Some Of The Fees You Will Save On When You Have A Free Checking Account
Having a checking account is one of the best ways to keep your money safe and yet usable at all times. Your paychecks can be direct deposited to your account so you don't have to worry about waiting in line somewhere to cash them, and the money is generally available at midnight or as soon as the bank opens on paydays. You can use a check or debit card to spend the money, never needing to have cash on hand. However, there can be a bunch of fees associated with the account that could add up and cost you more money than you can afford. Some banks offer free checking accounts, but that may not mean that there are absolutely no fees associated with the account. Here are some of the fees you should ask about.
Maintenance Fees
This is the fee the bank charges every month to handle the account. In most cases, they charge between $5 and $15 for this. Luckily, this is the most common fee removed when you have a free checking account. Just be sure there are no stipulations to it, like having to maintain a minimum balance or keeping your transactions to a certain number.
Overdraft Fees
Overdraft fees are what you have to pay if you write a check for more than the amount you have in the bank. These fees can be quite stiff and can make your account balance go into the negative, and the bank may add them every day the account is in the negative. In addition, the bank may charge you for depositing a check that then bounces. While this does not seem fair, as you cannot control someone else's account, it is a real fee. If the free checking account does not get rid of overdrafts fees for checks you write, at least make sure they are not going to charge you for checks you deposit.
ATM Withdrawal Fees
Your bank will have ATMs in different locations and may be part of an ATM network. As long as you use only these machines. you should not have to worry about paying an extra fee to take money out of your account. Of course, the owner of the machine may charge a fee for using it that the bank cannot negate.
If you cannot find a local bank that offers free checking, consider looking for an online bank. These entities do not have to pay for a building, all the utilities, and maintenance, so they do not have to charge the extra fees. For more information, contact local banks like Unison Bank.
