Free Checking Accounts

[seattleMD]

So I just opened a BofA checking account assuming that all checking accounts are free nowadays, then glanced at the fee schedule after returning to my office and notice they charge $5.95 per month unless you basically deposit part of your salary into the account on a monthly basis. They also have another type of checking account that waves $7.00 monthly service fees if you maintain a balance of $500.00.

For those of you who maintain checking accounts - what kind of deals are you signed up for and with whom?

 

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[Codes]

Credit unions are the way to go if you want free checking accounts.

 

[Immy]

I've had a Wells Fargo checking account for 22 years. The monthly charge was always $4-$6 (no minimum balance) but they recently discontinued the fees so finally it's "free at last, free at last!"

 

[ChangeTheGame]

So I just opened a BofA checking account assuming that all checking accounts are free nowadays, then glanced at the fee schedule after returning to my office and notice they charge $5.95 per month unless you basically deposit part of your salary into the account on a monthly basis. They also have another type of checking account that waves $7.00 monthly service fees if you maintain a balance of $500.00.

For those of you who maintain checking accounts - what kind of deals are you signed up for and with whom?

If I remember correctly from when I had my BofA checking account, they do require you to have direct deposit in order to be "free." I was also told by the account manager that a one time deposit from a linked paypal account will qualify as a direct deposit, so this is what I did: I used my existing paypal account, and added the BofA account onto it. I then withdrew $5.00 from the paypal account into the checking account, thus "activating" it as a direct deposit account. Over the next three years of having that account, I NEVER made any other kind of direct deposits, and never was charged any fees. Give it a shot, it might work out for you.

If you don't currently have a paypal account, set one up and link this new checking account to it. Have a friend with a paypal account send you $5.00 into the account, withdraw that $5.00 into your checking account, and see what happens. You should then be able to remove that checking account from the paypal account, and cancel the paypal account.

 

[Hydrantman]

I just opened two new accounts at two different banks with the sole purpose of buying and dumping. I specifically asked at both if they had basic accounts with no fees and no minimum balance and both had them. So I deposited $20 in each and just use the account # for my coins. The only thing they have is a $25 fee if I close the account in less then a year.

 

[seattleMD]

So I just opened a BofA checking account assuming that all checking accounts are free nowadays, then glanced at the fee schedule after returning to my office and notice they charge $5.95 per month unless you basically deposit part of your salary into the account on a monthly basis. They also have another type of checking account that waves $7.00 monthly service fees if you maintain a balance of $500.00.

For those of you who maintain checking accounts - what kind of deals are you signed up for and with whom?

If I remember correctly from when I had my BofA checking account, they do require you to have direct deposit in order to be "free." I was also told by the account manager that a one time deposit from a linked paypal account will qualify as a direct deposit, so this is what I did: I used my existing paypal account, and added the BofA account onto it. I then withdrew $5.00 from the paypal account into the checking account, thus "activating" it as a direct deposit account. Over the next three years of having that account, I NEVER made any other kind of direct deposits, and never was charged any fees. Give it a shot, it might work out for you.

If you don't currently have a paypal account, set one up and link this new checking account to it. Have a friend with a paypal account send you $5.00 into the account, withdraw that $5.00 into your checking account, and see what happens. You should then be able to remove that checking account from the paypal account, and cancel the paypal account.

Odd, according to the fee schedule, you need to make a qualified direct deposit EVERY month. I'll have to check on that when I go in tomorrow to cancel my account.

 

[Sheldius]

My BOA checking account is free because I'm a student. Don't know how long it will last, since these is the 5th year of my PhD.

HH.

 

[Paul in WA]

I opened an account with Banner Bank 2 years ago because they have a coin machine that is free of charge, and this is my "Dump" bank. While I was going through the process of opening it, I was advised to add one of my kids to the account. Of course I asked why she suggested this. She told me that if there is a minor on the account, that there would never be any fee's charged to the account. She said that this was a Little known policy because the banks don't want everybody doing it. She said that that policy was started so kids wouldn't be discouraged from banking because of some fee's that may be charged to their accounts, which usually had small balances. I reminded her that my 8 year old needed to be 18 to be on a checking account, she agreed, but informed me that he didn't need to be 18 to be a beneficiary to the account. So I added him, and have never been charged for anything. The woman is a friend of mine, so maybe thats why she clued me in on this info. I know this is a fact at Banner Bank, but not sure if it is at all banks, but it sounded like it probably is.

Paul

 

[cyberdan]

all my checking accounts are free. I also have a BofA account, I have had it for many years. They have the most restrictions to keep it free. The main one is I have to keep at least $400 is savings or I get a "fee" of $4-6 or if I make more than 3 savings withdrawels per month I get dinged again.

I can't complain too much because this is my main supply bank of halves. Never a fee for these.

 

[LadyDigger]

I have Wachovia....use to be Southern Trust until Wachovia bought it out couple years back...but both Southern (no longer a bank)...and now Wachovia...I have free checking...

I do have direct deposit...but I wasn't required to have it to open an account...however, I am required to have my military pension direct deposited!!!

Check out Wachovia...I stay away from banks that charge you every fee they can think of...just to get your money. My check card is NO CHARGES also...no matter if I use as credit or debit...only fee I pay from ATM other than my bank ... is that particular ATM fee...which I don't use!!! I get cash back when I grocery shop...it's free...no fee!!!

I hate banks with a passion and only use them, cause some circumstances don't give you any other choice! If I lived back in the day....it would probably be my matteress you would have been finding my money or the mason jars buried in the yard!!! LOL

 

[LadyDigger]

I opened an account with Banner Bank 2 years ago because they have a coin machine that is free of charge, and this is my "Dump" bank. While I was going through the process of opening it, I was advised to add one of my kids to the account. Of course I asked why she suggested this. She told me that if there is a minor on the account, that there would never be any fee's charged to the account. She said that this was a Little known policy because the banks don't want everybody doing it. She said that that policy was started so kids wouldn't be discouraged from banking because of some fee's that may be charged to their accounts, which usually had small balances. I reminded her that my 8 year old needed to be 18 to be on a checking account, she agreed, but informed me that he didn't need to be 18 to be a beneficiary to the account. So I added him, and have never been charged for anything. The woman is a friend of mine, so maybe thats why she clued me in on this info. I know this is a fact at Banner Bank, but not sure if it is at all banks, but it sounded like it probably is.

Paul

My dau has had a checking account since she was 6 years old...yes sir, she has...through Navy Federal Credit Union. I too, however, was on the account....this was a way for her to learn how to use money wisely. She still, now at 23, still has this account, of course, when she turned 16...I had my name removed from her account! She was then working and earning her own money and no longer receiving allowance. She has done pretty darn good!!! And yes, her name was printed FIRST and then mine!

 

[cyberdan]

My dau has had a checking account since she was 6 years old...yes sir, she has...through Navy Federal Credit Union.

I joind that CU back in 1970 (or so) and made one initial deposit and have not made one since. That account is still under $175

There are so few of these branches in the whole country, the closest to me is a 2 hour drive and I do not even know if it is a walkin type branch.

But, I still get mail and statements from them on a regular basis. They have lost so much money on me just on 37 years of postage.

 

[byro007]

I just signed up for a BOFA account online its a myacess checking account and it nornally charges a fee but if you sign up online you can get monthy fee waived. Also if you have someone that has an account there you can get $25 free just for joining. if you give me your email adress i can send you the link