Do you use a free checking account? I do. In fact, I have free checking accounts from three different banks, one national and one regional brick-and-mortar bank, as well as one online bank (ING Direct Electric Orange Checking). Why do I like free checking accounts? For one thing, they don't have minimum balances. I'm also one of the very few who religiously balance their checkbooks every night to the one cent and I'm proud to say that I have never had an overdraft. I also avoid ATM fees by withdrawing at my banks' ATMs. Better yet is a free checking account with tiered interest, which is the case with my ING Direct Electric Orange Checking.
How long will free checking accounts be around? This walletpop.com blog article, "Free Checking Accounts Aren't Long For This World" suggests that free checking accounts are slowly but surely vanishing. The main premise in this article is that banks need to make money in this new business environment and free checking isn't going to cut it if folks keep only a bare minimum in their free checking accounts and start being more careful about avoiding overdraft and fees.
What do you think? Do you use free checking accounts? Are you able to avoid the various fees (overdraft, ATM, etc) that banks use to make a profit off free checking accounts?
Article Link: Are Free Checking Accounts Vanishing?
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How long will free checking accounts be around? This walletpop.com blog article, "Free Checking Accounts Aren't Long For This World" suggests that free checking accounts are slowly but surely vanishing. The main premise in this article is that banks need to make money in this new business environment and free checking isn't going to cut it if folks keep only a bare minimum in their free checking accounts and start being more careful about avoiding overdraft and fees.
What do you think? Do you use free checking accounts? Are you able to avoid the various fees (overdraft, ATM, etc) that banks use to make a profit off free checking accounts?
Article Link: Are Free Checking Accounts Vanishing?
.
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2 comments:
That walletpop article makes a good point. And the end of free checking might not be such a good thing, since it isn't really free in the first place.
http://probityfinancialservices.com/blog/bid/13462/Free-Checking-Isn-t-So-Free
Free checking accounts from big banks are going the way of the Dodo Bird. Most recently, PNC Bank announced plans to discontinue its kostenloses girokonto (free checking account). Soon, none of the 10 largest U.S. banks will offer free checking.
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