Has Your Bank Stopped "Free Checking"?

[JB2K]

It seems some of the fallout from the goings-on between Washington and the banking industry is going to result in certain burdens being placed on financial institutions, both big and small.

While the big banks certainly have the means to weather such storms, it's going to be the community banks (and perhaps even small credit unions) that will eventually suffer.

So, my question to you is (with no politics), has your mega bank/community bank/credit union raised their monthly service fees, or eliminated free checking, altogether?

 

[leadfootlevi]

No. Not yet anyway.

 

[Kathi OD]

Not yet.

 

[mrudman]

Nope, not yet..

And they actually just recently started a program where they're paying us, lol.. get 10 cents each time we use our debit card.. and they'll mail us a check in October.. love to see how it's adding up on each month's statement.

 

[bettymae1121]

Sort of. I bank with Chase and there is no fee if you have direct deposit of at least $500 a month. Since most people can have that amount direct deposited, I'd still call that "free checking". Also, if you don't have direct deposit, having an average daily balance of $1500 or a linked savings acccount with an average balance of $5000 will also get the monthly checking fee waived.

 

[Marionnette]

We just got a change of terms of service in the mail last week. They will now be charging for $2 all ATM transactions at machines they don't operate. It used to be that they didn't charge an ATM fee even if you used another bank's machine. The exception would be those premier accounts that carry a monthly balance of $2500 or more. I have an "over 50" account. I only have to keep a daily balance of $100 in it. I never use my debit/ATM card except when I am traveling in Europe.

They are also offering a $1 reduction of the monthly maintenance fee if you sign up for paperless statements. Whoopee! I still want my printed statement in my snail mail. Since I don't pay a monthly maintenance fee, this really makes no difference to me. The customers affected by this change will pay $14 every month instead of $15.

Student accounts that are linked to a parents' account will no longer have the ATM fees reimbursed. Way to go! Sticking it to the people who are least aware of how banks work! But they will refund one overdraft fee per academic year. I'm not sure how much that would be. Our kids actually bank with different banks than we do. Those banks have their own idiotic rules and fees.

I know that they have to make their money somewhere. I'm just determined to make sure that they don't make it from me. This checking account is solely for the purpose of paying the bills. There's never more in it than what I need to meet those bills + $100 to prevent triggering the monthly fee. As long as that monthly minimum remains this low, I'll keep this checking account. If they raise the minimum too much, then I'll be shopping around for one that doesn't charge me to keep my money with them.

 

[horseshowmom]

Just got a letter a couple of weeks ago informing me that they will now be charging for accounts unless you meet a certain criteria. That means my extra accounts are going to have to be closed. One of them I used for my paypal account, and I really don't want to link that to my regular checking.

 

[Ephany]

Not so far. Our credit union just requires $5 in savings, no other fees, and since we have our mortgage through BoA, our checking is 'free'. I'm looking forward to the day we can completely close the BoA accounts and do business with our credit union only.

 

[FINFAN]

not yet, but obviosly it's on the horizon sadly.

 

[njmom47]

When my bank changed hands, I was told that I am grandfathered into free checking since I was a customer at the previous bank (and have been since I was 17). I like my bank and it is one of the big national banks!

 

[allonte]

Nope. We have to have direct deposit at BOA and there are no requirements at our credit union.

 

[ancestry]

Ours stopped the free checking about 18 months ago and we immediately switched to a credit union. LOVE LOVE LOVE the credit union benefits, plus we get 4.01 % interest on any money in our checking account. It is hard to find that anywhere.

 

[horseshowmom]

Just got a letter a couple of weeks ago informing me that they will now be charging for accounts unless you meet a certain criteria. That means my extra accounts are going to have to be closed (for example, one of them I kept money in for an elderly relative who lives next door - his daughter gave me money periodically to have on hand for when he needed me to pick up things at the store). One of them I used for my paypal account, and I really don't want to link that to my regular checking.

 

[Ava]

We just got a change of terms of service in the mail last week. They will now be charging for $2 all ATM transactions at machines they don't operate. It used to be that they didn't charge an ATM fee even if you used another bank's machine. The exception would be those premier accounts that carry a monthly balance of $2500 or more. I have an "over 50" account. I only have to keep a daily balance of $100 in it. I never use my debit/ATM card except when I am traveling in Europe.

They are also offering a $1 reduction of the monthly maintenance fee if you sign up for paperless statements. Whoopee! I still want my printed statement in my snail mail. Since I don't pay a monthly maintenance fee, this really makes no difference to me. The customers affected by this change will pay $14 every month instead of $15.

Student accounts that are linked to a parents' account will no longer have the ATM fees reimbursed. Way to go! Sticking it to the people who are least aware of how banks work! But they will refund one overdraft fee per academic year. I'm not sure how much that would be. Our kids actually bank with different banks than we do. Those banks have their own idiotic rules and fees.

I know that they have to make their money somewhere. I'm just determined to make sure that they don't make it from me. This checking account is solely for the purpose of paying the bills. There's never more in it than what I need to meet those bills + $100 to prevent triggering the monthly fee. As long as that monthly minimum remains this low, I'll keep this checking account. If they raise the minimum too much, then I'll be shopping around for one that doesn't charge me to keep my money with them.

