How to Prepare for the Death of Free Checking Accounts [View All]

[SoCalDem]

http://www.mybanktracker.com/bank-news/2010/12/07/prepare-death-free-checking-accounts/



The days when banking customers enjoyed free checking accounts are fading away as banks experience smaller profits due to the new banking rules enforced in the past year. Because banks are revamping their checking accounts, customers need to be more active to have their monthly fees waived.

Opt for Direct Deposit

Many employees still choose to receive their wages in the form of paper checks rather than having paychecks directly deposited into a bank account. Again, direct deposits cost fractions of what it would cost to print and process paper checks. All banks monthly account fees because they’re ensured funds on a regular basis. As soon as you get paid, your bank is holding your money. Be wary of whether or not your checking account requires a direct deposit minimum in order to avoid the monthly fee. For example, a qualifying direct deposit for Wells Fargo Value Checking must be in the amount of $250 or more.

Use your Debit Card More Often

One way to fulfill monthly account fee waiver requirements for Chase Checking and Citi Basic Checking accounts is to make five debit card purchases. You must select “credit” for the transaction despite using a debit card because banks receives a portion of the credit processing charges. Debit cards are often considered less secure compared to credit cards because they offer direct access to your cash as well as fewer purchase protections. Ideal debit card purchases involve small amounts at places such as convenience stores, drug stores, and fast-food restaurants.

Save up to Maintain a Minimum Balance

snip