This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

How to Avoid New Checking Fees Before They Happen

Stocks in this article: WFC BAC C

The Wells Essential Checking account, for instance, allows customers to bypass the $7 fee by maintaining a $1,500 minimum daily balance or making direct deposits of $500 or more each month. It also allows account holders to get a $2 discount on the fee if they opt to get online statements.

"What's important to note is that most customers will experience little impact as they already have the required minimum balance or direct deposit in place to waive the monthly service fee," a spokeswoman for Wells Fargo says.

Fortunately for consumers, the ways to waive these fees are fairly similar across the board. As such, here are some steps you can take now to make sure you're not hit with big checking account fees in the future.

Set up direct deposit. Just like when using a prepaid debit card, the easiest way customers who have a hard time maintaining minimums can bypass monthly fees is to link their paycheck or another direct deposit to their checking account.

Do your banking online. The second simplest way to avoid these fees it to get in the habit of doing your banking online. Wells Fargo is offering a discount for those who opt out of getting paper statements, while Bank of America is allowing new customers to avoid all service fees by switching over to electronic banking, which includes free electronic billing. But you can expect other financial institutions to reward customers for doing things digitally as each widens its mobile banking capabilities.

Get a credit card with the bank you have your money with. Bank of America's test involves waiving checking account fees if a customer has one of their credit cards, but financial institutions are generally moving toward not just lowering fees, but offering better incentives to customers who elect to apply for their other financial services and products. You can also consider moving your money to a financial institution you already have a loan or other investments with.

Chase (JPM), for instance, offers additional rewards points and lower interest rates on existing loans for customers who have checking accounts with them.

A similar setup exists over at Citi (C), whose customers can bypass the $30 monthly service fee on its CitiGold account if they have $50,000 or more for all linked deposit and retirement accounts or $100,000 or more across all their eligible linked Citi accounts, including investments and loan balances, but excluding mortgage balances. CitiGold offers, among other things, preferred interest rates on certain deposit products, discounts for foreign currency transactions and safe-deposit boxes, customer service perks and waived fees for overdraft protection and non-Citibank ATM usage.

( Hat tip to CNN Money)

>To submit a news tip, email: tips@thestreet.com.

Follow TheStreet on Twitter and become a fan on Facebook.

2 of 2

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,804.80 +26.65 0.15%
S&P 500 2,070.65 +9.42 0.46%
NASDAQ 4,765.38 +16.9840 0.36%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs