Do all banks waive saving account maintance fees for minors?

Answer 1

I'm a banker and our bank does not charge any fees for custodial accounts if the parent or guardian has a banking "relationship" with us already (checking/savings, direct deposit etc...)

If coded incorrectly or in a non-custodial account earning more interest than the custodial account could ever a fee could could show up as a result of not maintaining a required minimum balance.

This is usually avoided by linking to the guardians relationship account.
Also, I bet if you ask nicely, your banker will waive the initial fees you've incurred:).

Answer 2

Maybe the bank when they opened the account with your parent/guardian failed to give you the right account. I know that a majority of the larger banks out there will have some type of "free" no-maintence fee attached account program for customers.

However, I have seen stipulations attached that the customer have direct deposit to avoid the fees.

I would maybe go to the bank and ask them if there is something they can do. Maybe they can change your accounts over or waive the fees.

Answer 3

I cant tell that all of them do. But for sure most of Illinois banks do.