Checking Account Fees

As checking account fees creep higher, you may wonder if free checking even exists anymore. Banks have cut back their offerings, and even added checking account fees to products that used to be free. While free checking is harder to find, it’s not impossible to avoid fees.

The Rise of Checking Account Fees

In the recent past, free checking was the norm. You didn’t have to do anything special or keep large sums in the bank to avoid checking account fees. Now you have to qualify or hunt around. Even when banks offer free accounts or you’re ‘grandfathered’ in with free checking, things can change. No bank will make an irrevocable promise to provide free services indefinitely.

Find Free Checking

You can avoid checking account fees by searching around. Some banks and credit unions (small institutions in particular) still offer free checking. You may have to find these accounts the old fashioned way if you don’t have any luck online: check local newspapers and keep an eye out for signs as you travel around town.

• How Credit Unions Work

Qualify for Free Checking

If you can’t find no-strings-attached free checking, you may still have options. Banks often waive checking account fees if you make yourself a more profitable customer. For example, you might:

• Keep a large balance in your account
• Bank online and use electronic (as opposed to paper) statements
• Set up direct deposit into your account

Unfortunately, dodging checking account fees is not as easy as it used to be. Minimum balance requirements continue to rise, and some banks only count your paycheck as direct deposit (they won’t count transfers from other banks).