free checking disappearing....

[stich1fan]

I just saw online at yahoo that banks will be doing away with the free checking. They will be charging $8.95 a month at some banks.....Anyone know if all banks are affected?

 

[pixiewings71]

I have a credit union, I have heard nothing about my cu charging fees. DBF has a Chase acct, I'll see if he has heard anything from them.

 

[C.Ann]

I have checking accounts with several banks - no notifications of any such change.. Of course mine are more of the "local" nature.. Maybe it's the big ones - like BOA and such..

 

[ellone]

I just saw online at yahoo that banks will be doing away with the free checking. They will be charging $8.95 a month at some banks.....Anyone know if all banks are affected?

Did you read the article? The article just mentioned that Bank of America was doing away with the no strings attached 'free checking'. They will still offer a 'free checking' account if you maintain a minimum average balance of $1500 or make direct deposits each statement period.

 

[C.Ann]

http://www.pnj.com/article/20101020/NEWS01/10200328/1003/RSS04

Is this the article you saw? Didn't read the whole thing, but BOA is mentioned..

 

[SalandJeff]

I just received a letter from my bank about this change. I thought it was just my bank, which is a local bank. There were conditions that would allow you to keep the checking account for free. I think they were to either use your debit card at least 10 times per month, or to keep a minimum balance ($1,000 ?).

I also have credit union accounts, but have not heard from them.

 

[Sweettears]

Try a community bank instead of a big bank. Take it from a community banker, we'll never get rid of free checking.

 

[mrsklamc]

Credit unions will keep free checking, I'm sure.

 

[Samandmom]

My bank sent me a letter also Webster Bank. As previously mentioned if you use you ATM/debit card at least 10 times a month the fee is waived or if you keep a minium balance.

 

[pipervali]

Definitely go with a credit union. More than likely you'll never have to pay for any of your accounts, and you won't need to have a minimum in your checking.

Years ago credit unions weren't as accessible because they had member policies. You had to work for a specific company that was affiliated with the CU. Nowadays not so much, more credit unions are community and anyone who lives, works or worships in that specific county or city is free to join.

And more times than not, the rates and fees are going to beat a bank every single time.

 

[momof1princess]

Definitely go with a credit union. More than likely you'll never have to pay for any of your accounts, and you won't need to have a minimum in your checking.

Years ago credit unions weren't as accessible because they had member policies. You had to work for a specific company that was affiliated with the CU. Nowadays not so much, more credit unions are community and anyone who lives, works or worships in that specific county or city is free to join.

And more times than not, the rates and fees are going to beat a bank every single time.

my credit union charges no account fees, and now, anyone can be a member. if they charged for checking, i don't know what i'd do...i've had an account there since i was 5.

 

[stich1fan]

Saw it on yahoo...I know it mentioned Bank of America. I am really bad with keeping up with the news so just wondering if anyone had any feedback from their banks. Our bank I don't think is effected yet....

 

[MrsPete]

I don't know about charging for checking accounts . . . but I did notice something negative the other day. I started my last book of checks, so I logged on to the computer to order some more. I've never paid for checks, but now they're charging DELIVERY on checks. It was something like $8-9. I didn't order them yet, wondering if they'll ship to the bank and let me pick them up for free. If they don't, I'm going to look into ordering from a cheaper source.

We have accounts with both Bank of America AND a local credit union. The credit union definitely offers better interest rates and other incentives, but we'll always keep our checking with the larger bank.

Why? Because my husband travels frequently for work, and he needs to be able to use his ATM card without being charged fees. The credit union is only useful right here in our state, and we only have one branch in our town. It's not convenient at all. Of course, we use that to our advantage: We keep our short term /vacation savings there, so it can't be accessed without planning and making a special trip to withdraw money.

 

[pipervali]

Why? Because my husband travels frequently for work, and he needs to be able to use his ATM card without being charged fees. The credit union is only useful right here in our state, and we only have one branch in our town. It's not convenient at all. Of course, we use that to our advantage: We keep our short term /vacation savings there, so it can't be accessed without planning and making a special trip to withdraw money.

I take it your credit union doesn't belong to something like the CU$? Ours only has 3 branches locally, but any ATM that has the CU$ sign on it, usually ones of other credit unions, is surcharge free.

 

[DisneyAndRedSox]

I take it your credit union doesn't belong to something like the CU$? Ours only has 3 branches locally, but any ATM that has the CU$ sign on it, usually ones of other credit unions, is surcharge free.

Another free Credit Union network is "SUM". I can access any SUM ATM with no fees. Also my CU gives back ATM fees up to a certain amount every month (I think $5), just something to see if you have that benefit.

Here is the link to see what banks are members of it.
http://www.sum-atm.com/

 

[LuvLuvLuv]

Citibank already made this change last year...

Hopefully Chase doesn't follow suit because I love my Disney Debit Card!

 

[Swimalie]

So far I haven't heard from my main bank. It's a national one. I won't use a debit card and we don't use our ATM card that often each month but we do keep a good amount in there so maybe that will allow us to keep it "free". If not, we'll be bank shopping.

We also have a bank where we keep the the bulk of our savings. I doubt they will charge us anything. They are known for their low to no fees.

 

[MrsPete]

I take it your credit union doesn't belong to something like the CU$? Ours only has 3 branches locally, but any ATM that has the CU$ sign on it, usually ones of other credit unions, is surcharge free.

Nope, and the lack of ATM accessibility is the only reason I don't have my checking account with them.

 

[marie1203]

We have BOA for over 3 years when we first open our account all checking was free. My mom and sister open a BOA account last year and there was a fee but there are exceptions like I know for my mom is direct deposit and my sister for being a student.

 

[MsStinkerBelle]

I've heard nothing from my bank (a big national one) about this but as I use Direct Deposit and my employer has a huge account with them, I've never paid a fee. Don't expect this to change.