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AVOIDING MONTHLY FEES Maybe I'm too demanding, but if I'm lending a bank my money to re-lend out, I don't believe I should have to pay them additional fees. Think about it: If your Big Bank charges you a PS5 monthly fee, that basically wipes out any interest you earn. This is why I'm fanatical about my savings and checking accounts having no fees of any kind, including monthly fees, overdraft fees, or setup fees. If you already have an account at a bank you like, but they're charging a monthly fee, try to get them to waive it. They will often do this if you set up direct deposit, which lets your employer deposit your paycheck directly into your account every month.