About Free Checking Accounts

Free Checking Accounts and You

There is a lot of talk and a lot of concern that the days of free checking accounts or no-fee checking accounts are no longer. There is concern that free checking accounts are going to be replaced with lots and lots of fees. The concern is that with all of the regulation on the banking industry that are there to protect the consumers from overzealous bankers that would take your last penny if they could; at the end of the day, banks are in business to turn a profit. If there are regulations preventing banking institutions from taking your money in one direction, they will change course and take your money from a different direction.

Over the years banking customers have enjoyed the benefits of free checking accounts. We have been wooed by banks with offers of free checking accounts. Some of the banks have even offered us money in the form of a deposit into our newly opened free checking accounts after successfully completing a certain set of requirements. Well, most of those perks seem to be gone, but are they really? While some banks have changed their no-fee checking account practices, they haven’t actually been eliminated. Many banks have simply increased their minimum balance requirements and if a banking customer can maintain those minimum daily requirements, then they will continue to enjoy the benefits of having a free checking account.

Other banks have tightened their requirements for those interested in opening a free checking account. Some banks like Chase are requiring that new customers who want to take advantage of their free checking account be required to have Direct Deposit with their bank. Other banks are requiring a combination of conditions, for example:

1.       Meet a minimum daily balance

2.       Initiate direct deposit with the bank

3.       Use the bank debit card a certain amount of times every month

In the months that a banking customer is able to meet these criteria, their monthly maintenance fees are waived. In the months that the bank patrons fail to meet the said requirements, they are charged a maintenance fee.

Search for Free Checking Accounts

What are your bank’s plans? Do you know if your free checking account is going to continue to be free? Do you know if that no-fee checking account is planning on being changed to a fee-intensive checking account? Do you have any safeguards in place if your free checking starts to charge you checking fees? Have you resigned to keep your checking account no matter what type of fees they charge you? Change is never easy, but when it comes to your money, make sure that you do what is right for you and your money.

There are a lot of banks and credit unions out there who want your business. These banks are going to give you VIP treatment even if the amount of your deposit does not look like a VIP. These banks and credit unions will treat you like you are their most important customer. These banks and credit unions will help you where they can and take you along as they grow. Some of these banks might already be offering free checking accounts to their patrons. Some of these banks and credit unions might be offering a low fee checking account to their customers.

The point here is that if your current banking or financial institution begins to raise their rates on you, you don’t have to sit for it. You can find another bank with lower fee checking accounts. You can find another bank that won’t charge you an arm and a leg in fees for you to let them use your money. Remember, it is your money after all that they are borrowing. If you feel that your bank is not treating you with the respect and professionalism that you deserve, you should move your money to another bank or credit union that will.

There are banks with lower fees and there are banks with no fees. Even if a bank promises to charge you no fees, make sure that you read the contract before you sign it. Know what is expected of you in order to qualify for those lower fee checking accounts or no-fee checking accounts that they are advertising. You work hard for your money; you deserve a bank that will work just as hard to help you grow that money and help you prepare for your future.

Low cost checking accounts or low fee checking accounts are also an option for those who have been denied a checking account or who don’t qualify for a free checking account. There are banks that offer second chance checking accounts to those in need. The majority of second chance checking accounts are going to charge some type of fee for the risk that they are taking by offering the customer the opportunity to open a savings or checking account with their bank.

While there are many banks who will try to take advantage of those already in trouble, there are many great banks that exist that will offer the banking customer a low fee checking account. So, the key to find the proper bank for your needs with a low fee checking account is to search around and ask a lot of questions. Don’t allow yourself o be taken advantage of and remember there are low fee checking accounts available to meet your needs if you don’t qualify for a free checking account.