Brokerage Checking Accounts tend to be More Viable Choices than Regular Checking Accounts from Banks

The term “brokerage” brings to mind mutual funds and stocks, and hence, most of them are unaware that checking accounts can also come with brokerages. However, according to a new study, brokerage checking accounts is often a much better option that regular ones offered by banks. The reasons for considering brokerage to open a checking account are:

1. Eliminate the expensive monthly fees: Today, there are only few banks who offer free checking accounts, having no strings attached. This means regular monthly fees is a must to keep the account running. However, checking accounts from different brokerages don’t come with a monthly fee, which is one of the most important reasons for many consumers opting for brokerage checking accounts than regular ones. Furthermore, you don’t have to meet the criteria of minimum account balance or rerouting the direct deposits for avoiding expensive monthly fees. In simple words, brokerage checking accounts might help you with great savings.
2. Huge benefits: Online bill payment for free, interest bearing deposits, mobile check deposit, and mobile banking applications are just a few benefits that come with brokerage checking accounts.
3. Anytime, anywhere ATM access: Similar to online banks, brokerage checking accounts consumers can operate most of their banking chores without having to visit any physical location. They don’t operate ATM networks or branch offices; rather, they offer access to any ATM, anywhere, anytime, and at no cost. They generally partner with ATM networks and banks to offer free transactions, anywhere, everywhere.

However, despite of the benefits, brokerage checking accounts are not appropriate for everyone. Though they tend to be a lucrative alternative to regular checking accounts, they are not always the best fit for consumers. Consumers are more likely to manage their accounts online or via a Smartphone. Even if you have registered for a banker or teller, brokerage checking accounts cannot deliver convenience and services as compared to banks. Further, certain brokerages might demand for a brokerage account to qualify for a checking account. However, while evaluating choices for opening a checking account, brokerages are worth considering.