Different Ways to Ensure Free Checking Accounts

Since the recent economic downturn, analysts have been predicting the demise of free checking accounts. However, the good news is that many Americans are still enjoying them in spite of the Dodd-Frank Bill and CARD Act. Since these bills closed sizeable revenue streams for different financial institutions, people believed that the banks would need to levy additional fees to deal with the situation.

However, the reality is exactly the opposite. A recent survey showed that 55% bank customers do not have to pay any fees for their checking account. In the year 2011, approximately 59% customers enjoyed the services related to free checking accounts, which is higher than 2010 when it was 53%. Still, there is another end of the spectrum, which shows an increasing number of Americans now need to pay for their checking account compared to the situation in the past. 14% people need to pay amounts ranging from $10 and more on a monthly basis.

In order to enjoy all the benefits associated with free checking accounts you need to know how to go for such services. Whether you want to remain among the 59% or the 14% to pay is ultimately a matter of choice. One of the main things to do would be to shop around at different banks. This will help you to find one that does not charge fees related to their checking account. With numerous financial institutes, offering such services these days coming across such services is not impossible.

If a customer has been paying a monthly fee on a regular basis, it is time to make a change towards the better and save substantially. For this, one should be aware of minimum balance. By having, a definite amount specified by a particular bank in checking account, one could do away with the associated fee. Contact the bank to know such threshold amounts and give it a go. Signing up with text alerts and e-mail notifications to know about balance dips as and when they happen is another good way to keep the checking account free.

Direct or automatic paycheck deposits are another good way to get free accounts based on individual bank policy. Having multiple accounts can be another way to do away with the account fee. After all, every bank wants to do as much business as they can with their customers. By making ATM withdrawals one can do away with the checking account fee successfully.