More banks launched check-less checking accounts

New York newspapers reported that more banks are interested in launching check-less checking accounts. Such accounts are targeted towards the consumers who do not want to worry about check fees and are not interested in writing checks. Many financial institutions call it as “Hassle free account”. It operates exactly like normal accounts except that the account holder cannot pass paper checks. According to a survey conducted by “Key financial group”, more than 18% of consumers do not use checks. The rest, that is 82% of people only write checks once in two or three months.

Consumers, who are used to make payments using checks, can now depend on the online banking system. Transactions that have used the online banking system can be transformed to paper check on demand. More banks are introducing this method as a way to attract more customers. In addition, they also found out that one person among ten people do not have any bank account. New York banks are now finding ways to attract people who do not have live bank accounts. Check-less checking accountappeared in 2011-2012. Some banks now provide prepaid debit cards as a way to pay bills. The use of such cards tremendously reduces the need for checks. At the same time, all check-less checking accountsare approved and insured by the federal DIC and offer the same level of protection as a normal checking account.

Important financial institutions such as US Bank, Chase, Fifth Third and PNC have their check-less checking accounts. Some of them also promote prepaid debit accounts. In fact, there does not exist a big difference between prepaid debit card account and check-less checking account. In addition to these facilities, most of these accounts do not carry any monthly fee. The account holder does not need to take any risk of overdraft fees and minimum balance. Furthermore, such account holders can contact the bank customer service and visit local branches for further business deals.

There are several advantages of using check-less checking accounts. For example, the account holder can use mobile phone services to deposit money. The user can do this just by taking the photo of a check he wants to deposit using the mobile phone camera. Some banks offer this service for free and other charge 50 cents for each transfer.
In short, check-less checking account is a hassle-free account for those who want to make online payments, use the ATM and make deposits.