Welcome!

News Feed Item

No More Free Checking?

Tips for When Your Bank Starts Charging

MISSION, KS -- (Marketwired) -- 07/11/14 -- (Family Features) For everything from paying for lunch to paying the water bill, a checking account is the primary tool many Americans use to make day-to-day financial transactions. But for many consumers free checking is becoming a thing of the past as banks notify their customers that "free" accounts are being discontinued.

A recent survey by TD Bank highlights frustration with these changes, as fees top the list of why consumers would close their current checking account. Over 30 percent have considered changing checking accounts or financial institutions due to fees, and more than two-thirds are likely to switch to avoid future fees.

But no-cost checking isn't extinct. When one bank moves away from offering free accounts, there are likely others who can offer more value.

Understand your bank's benefits
"It's important to continuously evaluate your financial needs and to review any changes your bank has made," said Lindsay Sacknoff, senior vice president of retail deposit products at TD Bank. "If your bank is phasing out free checking, then take the time to shop around because there are convenient alternatives that may have lower monthly balance requirements and better benefits."

What's more, the study revealed that, on average, consumers with a minimum balance fee on their checking account require a balance of $950.

"Keeping $500 to $1,000 in checking may not be feasible for many account holders," Sacknoff said. "Choosing your checking account based on the best fit to your current financial circumstances can help you avoid unnecessary expense and frustration."

Choosing the right bank
Your bank account may not be the first thing you think of when you think of advancing in your career, buying a home or embarking upon other big life events. But a review of how much money you can comfortably keep in an account as well as the convenience and features you're looking for from your bank may be a good idea when considering a switch.

For example, institutions such as TD Bank offer accounts that require only a $100 minimum balance to avoid monthly maintenance costs which may be a good fit for someone starting out in their career or for a family that is managing significant expenses. If earning power grows or expenses are reduced, it makes sense to explore the benefits of a premium account, which often requires a higher minimum balance but offers benefits like paying interest on your balance and reimbursement for out of network ATM fees.

For those looking to buy a home, choosing the right account can help keep more dollars in your wallet. For example, account holders at TD Bank who also finance their home at the bank receive a .125 percent discount on their mortgage rate which can translate into hundreds of dollars of savings a year.

Simple Steps to Skip Fees
Choosing a bank that makes it easy to avoid fees is an important step to protect yourself from unnecessary costs. You can also avoid frustration with the rising cost of banking services by making smart choices and using new technologies and resources from banks.

Avoid Costs at the ATM

  • Choose a bank with convenient hours, locations and ATMs.
  • Investigate accounts that reimburse ATM costs.
  • Take advantage of features like online and mobile banking to check your balance instead of using a non-bank ATM.
  • Get cash back with debit transactions, eliminating trips to the ATM.

Plan Against Overdrafts

  • Always know your balance.
  • Schedule automatic bill payments through online banking to manage when bills hit your account.
  • Consider receiving your paycheck through direct deposit so money is immediately available on the day you're paid.

Manage Minimum Balances

  • Investigate accounts that have a low minimum balance.
  • Set balance alerts to let you know if you're at risk of dropping below your balance threshold.

Source: TD Bank (www.tdbank.com)

Easy Switch Checklist
Changing banks can be challenging. This checklist, provided by the experts at TD Bank, will help you navigate the process with an outline of the steps you need to make the most of your new account.
1. Open your new account.
2. Get your debit card.
3. Enroll in online banking.
4. Set up bill pay.
5. Bookmark the online banking website.
6. Download your bank's mobile banking app.
7. Close your old account (just remember to verify all transactions have cleared on your old account first).

With online banking, you likely have a number of automated transactions, including debits and payments. To ensure a seamless transition, be sure to update your new banking information.

Common Automated Direct Deposits

  • Employer payroll
  • Federal government benefits (Social Security, veteran pension, etc.)
  • Brokerage deposit
  • Child support or other court-issued deposits
  • Other direct deposits

Typical Bills and Payments

  • Utilities
  • Credit cards
  • Mortgage
  • Cable/satellite
  • Internet/cellular service
  • Insurance (home, auto, renters, etc.)
  • Loans (cars, home equity, etc.)
  • Child support or court-ordered payments
  • Brokerage investments
  • Transfers to other accounts

About Family Features Editorial Syndicate
This and other food and lifestyle content can be found at www.editors.familyfeatures.com. Family Features is a leading provider of free food and lifestyle content for use in print and online publications. Register with no obligation to access a variety of formatted and unformatted features, accompanying photos, and automatically updating Web content solutions.

