When it comes to checking accounts, many banks charge monthly maintenance fees and require account holders to maintain a minimum balance. These stipulations, paired with ATM and overdraft costs, can drop your checking account balance down rapidly. If you are unsatisfied with the requirements that your current bank upholds, seek a free checking account that does not come with any hidden fees.

Your Banking Options

Physical bank branches, online banks, and banks that combine 'in-person' banking and online banking may offer free checking accounts to their patrons. Do some research, to discover which banks are offering banking benefits to their new and existing customers. Upon compiling a list of financial institutions, decide which type of banking will be the most convenient for you.

If you like to perform all of your monetary transactions in person, explore some physical banking institutions. If you prefer the convenience of transferring money remotely or paying bills online, check out some online banks or physical banks that offer a mix of in-person banking and online banking services.

A Free Checking Account's Requirements

A personal or business checking account that is advertised as free may have some baseline requirements that an account holder will need to meet. First, an account holder may need to deposit a minimum amount of money to open up an account. A banking institution will specify whether or not a customer will need to maintain a minimum balance, in order to continue being eligible for free checking services.

Some banks may require that a specific amount of money remains within a checking account for several months, but then eventually waive this requirement. A banking institution may allow a client to use any of the ATMs that are within their network, without being charged a fee. If an 'out-of network' ATM is used, an account holder may be charged. Some of the best banking deals may provide a customer with reimbursement for out-of-network fees that are charged.

The APY (Annual Percentage Yield) that a banking institution offers will provide a customer with annual interest earnings. The earnings will include compounded interest. After comparing the requirements and rates of several banking institutions, you will be able to narrow down your options to the one that you single-handedly think is your best option.

When consulting with a banking representative, request a copy of the bank's TOS (Terms Of Service). The information that you are furnished with will keep you updated about the bank's policies.

For more information about checking accounts, contact a bank or credit union in your area.