Despite recent events, free checking accounts still exist and you can get one with ease, as long as you know where to look for one.
Recently, it was reported Bank of America customers, for example, had their plans modified and now they have to pay a $12 monthly fee for such accounts, unless they have a direct monthly deposit of $250 or more, or maintain a minimum daily balance of at least $1,500.
“This is one of the lowest qualifiers in the industry and a great value,” said Betty Riess, one of the institution’s spokespersons.
Clients are not happy with this change
Like expected, all those affected by this change started protesting and managed to reach more than 50,000 signatures when they launched a petition against this. But this is not something new since it’s been years since banks are pushing up they way they charge customers.
“The landscape is still one where fees are rising,” said Greg McBride, chief financial analyst at Bankrate. “I don’t expect that’s going to change anytime soon.” But he mentioned that there is still a possibility of getting a free checking account, with no string attached.
Specifically, 38 percents of the banks in the United States can offer a stand-alone checking account, meaning that you can check your accounts without paying any monthly fee. As a side note, United States citizens are paying a total of $15 billion, including monthly service charges, just in fees, says a report from the Consumer Financial Protection Bureau.
Make wise choices!
Choosing the wrong checking account can have serious financial repercussions, as you can end up paying up to $750 per years just for fees. The bad part is that there’s still no regulation regarding how much banks can charge for service fees on deposit accounts, according to CNBC.
Before deciding upon a checking account, make sure you do some proper research. After picking one, check all the details on the fine print and if it’s insured by the FDIC. It’s your money we’re talking about, in the end.