When comparing bank account fees in the USA, it’s important to consider several types of fees that banks commonly charge. Here’s an overview of key fees associated with checking and savings accounts from some major banks and online banks:
1. Monthly Maintenance Fees
- Chase Total Checking®: $12 per month, waivable with direct deposit of $500+, a minimum daily balance of $1,500, or an average daily balance of $5,000 across linked accounts.
- Bank of America Advantage Plus Banking®: $12 per month, waivable with a direct deposit of $250+, a minimum daily balance of $1,500, or enrollment in Preferred Rewards.
- Wells Fargo Everyday Checking: $10 per month, waivable with a $500 direct deposit, $500 minimum daily balance, or 10 debit card purchases/payments.
- Ally Bank Interest Checking Account: No monthly maintenance fee.
- Discover Cashback Debit Account: No monthly maintenance fee.
2. ATM Fees
- Chase Total Checking®: $2.50 per transaction at non-Chase ATMs in the U.S.
- Bank of America: $2.50 per transaction at non-Bank of America ATMs in the U.S.
- Wells Fargo: $2.50 per transaction at non-Wells Fargo ATMs in the U.S.
- Ally Bank: No fee at Allpoint ATMs; up to $10 in out-of-network ATM fee reimbursements per statement cycle.
- Discover: No fee at 60,000+ Allpoint and MoneyPass ATMs.
3. Overdraft Fees
- Chase: $34 per overdraft, up to 3 overdrafts per day.
- Bank of America: $10 per overdraft if enrolled in Balance Connect™, otherwise $35 per overdraft, up to 4 overdrafts per day.
- Wells Fargo: $35 per overdraft, up to 3 overdrafts per day.
- Ally Bank: No overdraft fees.
- Discover: No overdraft fees.
4. Wire Transfer Fees
- Chase: $15 for incoming domestic, $35 for outgoing domestic, $50 for outgoing international.
- Bank of America: $15 for incoming domestic, $30 for outgoing domestic, $45 for outgoing international.
- Wells Fargo: $15 for incoming domestic, $30 for outgoing domestic, $45 for outgoing international.
- Ally Bank: $20 for outgoing domestic, free for incoming domestic; does not support outgoing international wires.
- Discover: Does not support wire transfers.
5. Paper Statement Fees
- Chase: $6 per statement cycle (can be waived with electronic statements).
- Bank of America: $5 per statement cycle (can be waived with electronic statements).
- Wells Fargo: $5 per statement cycle (can be waived with electronic statements).
- Ally Bank: No fee.
- Discover: No fee.
Conclusion
When choosing a bank, it’s crucial to consider these fees in relation to your banking habits. Online banks like Ally Bank and Discover often have lower or no fees compared to traditional banks, but they may lack physical branch access, which might be important for some customers. Evaluate your own needs, such as the frequency of ATM usage, likelihood of overdrafts, and whether you prefer paper or electronic statements, to find the best fit.