Like many others, you probably have a checking account in which you keep just about enough money to pay the bills and other necessary expenses. And the best part about having this account is that it is free. Or, rather used to be. A number of lenders off late have started to levy a checking account fee if you don’t maintain a minimum balance. If you’ve recently reviewed your bank account statement and found a checking account fee charged to your account, here’s what you can do:

• Approach the lender: The first thing you should do is approach your lender directly to inquire how you can avoid the fees. If you are a long-time customer and have had a good relationship with the bank, they may even waive off your charge. Even if not, your bank should help you understand what is required of your account so it doesn’t attract a monthly checking out fee. Ensure that you ask exactly what criteria are required for the checking account and what the penalty may be in case you don’t meet these criteria.

• Maintain the minimum balance: Most lenders will waive off the monthly fee if you maintain a minimum balance in the account. This could range anywhere from $1,500 for basic checking accounts to up to $10,000 for premier checking accounts. Even if you can’t meet the minimum balance requirement immediately, you can start putting money into the account to accumulate what’s required to meet the balance requirement. Keep in mind that if the minimum balance required is too high, you may be better off investing the money elsewhere. 

• Open a savings account with the lender: Lenders may also not charge you a checking account fee if you maintain more than one account with them. If your lender offers you this as a solution, the easiest thing to do would be to open a savings account. Linking your existing checking account with your new savings account can also help you avoid overdraft fees. 

• Enroll in a direct deposit: Some lenders may require your checking account to be deposited with a certain amount every month. This amount may range anywhere between $250 to $500 for basic checking accounts. If you are employed, you can talk to the employer to check if a direct deposit can be made to your checking account. 

• Switch your lender: If nothing else works and if the cost of maintaining a checking out with your current lender outweighs the benefits, it’s time to change your lender. There are a number of banks and financial institutions that offer checking accounts for no cost. Keep in mind that some lenders, however, may charge you an account closure fee if you close your account within months of opening it. 

If you are unhappy with the fee you’ve been charged on your checking account, it is more than likely that your lender will work with you to find a solution to the problem so as to not lose your business.