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Similarly, some store cards charge a "credit balance fee" for holding a positive balance.
One credit union, for instance, said an account had "no monthly service fee," but, in fact, had a "minimum balance fee" that was assessed monthly, unless the customer's balance was above a certain threshold.
One of the most annoying bank fees to contend with is the minimum balance fee.
Pay your bills online Most banks offer online bill payment services and taking advantage of them is another way to get out of paying the minimum balance fee.
When direct deposit isn't an option, linking up all of your other accounts at the bank to your checking is the next best thing for avoiding the minimum balance fee.
If you're tired of getting nickel and dimed just because your checking account runs a little low from time to time, there are a few things you can do to get out of paying the minimum balance fee.
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These fees include late payment fees, account balance fees and cash advance fees.
For savings accounts, avoid those that charge excessive transactions or low balance fees.
Monthly Account Fees/Minimum Balance Fees Many banks charge a monthly fee simply for maintaining an account at the branch.
But unlike traditional banks, Varo is built to be consumer-friendly, doing away overdraft fees, minimum balance fees and ATM fees that most financial institutions rely on.
However, while Simple certainly did away with a number of the most common banking fees – like maintenance fees, overdraft fees, or minimum balance fees, for example – it still charged fees for other, lesser-used services.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com