Open Free Checking Account
Bank for Free
status of free checking has changed dramatically since the pre-recession days. Prior to 2010, free checking
account offers were everywhere. Big Banks, community banks, and credit unions alike offered free checking
accounts to everyone. It was necessary for financial institutions to offer free checking, because if they did
not, another bank would get your business. While it is still possible to open a free checking account at a
large number of banks around the country, the majority of banks have changed their terms and conditions. You
can still open a free checking account, but most of them are condition based…meaning that you will have to
meet certain criteria in order to be eligible to open a checking account without monthly maintenance
Although a large number of banks are no longer
offering free checking, community banks and credit unions still offer these types of checking accounts. This
site was created in 2008. Some of the banks listed in the articles are no longer offering free checking,
but some of them still are. Many of them have changed from no-strings free checking offers to removing your
monthly account maintenance fees, if you are able to meet certain requirements. These requirements will vary
from bank to bank.
Denied a Bank Account?
are two ways to look at this occurrence. Some people can get upset and harken back to the old days when free
checking was everywhere and become depressed at the thought of all of the fees that they are now being charged.
Others will jump at the opportunity to have a checking account with a bank that gives them a chance to waive
their checking account fees. I believe that the latter is the better way to deal with these
While it is not the case with all banks, a majority have made it increasingly difficult for
the average Joe to open a free checking account. What are some of the requirements in order to open and
maintain a free checking account?
Begin your Search
are some requirements that you may have to meet in order to qualify for free checking with your
account with a higher opening deposit amount
higher daily account balance
higher average monthly account balance
Use your debit
card a minimum number of times per month
Choose an online
only checking account
have been banking with a certain institution for many years and you have never had any problems, getting free
checking might be as simple as asking your bank. They know how tough it is to find a great customer, so they aren’t
going to want to let one go. For instance, if your bank used to offer free checking and all of the sudden they want
to start charging you a monthly fee, set up an appointment either by phone or in-person and ask them about waiving
your monthly fee. You may be surprised at how cooperative they are. It might be as easy as them switching your
account over to a different designation that allows you to bank for free.
you are looking for a free checking account, you definitely can’t go wrong with a credit union. Bankrate.com
conducted a survey in 2012 to see the percentage of banks that were still offering free checking. What they
found will surprise you. It turns out that only 39% of banks were still offer free checking. That number was
down from 45% in 2011. The number of banks offering free checking was expected to continue its decline. To
put things in proper perspective, 76% of banks were offering free checking accounts in
survey revealed that a large number of smaller banks and credit unions were still offering free checking. As
a matter of fact, Bankrate.com noted that 72% of the largest credit unions were still offering free checking.
If you are someone who hates paying fees on your checking account, you should look to your community banks
and credit unions, because chances are that they are still offering free checking.
credit union checking account is not just an alternative to bank checking accounts, but actually a very
strong option. The fees charged by credit union checking accounts are generally more reasonable and
in some cases nonexistent. They also have been known to pay higher interest rates on their savings accounts
than banks. The National Credit Union Administration (NCUA) is the independent federal agency that regulates,
charters and supervises federal credit unions. The NCUA has the backing of the full faith and credit of the
U.S. Government, and operates and manages the National Credit Union Share Insurance Fund (NCUSIF), which
insures the deposits of more than 95 million account holders in all of the federal credit unions, and the
majority of state-chartered credit unions.
few years back, there was a big push for the Move Your Money project. This was something that had a
lot of momentum in the media and elsewhere. It basically presented us with the question of what
would happen if everyone pulled their money out of big banks and placed them into small community banks or
local credit union checking and savings accounts. It was a grass roots effort to get the larger
banking institutions to show the regular people, Joe Average and Jane Average, a little respect by
hitting them where it hurts…in the wallet. Although the momentum has slowed, the spirit still lives
bottom line is that you have options. Do your research and don’t be afraid of changing banks if you aren’t
getting the proper respect that you deserve, or are simply being charged too many fees. You are the
boss of your money and you need to keep it that way.