High-yield checking accounts typically have monthly maintenance, ATM and overdraft fees. You may have the option to waive the monthly maintenance fee by meeting requirements such as maintaining a minimum daily balance, receiving a direct deposit or completing a minimum number of debit card transactions. These requirements allow the bank to profit from your account, says Bill Maurer, professor of anthropology and law at the University of California, Irvine, who researches payment technologies. "Making you use your debit card means the bank will get fees from the interchange on those transactions," he says. Direct deposits also lower costs for the bank compared to handling checks.

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