Banking and Finance

East West Bank | Banking Fees

Elizabeth
May 29, 2020

According to some studies, people lose nearly $170 a year just in monthly bank fees. Others report that over the course of a decade, you can lose out on at least a $1,000 in hidden fees and maintenance costs for merely having an open account with a bank. 


At Cheese, we’re dedicated to ensuring that our users pay $0 in monthly fees while enjoying other zero-fee perks such as no overdraft fees, no international wire fees, and no minimum balance fee. Banks such as East West Bank aren’t usually able to offer the same level of fee-free assistance.


So, how much do you pay to open a bank account with East West Bank? What are the fees associated with an East West Bank checking account? And, what are your options with various different types of East West Bank checking accounts? We’ve got the answers for you.

How Much Are East West Bank Banking Fees?

East West Bank Banking Fees | Cheese Debit Card

How Much Does it Cost to Open a Bank Account at East West Bank?

Some large, international banks require that you meet a minimum opening deposit requirement in order to open an account with them. East West Bank, for example, requires a $100 minimum opening deposit for their two most basic checking accounts, with different ones having different monthly service fees, ranging from $7 to $25.

What Are the Different Kinds of East West Bank Checking Accounts?

Each East West Bank checking account comes with unique monthly fees and other charges that can make them more expensive than the others. At East West Bank, they offer quite a few options in terms of checking accounts, but their three main ones are:

  • Value Checking
  • Premier Checking
  • Premier Maximizer Money Market

What’s the same across the board? Few things, actually. Unlike other banks offering tiered checking accounts that only feature a change or two between each account, there are big differences between these accounts.

East West Bank Value Checking Account

The monthly service fee for an East West Bank Value Checking account is only $5 (which is less than the $12 standard monthly maintenance fee across other banks such as Chase and Citibank). However, you can have that fee waived one of two ways:

  • Monthly average balance of $1,500
  • Combined average monthly balance of $5,000 or more in a combination of qualifying East West Bank consumer deposit accounts

The minimum opening balance, however, is a whopping $100. East West Bank notes that they’ll waive the monthly maintenance (and the minimum opening balance requirement will be reduced to $25 on any Value Checking account) if you’re a resident of New York and open the account at one of their New York branches in person.

East West Bank Premier Checking Account

The monthly service fee for an East West Bank Premier Checking account is $10. However, you can have that fee waived one of two ways:

  • Monthly average balance of $2,500
  • Combined average monthly balance of $10,000 or more in a combination of qualifying East West Bank consumer deposit accounts

The Premier Checking account is an interest-bearing checking account. It ears interest that’s compounded daily at variable rates.

East West Bank Premier Maximizer Money Market Account

The monthly service fee for an East West Bank Premier Maximizer Money Market account is $12 (still, pretty low for a money marketing account). However, you can have that fee waived one of two ways:

  • Monthly average balance of $2,500
  • Combined average monthly balance of $10,000 or more in a combination of qualifying East West Bank consumer deposit accounts

As a money market account, this checking account option will earn you the highest amount of interest.

Other East West Bank Checking Account Options

As mentioned, East West Bank offers quite a few checking account options. The other main types they offer are :

  • Student Plus Checking: Great for, well, students! Offering a no monthly maintenance fee and a lower opening balance, this is a great option for basic student checking.
  • Senior Checking: You must be 62 years or older to open this account.
  • Community Checking: This account is available for individuals residing in an FFIEC identified low to moderate-income tract.

The minimum opening balance for the Student Plus and Senior Checking accounts is $100; it’s only $25 for the Community Checking account.

How Much Does it Cost to Open a Savings Account at East West Bank?

There are three main types of East West Bank savings accounts:

  • Premier Savings
  • Student Savings
  • Senior Savings

To open a Student Savings account at East West Bank, you must be age 17 or older and enrolled either part-time or full-time in an accredited university or vocational school. Likewise, you must be 62 years or older to open a Senior Savings account.

Current savings rates top out at about 0.01% APY, so they’re not fantastic accounts for super savers.

The Premier Savings account also comes with a $3 monthly service fee that you can waive if you maintain a balance of at least $2,500. The Senior Savings account has no monthly fee.

What Are the Other East West Bank Monthly Banking Fees?

Like other major banks in the country, there are certain fees associated with an East West Bank account. You can expect to incur East West Bank monthly maintenance fees, East West Bank overdraft fees, fees on your East West Bank checking account, and East West Bank savings account fees, plus wire transfer fees and foreign transaction fees.


Across nearly every checking and savings account at East West Bank, expect to incur a $1 out-of-network ATM fee (which is actually quite low comparatively). There is also a $1.00 fee each time you use an ATM in another country.


And, the East West Bank wire transfer fees are as follows:

  • Incoming domestic wire transfer fees are $10 to $30 per transaction
  • Incoming foreign wire transfers are $10 to $45 per transaction
  • Outgoing domestic wire transfer fees are $10 to $30 per transaction
  • Outgoing foreign wire transfer fees are $10 to $45 per transaction

The only other fee you’ll really incur from opening an East West Bank account is perhaps an overdraft fee. The East West Bank overdraft fee is $34, but most accounts are eligible for overdraft protection.

Card replacement fee: $15

Want to learn how to avoid East West Bank’s monthly banking fees?

  • Open the right checking or savings account for your lifestyle and income
  • Maintain the right minimum balance
  • Don’t overspend to avoid insufficient funds and overdraft fees

What’s A Better Banking Option Than East West Bank?

While most people are able to waive the fees associated with an East West Bank checking or savings account, none of their accounts really offer you the chance to really rack up rewards in the form of cashback. 


The Cheese Debit Card allows you to earn cashback on all spending. And, it does so while allowing you to enjoy zero fees. No banking fees, high cashback rates, and even the chance to earn multiple Cheese Rewards? It’s as good as it sounds. Sign up to join our waiting list today.

❌ No Monthly Fee                                    🧀️ $5 cash bonus    

❌ No ATM Fee                                           🧀️ Up to 10% cashback with every purchase/transaction

❌ No Overdraft Fee                                   🧀️ Potential Double Cheese Cashback

❌ No Insufficient Fund Fee                       🧀️ Up to 3% Saving Bonus

❌ No Minimum Balance Requirement      🧀️ Early Paychck

❌ No Int. Incoming Wire Transfer Fee      🔐 FDIC Insured

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