Free Checking at Big Banks…Going Bye Bye?

Date October 20, 2010

You’ve heard about the foreclosure freeze by big banks. You’ve probably also heard that their fees may be increasing, if they haven’t already. What’s next? Doing away with Free Checking.

Bank of America announced yesterday that their Free Checking account will be “nearly unheard of”. Now, like many years ago, bank customers will have to jump through hoops to get a “no monthly service charge” checking account. They’ll have to keep a high balance, have direct deposit… and BofA even has a new e-banking account that will charge you $8.95 a month if you want to see a teller or receive a paper statement. Banks are craving more revenue due to the financial reform laws enacted in the past year that left them with lower fee income. But should the consumer be punished for that?

Are credit unions doing away with Free Checking? Not that I know of.

In this economy, and with so many choices for banking, do you – Bank Customer – want to jump through hoops and red tape just to have a checking account? You shouldn’t have to. You know what my suggestion is: Join a Credit Union, if you’re not already a member. Find a credit union near you that still offers Free Checking, like MCCU does.  And remember, most credit unions offer everything a bank does, including great member service.

Is Free Checking a thing of the past? Not at Credit Unions.

Questions or Comments? E-mail me at blogger@matadorsmoneymatters.com.

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