What it is: For
interest-bearing and noninterest-bearing accounts, banks charge this fee
in exchange for keeping money with them and for the privilege of using bank
services.
Fee range: In an exclusive survey done in May 2007 of the top 10 banks in the top 10 markets in the country, Bankrate researchers found that the fee for account maintenance ranges from $0 to $25 monthly. The median fee is $8.50.
How to avoid: Some banks waive the maintenance fee with the establishment
of direct deposit to the account or by meeting a certain balance requirement.
Another option is to keep shopping until you find an account that suits
your needs and your budget. Check the Bankrate.com rate tables to compare
checking accounts across the country.
