Has Your Bank Stopped "Free Checking"?

[Swimalie]

Not yet. We are with a national bank and so far we haven't gotten any notices. We have one of their premier accounts and hopefully if they impose any fees, we will have enough in the account to fend off any future fees.

We closed the credit union account last year when they informed us that they were going to start charging us a monthly fee. No thanks. Our big bank doesn't even do that!

 

[delmar411]

we have free checking at Huntington Bank and Chase. We do have to use the debit cards 5x each month though or else it's a $6 fee (we don't have enough in DD to waive the fee). I don't write checks and I do my banking electronically for the most part and we don't ever use an ATM. DH deposits cash every Monday though from his job.

 

[cglaura]

Still free, no minimum balance. Interest rate is blah, but I only keep enough to pay bills, then it transfers to the higher % account online (also free).

I love my local bank, open 8am -6pm M-F, 8am - 3pm Saturday and 10am - 2pm Sunday. If I have to call, a real live person answers, no voice prompts or queues to go through.

 

[pyrxtc]

yup, last year.

 

[Kathi OD]

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.

We're leaving TD also, but it has nothing to do with their change in the terms of service for ATM usage.

In the past several weeks, we've discovered that the right hand doesn't know what the left hand is doing. Not only was wrong information given to us when applying for a HELOC, but no one could tell us just what the closing costs would be on the loan.

Commerce was an awesome bank. It seemed that TD was picking up right where they left off, but sadly it just isn't the same.

 

[Kathi OD]

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.

Wawa...I always used Wawa's ATM. They don't charge fees for use. They have an agreement w/ PNC to not charge the fee. A few years ago, PNC wanted to start charging and Wawa told them to take the machines out of their stores. Guess what? Those machines are still there and there are no charges to use them!

 

[Lisa loves Pooh]

We had a small account with Chase, they discontinued it, so I closed my account.

Our main bank is USAA. We still have free checking with rebates, interest, and ATM fee refunds. Love them. Since they are geared towards the military, I do not see them changing this anytime soon. DH was grandfathered in as a dependent and then I tagged along that. So we are USAA members, not just bank customers. Though they aren't local, they make things EXTREMELY convenient for us. Outside of a teller who can't break down our bills--there doesn't seem to be a thing that a branch bank/credit union offers that USAA doesn't.

 

[Where'sPiglet?]

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.

I also bank with Chase. Not by choice; they bought out Washington Mutual. I far preferred WaMu, but they are no longer an option.

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!

I believe Chase said the same thing to people being grandfathered in from WaMu. Now, they have the fees I quoted above.

The other thing that Chase does that I think is sly is my paycheck has the status of "pending" for at least a full day. My friends at work get their pay deposited - in full - at midnight on pay day. I will usually get access to my money the following day and sometimes even later. Here's the thing....the line item says "pending" but the total balance available reflects the amount including the pay. But if you spend "pending" money, they'll hit you with an overdraft fee (according to someone who spent "pending" money before).

I do not like Chase, but I am hesitant to change because I have all my bills linked to that account, my direct deposit set up, a new box of checks, and so far it's still free as long as I jump through their hoops. I would like to find a good local credit union, but my work strongly encourages us to use at least a regional bank that we have access to outside the immediate area.

 

[C.Ann]

I have accounts in several banks - and so far none of them have eliminated free checking.. When - and if - they do it won't have much of an impact on me since I write so few checks these days.. Most everything goes on my rewards debit cards - although I do always carry a decent amount of cash with me at all times, just in case..

The economy has changed so many things.. When I received my home owners insurance bill today there was a notification enclosed stating there would now be a $10 fee for late payments - and just recently one of my doctor's offices instituted a $25 fee if you miss an appointment without calling to cancel.. I know that some of you have had similar things in place for a long time prior to this, but for me, these are a "first" and I can't help but think that it's tied into the economy issues..

I suspect we'll see many more changes on the horizon, so nothing would really surprise me..

 

[Where'sPiglet?]

I have accounts in several banks - and so far none of them have eliminated free checking.. When - and if - they do it won't have much of an impact on me since I write so few checks these days.. Most everything goes on my rewards debit cards - although I do always carry a decent amount of cash with me at all times, just in case..

The economy has changed so many things.. When I received my home owners insurance bill today there was a notification enclosed stating there would now be a $10 fee for late payments - and just recently one of my doctor's offices instituted a $25 fee if you miss an appointment without calling to cancel.. I know that some of you have had similar things in place for a long time prior to this, but for me, these are a "first" and I can't help but think that it's tied into the economy issues..

I suspect we'll see many more changes on the horizon, so nothing would really surprise me..

The fees with Chase aren't per check fees. They charge your account $12/month if you do not meet the requirements they set in place. Depending on whatever your bank comes up with for fees, it could affect you more than you expect. They are getting crazy with the fees and policies.

 

[llori7]

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

WOW! My husband and I were just talking about changing banks b/c ours just charged us a service fee for something that was not our fault! I am going to open up an account at this bank. Thanks for posting!!!

 

[Lisa loves Pooh]

I have accounts in several banks - and so far none of them have eliminated free checking.. When - and if - they do it won't have much of an impact on me since I write so few checks these days.. Most everything goes on my rewards debit cards - although I do always carry a decent amount of cash with me at all times, just in case..

The economy has changed so many things.. When I received my home owners insurance bill today there was a notification enclosed stating there would now be a $10 fee for late payments - and just recently one of my doctor's offices instituted a $25 fee if you miss an appointment without calling to cancel.. I know that some of you have had similar things in place for a long time prior to this, but for me, these are a "first" and I can't help but think that it's tied into the economy issues..