TD Bank? I got the same letter. I try not to take money out at other ATMs anyway because those ATMs usually charge a $2-$3 fee, but now that TD is going to charge a fee as well I will definitely NOT be using any other ATMs. Thankfully there is a TD right around the corner from my office so it's easy for me to go to their ATM.

My checking account with them used to be completely free, no minimum balance required, but now I have to keep at least $100 in there to avoid paying the $15/month fee. Not really a problem, although I have to be careful at the end of the month when a lot of bills come out that I have enough of a cushion to avoid going under.

I've been with this bank since 2003, when they were still Commerce Bank, and part of the reason I chose them was because they didn't charge any fees for anything. While I understand that the financial climate has changed and banks need to make money somehow, I'm somewhat irked that my "free checking" account now has conditions attached to remain free. As you said, if the minimum balance required goes higher, I'll start looking for a new bank.

P.S. - I also have an ING Electric Orange checking account. If I could use that exclusively I would, but I need an account at a physical bank for certain things.

 

[Disnydad]

We do buisness with two banks and both give us free checking.

 

[prncess674]

We just got a change of terms of service in the mail last week. They will now be charging for $2 all ATM transactions at machines they don't operate. It used to be that they didn't charge an ATM fee even if you used another bank's machine. The exception would be those premier accounts that carry a monthly balance of $2500 or more. I have an "over 50" account. I only have to keep a daily balance of $100 in it. I never use my debit/ATM card except when I am traveling in Europe.

They are also offering a $1 reduction of the monthly maintenance fee if you sign up for paperless statements. Whoopee! I still want my printed statement in my snail mail. Since I don't pay a monthly maintenance fee, this really makes no difference to me. The customers affected by this change will pay $14 every month instead of $15.

Student accounts that are linked to a parents' account will no longer have the ATM fees reimbursed. Way to go! Sticking it to the people who are least aware of how banks work! But they will refund one overdraft fee per academic year. I'm not sure how much that would be. Our kids actually bank with different banks than we do. Those banks have their own idiotic rules and fees.

I know that they have to make their money somewhere. I'm just determined to make sure that they don't make it from me. This checking account is solely for the purpose of paying the bills. There's never more in it than what I need to meet those bills + $100 to prevent triggering the monthly fee. As long as that monthly minimum remains this low, I'll keep this checking account. If they raise the minimum too much, then I'll be shopping around for one that doesn't charge me to keep my money with them.

Somehow I don't think the bank is going to be sad to see you go. You are costing them money. Banks offered free checking to lure people into depositing money and hence the bank earned interest on your money. You don't keep any balance with them and they are processing all your checks and mailing you a statement.

As far as the student checking accounts. They are legally adults and the banks give them accounts with less deposit requirements. These training wheel accounts are the time so they can start to learn about banking. ATM transactions are free of charge if you use your bank. Once again the bank is passing on costs to the customer. They have to process and pay the other bank. If the student is constantly using a non-native bank frequently then maybe they should switch who they bank with.

 

[Marionnette]

Somehow I don't think the bank is going to be sad to see you go. You are costing them money. Banks offered free checking to lure people into depositing money and hence the bank earned interest on your money. You don't keep any balance with them and they are processing all your checks and mailing you a statement.

As far as the student checking accounts. They are legally adults and the banks give them accounts with less deposit requirements. These training wheel accounts are the time so they can start to learn about banking. ATM transactions are free of charge if you use your bank. Once again the bank is passing on costs to the customer. They have to process and pay the other bank. If the student is constantly using a non-native bank frequently then maybe they should switch who they bank with.

Seriously, I don't expect them to be crying into their coffee if I go. I write maybe 4 checks per month. The remainder of the transactions are electronic. For me it is a means to an end. Once it begins to cost me more than I find it to be worth, I can choose to do what every consumer has the right to do. I will take my business elsewhere. And TDBank will probably be blowing kisses at my departure since I'm costing them money, LOL.

And regarding the student accounts, well why do you think that my kids don't have student accounts at Mom's bank? Pretty much because their terms of service for student accounts are not the most friendly for young people. They have accounts with banks who are linked to their universities. While I don't like some of their rules, they are better than my bank's. Again, exercising the consumer's right to go with the best possible bank for their needs.

 

[cirquelovers]

I received notice that my free checking was no longer free, so I closed the account. My husband says he will follow suit.

 

[NeverlandClub23]

I am closing one of my checking accounts today as I just noticed they are going to start charging (without so much in the account or direct deposit) and the other "free" account I have is starting to charge if you don't have direct deposit. Luckily I just switched to that bank from my credit union (much better customer service and closer to where I work) and just set up my direct deposit to switch to there a few weeks ago. I'm glad I checked!

 

[arihillfarm]

Not yet and we get totally free checking with no strings attached, no min. deposit, direct deposit requirements, etc. We get free checks (Disney ones too! ), they don't charge us to use other ATMs, free online Bill Pay, one free overdraft per year and they pay us via a VISA gift card once a year, $.05 for each debit card transaction, online bill pay transaction and direct deposit. We also get free wire transfers and they just out of the blue, mailed me a $25 VISA gift card a few weeks ago just to thank us for being customers. BTW, this is First Merit Bank in Ohio and is their Reality Checking program.

-Astrid