How to Avoid Checking Account Fees and Waivers
No one likes opening their monthly statement only to find a $10 or $12 charge simply for "owning" the account. For families in Lincoln and workers across Nebraska, these checking account fees can eat into your grocery budget or gas money quickly.
The good news? Most checking account fees are avoidable if you know the "rules of the road." Here is your step-by-step guide to meeting fee waiver requirements and keeping your money in your pocket.
1. Master the Monthly Maintenance Fee
The monthly maintenance fee is the most common charge. To waive it, most Nebraska financial institutions require one of the following:
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Set up Direct Deposit: Many accounts waive the fee if you have a certain amount (often $250–$500) deposited automatically from your employer each month.
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Maintain a Minimum Balance: Some "Basic" accounts waive fees if you keep at least $1,500 in the account at all times. Be careful, if you drop to $1,499 for even one day, the fee may trigger. Search for checking accounts without a minimum balance requirement, like LincOne's locallift Rewards Checking Account.
2. Watch Your Transaction Counts
Some checking account pricing models are based on how you use the account. You might get a fee waiver just by using your debit card 10–15 times a month for everyday purchases like coffee or groceries.
3. Opt-Out of Overdraft Fees
Overdraft fees are often the most expensive, sometimes reaching $35 per occurrence. You can avoid these by:
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Linking a Savings Account: Most institutions allow you to link a savings account to cover shortfalls for a much smaller fee (or for free).
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Setting up Alerts: Use your bank’s mobile app to send a text when your balance drops below $50.
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Enroll in overdraft protection. Many financial institutions offer services like Courtesy Pay.
4. Go Paperless
Believe it or not, some financial institutions still charge $2–$5 just to mail you a paper statement. Switching to e-Statements is the easiest "win" for meeting fee waiver requirements. At LincOne, it's free!
In Summary
A strong checking account should make your money work for you. When looking for a new checking account, look for minimal to no fees, a solid APY, and great service by the financial instituion. At LincOne, we offer a Rewards Checking account offering an APY of 3%*.
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