7920 / May an individual deduct the fees charged by a bank with respect to an interest bearing account on which checks may be drawn?

It depends. Fees charged by a bank for the privilege of writing personal checks rather than for maintaining the interest-bearing account are personal in nature and are not deductible.¹ However, fees charged by a bank for the management of a money market deposit account, which requires a minimum balance and limits check writing and pre-authorized transfers, are treated as a “miscellaneous itemized deduction” because they are paid or incurred by the individual for the management, conservation, or maintenance of investments held for the production of income.²