Non-fundamental bank outflows can be discouraged by automatic redemption fees without compromising liquidity provision. We derive the optimal level, format and allocation of fees that balance liquidity needs and endogenous run risk. Flat fees triggered by high withdrawals are optimal, operating via a strategic and a payoff channel. Assigning fee revenues to the queue reduces strategic uncertainty while improving liquidity provision, so a high fee is optimal. A “fee-to-the-unpaid” limits liquidity provision but reduces run incentives further, allowing lower fees. Illiquid bank assets call for a mixed allocation, while for MMFs or stablecoins a full “fee- to-the-queue” solution is best.