How much do you keep in your checking account?

[JaymeC]

There's no minimum balance required for our checking account. The only thing that's required is that we have a savings account as well, but there's no minimum balance for that either. When I opened up an account, they deposited $5 in the savings account for us as a 'gift'. We keep about $500 (+monthly bills) in checking and about the same in the savings account as a cushion. The rest gets transferred into a higher interest savings account. I know our credit union offers checking accounts with higher interest rates. Oddly they don't require a minimum balance for them, but require you use your debit card a minimum of 10x/month. Since we don't use our debit card this was not an option for us.

 

[seagull]

That happened to me several years ago at a local bank. I immediately took my money and went to TD Bank (which was Commerce at the time). I think at TD you do not need to keep a balance for the first year, but after that it is $100, which isn't too bad, in my opinion. Since you live, in South Jersey, there should be plenty of TD Banks around.

 

[travelitis]

Check if your bank has a different product for you that won't have the fees or balance requirements attached. Banks offer different types of accounts, some that have balance requirements in exchange for perks like interest. I used to be a banker, and oftentimes people wouldn't know they were in such an account until they weren't meeting the minimum balance and were getting fees. If they don't have a free checking, there are plenty of other places that do.

 

[TMB1203]

I also have a credit union checking account. No minimum fees.

 

[pixiewings71]

We have credit union accounts and Chase, neither have any kind of monthly fee. Our CU did try that for a while but it just didn't work so they stopped. I would absolutely shop around, that's an outrageous amount to keep as a minimum and the fee is outrageous as well!

 

[undertheradar]

According to recent news articles, banks will be starting to eliminate free and low balance accounts. These are expected to be the new "cash cow" for banks due to all of the new credit card regulations. Most large banks are expected to participate.

 

[ilovejack02]

No minimum but if they begin to have one we will change to my DH's work credit union in a heartbeat.