account maintenance fees

Account maintenance fees are regular charges banks or financial institutions impose for managing and maintaining your bank account. These fees help cover administrative costs associated with providing and supporting your account services, such as processing transactions, providing statements, and maintaining records. They are typically charged monthly or annually and may vary depending on the account type or the services offered. It’s important to review these fees, as they can affect the overall cost of having a bank account. Some accounts waive these fees if certain conditions are met, like maintaining a minimum balance or setting up direct deposit.