Finding It Difficult To Get a Free Checking Account-Try These Options

Recent surveys into the financial world bring out startling facts and most of them are bad news for the consumers. For starters, maintenance monthly fees, overdraft fees, and ATM fees have all reached record highs in 2013. One needs to pay up substantial amounts just for keeping a bank account open and working. Consider this fact, ATM withdrawals for noncustomers cost $2.60, which is 4% more compared to previous years. Even own banks charge $1.53 for each transaction. For example a person withdrawing $20 from a bank will have to pay almost $4 as the fee, doesn’t this seem like an injustice!

Overdraft fees on an average cost approximately $ 32.20, up by 3% from 2012. Similarly, account maintenance costs consumers almost $ 5.55 per month and those having checking interest accounts and even steeper fee, $14.64 on a monthly basis. So, is there a way to do away with such unnecessary expenditure and even go for a free checking account? Since 2009, banks offering free accounts for checking have dwindled to an almost half figure and their numbers are decreasing continuously. Only 38% accounts on offer from large banks come with such options nowadays.

Now it remains up to the consumers to strategize and get the best options available to them. For example, those who want to minimize the fees related to ATM transaction should go to their own banks and withdraw more amounts than their present need. This way it becomes possible to save multiple trips, which may cost more. Those who are unable to get good options anywhere when it comes to banking transactions can simply do away with the system altogether.

Online brokers and credit unions have emerged as the new possibility for the consumers because they are to offer free checking accounts even if the regular no longer do. Those having a brokerage account related to institutions will find it easier to go for such options. However, no one is telling the consumers to give up on the banks altogether. Free accounts are available only if one knows how to go for them. Direct-deposited paycheck accounts for example do not pay any fee and this is a good option. Similarly, consumers with the hefty bank account balances may also be able to wave their free.

Another option is to go for checking accounts that do not bear interests because the rates in general are quite low at only 0.05%.