user, the top U.S. banks that charge monthly maintenance fees are: Chase, Bank of America, Wells Fargo, US Bank, and TD Bank.
According to the banks’ respective websites, here are the requirements to avoid a monthly maintenance fee.
Chase Total Checking® charges a $12 maintenance fee each month, but will waive the fee if you:
Read more about Chase’s monthly maintenance fee waiver policy here.
Bank of America
Bank of America’s various checking accounts charge monthly maintenance fees between $4.95–$25. Depending on the checking account, Bank of America could waive the fee if you:
Read more about Bank of America’s monthly maintenance fee waiver policy here.
Wells Fargo’s various checking accounts charge monthly maintenance fees between $5–$30. Depending on the checking account, Wells Fargo could waive the fee if you:
Read more about Wells Fargo’s monthly maintenance fee waiver policy here.
US Bank’s various checking accounts charge monthly maintenance fees between $4.95–$24.95. Depending on the checking account, US Bank could waive the fee if you:
Read more about US Bank’s monthly maintenance fee waiver policy here.
TD Bank’s various checking accounts charge monthly maintenance fees between $5.99–$25. Depending on the checking account, TD Bank could waive the fee if you:
Read more about TD Bank’s monthly maintenance fee waiver policy here.
There’s no harm in trying. In fact, given the financial stress many American households are currently facing and the FDIC‘s response to pandemic-related concerns, financial institutions may be more willing to waive bank and credit card fees during this difficult time.
Unfortunately, your bank is not going to automatically waive your monthly maintenance fees unless you meet the criteria. It is up to you to contact them and see what your options are.
Here are some tips to increase your chances of getting a monthly maintenance fee refund.
Properly prepare for the call
You should have the name on the account, address, social security number, and account number at the ready. Introduce yourself, and explain why you are calling. “Hello. My name is [your name], and I’m contacting you with regard to the recent maintenance fee charged to my account.”
If you’ve been charged the fee but believe you’ve met one or more of the criteria that should have triggered the waiver, kindly tell them you think there’s been a mistake.
If you’ve been charged the fee and have not met any of the criteria but would like to try to have it waived because you are in a tough financial situation, you can try leveraging one of these arguments:
Be polite, persistent, and prepared to not get a refund every time
Although you may be calling for a refund, it’s important to remain calm and kind even if things are not going your way. You can still be persistent and ask to speak with a supervisor in a polite way. If the customer service representative is not budging, you might have to count this one as a loss and try to meet that criteria to waive the fee next month.
Have Cushion get your fees refunded
These conversations with your financial institution can be frustrating, time consuming, and exhausting, but Cushion can help ease the process for you. After signing up and selecting your package, Cushion will scan your account for fees and launch negotiations when we detect the highest probability of getting your fees refunded. We’ve also successfully negotiated more than $4 million in refunds — so we know what arguments work and which ones don’t.
Even if you don’t have monthly maintenance fees at the moment, Cushion will continuously scan your account over the next 12 months. We’ll launch negotiations as new fees arise, and not just on maintenance fees, but all other account fees as well, including overdraft fees, ATM fees, credit card late fees, interest charges, wire transfer fees, and additional fees.
Cushion negotiates bank and credit card fees so you waste less money, save more, and live a financially healthier life. It’s your money after all, and we’re here to help safeguard it. Since Cushion’s launch in 2018, our customers have received more than $5 million in refunds. We leverage artificial intelligence, advanced fee-detection technology, and bank-level encryption to put money back into your account—quickly, efficiently, and securely. More than that, we equip you with the tools for success by providing the most up-to-date data and insights in banking, news, and financial wellness.