I suspect we'll see many more changes on the horizon, so nothing would really surprise me..

Typically debit accounts are checking accounts.

There are checking and savings accounts....

And while you may not write a physical check, it is likely your account is still a checking account. Savings accounts have a fdic restriction on how many withdrawals you can do per month.

Free checking means there is no monthly fee for the privilege of having the account.

So you will want to stay on your toes with your bank to make sure if they ever do charge a fee, that you understand what that fee is.

 

[SKWDW]

Yes, sucky Chase. Our WaMu "Free Checking for Life" account is gone. If you don't have direct deposit, they charge a monthly fee. We dumped them.

 

[Mrs. Charming]

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.

I got that letter too. I lover Commerce but TD is the pits. I inquired about Ally and ING but we need a physical bank too. I wish I could live without a bank, period!

 

[bettymae1121]

I also bank with Chase. Not by choice; they bought out Washington Mutual. I far preferred WaMu, but they are no longer an option.



I believe Chase said the same thing to people being grandfathered in from WaMu. Now, they have the fees I quoted above.

The other thing that Chase does that I think is sly is my paycheck has the status of "pending" for at least a full day. My friends at work get their pay deposited - in full - at midnight on pay day. I will usually get access to my money the following day and sometimes even later. Here's the thing....the line item says "pending" but the total balance available reflects the amount including the pay. But if you spend "pending" money, they'll hit you with an overdraft fee (according to someone who spent "pending" money before).

I do not like Chase, but I am hesitant to change because I have all my bills linked to that account, my direct deposit set up, a new box of checks, and so far it's still free as long as I jump through their hoops. I would like to find a good local credit union, but my work strongly encourages us to use at least a regional bank that we have access to outside the immediate area.

I've spend "pending' money from my direct deposited paycheck and have never had a fee from Chase. Usually in the form of doing an e-bill pay so maybe that's why. I don't withdraw cash (we charge everything on our CC and pay it off in full monthly) so maybe that makes a difference.

 

[poohbearbt]

I banked with First Union/Wachovia now Wells Fargo since I was a little teenager. Everything was fine even the fees if you use other ATMS....UNTIL I tried to transfer money from one account to another and WF said they would have to charge me a fee to do this(long story but that is the jist). Screw that and them. Also every single time I go into the bank for anything, I get attacked by their banking people about whatever they are trying to sell. Relentless not just offering but trying to dig into your personal life and they have a solution to whatever answer you tell them. The last time I flat out lied and told them I was a degenerate and my parents paid for everything so there is nothing they could sell me. They EVEN had answer for that.

I use BOA for my rescue and savings. I am not impressed with them either but not enough to switch.

I also have a credit union that I am going to be completely converting all my personal banking needs to. The only thing I dont like is that they are just a local credit union and not national but its better than WF for sure.

 

[Swimalie]

I banked with First Union/Wachovia now Wells Fargo since I was a little teenager. Everything was fine even the fees if you use other ATMS....UNTIL I tried to transfer money from one account to another and WF said they would have to charge me a fee to do this(long story but that is the jist). Screw that and them. Also every single time I go into the bank for anything, I get attacked by their banking people about whatever they are trying to sell.

You got charged for a transfer? I transfer all the time from my Wachovia to ING accounts and never get charged a fee.

I did have a huge issue with Wachovia (ours is still a Wachovia) calling and sending me solicitations once they were taken over by Wells Fargo. I wrote the CEO of Wells Fargo and told him to have his people stop or I would take my money out. It all stopped If it ever starts up again, though, I will transfer my money in a heart beat. I don't ever expect my bank to call me to offer services.

 

[kiddo76]

My community bank still has free checking (including free checks) with no strings attached. They also offer free ATMs anywhere and will even credit my account if I use an ATM with a fee (like, if I use a BoA ATM, they might charge me $2, but then my bank will credit my account $2).

I've banked with big banks before, and much prefer the service and rates I've gotten at my community bank.

 

[poohbearbt]

You got charged for a transfer? I transfer all the time from my Wachovia to ING accounts and never get charged a fee.

I did have a huge issue with Wachovia (ours is still a Wachovia) calling and sending me solicitations once they were taken over by Wells Fargo. I wrote the CEO of Wells Fargo and told him to have his people stop or I would take my money out. It all stopped If it ever starts up again, though, I will transfer my money in a heart beat. I don't ever expect my bank to call me to offer services.

Our bank is still called Wachovia as far as signage but all the mailing is Wells Fargo etc.

Yes, they tried to charge me to transfer money.

 

[jsksjs]

YES 14.00 a month at BOA! IT was free, now even with any amount its still a 14.00 fee. Thats crazy, This checking account amount varies everyday, one day it could have 4K the next day 10.00! THis is what we use to pay all of our bills everyday. Why would I want to spend 170.00 a year to maintain this?? I called to close it but they told me that they have an EBANKING account which is the same but the only thing that changes is that you cant go into the bank to do transactions. I told them and its true, my other bank still has a free checking account. There is no monthly fee for this account. Thats fine with me since I do all deposits through their ATM and transfers electronically. Then if I did go in and do a transaction, they would charge the 8.95 fee for that month. Now, that doesnt make sense! Even if I did go in the bank and do transactions in there, I would only get charged 8.95, NOT 14.00 for their checking account fee that use to be free! I could understand if it was maybe 7.00 a month, but, going from free to 14.00 and no way to avoid the fee!? Thats nuts