What fee is charged by some banks to keep a checking or savings account open?

• A. Service Fee
• B. Maintenance Fee
• C. Overdraft Fee
• D. Late Fee

Answer: (B)

The main idea is the ongoing cost a bank charges to keep an account open. A maintenance fee is assessed to cover the ongoing administrative costs of maintaining a checking or savings account, often billed monthly. It isn’t tied to how you use the account, like transactions or overdrafts, but to simply having the account open. That’s why it’s the best fit here.

Overdraft fees come from spending beyond available funds, late fees relate to late loan or credit card payments, and a service fee is a generic charge for a service, not specifically the ongoing upkeep of an account. Some banks waive the maintenance fee if you meet certain conditions (like a minimum daily balance or direct deposits).