Why do banks charge monthly maintenance fees, and is there any way to avoid them?

Banks charge monthly maintenance fees to cover administrative costs and ensure the sustainability of services. To avoid them, consider opting for accounts with no fees or meeting requirements like maintaining a minimum balance or setting up direct deposits.

Monthly maintenance fees are typically charged by banks to cover the costs of account maintenance, such as processing transactions, providing customer service, and managing your account. However, there are several ways to avoid these fees, like maintaining a minimum balance, setting up direct deposit, or using an account that offers fee waivers for certain types of customers. It's a good idea to compare banks and see which options align best with your needs.