Image Available: http://www2.marketwire.com/mw/frame_mw?attachid=2637305

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
"Akvelon is a software development company and we also provide consultancy services to folks who are looking to scale or accelerate their engineering roadmaps," explained Jeremiah Mothersell, Marketing Manager at Akvelon, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
Enterprises are adopting Kubernetes to accelerate the development and the delivery of cloud-native applications. However, sharing a Kubernetes cluster between members of the same team can be challenging. And, sharing clusters across multiple teams is even harder. Kubernetes offers several constructs to help implement segmentation and isolation. However, these primitives can be complex to understand and apply. As a result, it’s becoming common for enterprises to end up with several clusters. Thi...
In his session at 21st Cloud Expo, Carl J. Levine, Senior Technical Evangelist for NS1, will objectively discuss how DNS is used to solve Digital Transformation challenges in large SaaS applications, CDNs, AdTech platforms, and other demanding use cases. Carl J. Levine is the Senior Technical Evangelist for NS1. A veteran of the Internet Infrastructure space, he has over a decade of experience with startups, networking protocols and Internet infrastructure, combined with the unique ability to it...
"ZeroStack is a startup in Silicon Valley. We're solving a very interesting problem around bringing public cloud convenience with private cloud control for enterprises and mid-size companies," explained Kamesh Pemmaraju, VP of Product Management at ZeroStack, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
"Space Monkey by Vivent Smart Home is a product that is a distributed cloud-based edge storage network. Vivent Smart Home, our parent company, is a smart home provider that places a lot of hard drives across homes in North America," explained JT Olds, Director of Engineering, and Brandon Crowfeather, Product Manager, at Vivint Smart Home, in this SYS-CON.tv interview at @ThingsExpo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
"Codigm is based on the cloud and we are here to explore marketing opportunities in America. Our mission is to make an ecosystem of the SW environment that anyone can understand, learn, teach, and develop the SW on the cloud," explained Sung Tae Ryu, CEO of Codigm, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
"Infoblox does DNS, DHCP and IP address management for not only enterprise networks but cloud networks as well. Customers are looking for a single platform that can extend not only in their private enterprise environment but private cloud, public cloud, tracking all the IP space and everything that is going on in that environment," explained Steve Salo, Principal Systems Engineer at Infoblox, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Conventio...
The question before companies today is not whether to become intelligent, it’s a question of how and how fast. The key is to adopt and deploy an intelligent application strategy while simultaneously preparing to scale that intelligence. In her session at 21st Cloud Expo, Sangeeta Chakraborty, Chief Customer Officer at Ayasdi, provided a tactical framework to become a truly intelligent enterprise, including how to identify the right applications for AI, how to build a Center of Excellence to oper...
"IBM is really all in on blockchain. We take a look at sort of the history of blockchain ledger technologies. It started out with bitcoin, Ethereum, and IBM evaluated these particular blockchain technologies and found they were anonymous and permissionless and that many companies were looking for permissioned blockchain," stated René Bostic, Technical VP of the IBM Cloud Unit in North America, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Conventi...
Gemini is Yahoo’s native and search advertising platform. To ensure the quality of a complex distributed system that spans multiple products and components and across various desktop websites and mobile app and web experiences – both Yahoo owned and operated and third-party syndication (supply), with complex interaction with more than a billion users and numerous advertisers globally (demand) – it becomes imperative to automate a set of end-to-end tests 24x7 to detect bugs and regression. In th...
Large industrial manufacturing organizations are adopting the agile principles of cloud software companies. The industrial manufacturing development process has not scaled over time. Now that design CAD teams are geographically distributed, centralizing their work is key. With large multi-gigabyte projects, outdated tools have stifled industrial team agility, time-to-market milestones, and impacted P&L stakeholders.
High-velocity engineering teams are applying not only continuous delivery processes, but also lessons in experimentation from established leaders like Amazon, Netflix, and Facebook. These companies have made experimentation a foundation for their release processes, allowing them to try out major feature releases and redesigns within smaller groups before making them broadly available. In his session at 21st Cloud Expo, Brian Lucas, Senior Staff Engineer at Optimizely, discussed how by using ne...
"Cloud Academy is an enterprise training platform for the cloud, specifically public clouds. We offer guided learning experiences on AWS, Azure, Google Cloud and all the surrounding methodologies and technologies that you need to know and your teams need to know in order to leverage the full benefits of the cloud," explained Alex Brower, VP of Marketing at Cloud Academy, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clar...
Widespread fragmentation is stalling the growth of the IIoT and making it difficult for partners to work together. The number of software platforms, apps, hardware and connectivity standards is creating paralysis among businesses that are afraid of being locked into a solution. EdgeX Foundry is unifying the community around a common IoT edge framework and an ecosystem of interoperable components.
"CA has been doing a lot of things in the area of DevOps. Now we have a complete set of tool sets in order to enable customers to go all the way from planning to development to testing down to release into the operations," explained Aruna Ravichandran, Vice President of Global Marketing and Strategy at CA Technologies, in this SYS-CON.tv interview at DevOps Summit at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.