How to Get Free Checking

Is your bank no longer offering free checking? Tighter limits placed on credit cards and overdraft practices means that many banks are back to charging consumers for maintaining a checking account.

With monthly checking account fees ranging from $5 (Wells Fargo) to $25 (Bank of America), avoiding these fees keeps more money in our pockets. Here's just a few of the ways our family has been able to keep our checking accounts "fee free."

Sign up for the No Frills or "Express" Plans. Of the five different banks our various family members use, all of them offer some type of "No Frills" free checking account plans. At Wells Fargo where two of my kids bank for example, the monthly $5 checking fee is waived for those who opt out of paper statements in lieu of e-statements.

Many of the other no frill plans I've seen offer up free checking providing you follow certain instructions and don't do anything that might generate a fee of sorts. It's important to read the fine print with these plans since it doesn't take much to generate a monthly fee. Some of the more common requirements I've seen include
--automatic payroll deposit
--not going into the overdraft or line of credit
--limited ATM or debit card use
--no more than 3 savings account transfers a month
--regular use of the bank's credit card
--limited monthly deposits

Maintain a minimum balance. A few banks are returning to minimum balance requirements to maintain a free checking account. Requirements here seem to range from $500-$10,000.

Join a credit union. Credit Unions are member owned financial institutions that provide many of the same services as Big Banks. Free checking, better rates on CDs, and lower interest credit cards are just a few ways where a credit union can save you money.

Bundled services. What banks ultimately want to see is more of your business. If all your financial services are with one bank (such as home loans, credit cards, personal loans, identity theft protection, whatever) your checking account is one of the free perks you get to enjoy as a customer.

More articles by this contributor:
How to save money easily without changing your lifestyle.
Consumer tips for avoiding credit card fees.
Top 5 personal financial planning tools & strategies for reaching your goals.

sources:
http://www.usatoday.com/money/industries/banking/2010-05-18-bankfees12_st_N.htm