New bank laws lessen transaction fees

With the new bank fees in place, what are checking account owners left to do? Some considerations include doing a lot of business with a single bank. Banks offer discounts to customers who avail of free checking while also eventually investing in other bank services, offers, or programs. This means also going for the more serious and of course more expensive credit cards, investments, and mortgages in that same bank.

There are banks that do not impose monthly maintenance charges on checking accounts anymore if their customers have multiple financial investments and transactions in the bank. The banks willingly extend free checking to their customers who also has a mortgage in that bank. For other needs like credit card loans or even auto loans, customers are then highly encouraged by their respective bank to look into the various offers within that same financial institution. What customers get will be free checking after all.

It is important to note however that even if you may have completed your banking needs in a single financial institution, there may be available options outside which can also save you costs. It is worth noting that banks to cater to your needs may not always be exclusive to the institution where your checking account exists. Remember that other banks pose competition in cost-effective prices of services and offers in one way or the other.

This means that banks have their own aspects by which they can claim that they offer the most affordable deal or the “best” deal in comparison with other banks. For example, one bank may offer the lowest interest rates on certificates of deposit but the best mortgage deal, on the other hand, is offered by another bank. Knowing what bank offers the “best” in various customer or client needs will help you reconsider should you have plans to concentrate all your banking needs to one financial institution alone.

Another value presented by looking around for other banks and their program offers is the idea that you might really find credit unions and banks in your locality or community interesting enough. Although investing in them involves equal risks and opportunities, you are more assured of free checking with them since they are supposedly less interested in recovering lost revenues as they are less affected anyway. They have fewer reasons to charge more fees to their customers especially because they have simpler operations than their big bank counterparts.