Shopping around for free checking accounts - KMSP-TV

Shopping around for free checking accounts

Posted: Updated:
ATLANTA -

If there was ever a time to shop around for a new checking account, it would be now. Free checking accounts are coming with more and more strings attached.

According to bankrate.com, 76 percent of checking accounts in 2009 that paid not interest were free. The percentage in 2012 is now at 39. But to keep them free, the catch is that you must keep a minimum balance generally about $1,500 or in some cases you have to have a certain number of monthly direct deposits.

Not everyone can do that so there are some other options out there.

The first is to look for a credit union. Online data shows they still offer very good free checking deals.

Also, have you ever heard of an online bank/ They have no brick and mortar set up so they can sometimes be more competitive than a big bang, but make sure they are FDIC insured.

In addition, make sure you really need to pay for overdraft protection. If you bounce a check, overdraft protection covers you and saves you some embarrassment. However, you are still on the hook with the financial institution for a penalty.

And with everything concerning money, shop around. Just because a bank has decided customers need to pay for a once free checking account does not mean there are not better options elsewhere.

  • I-Team Story ArchiveMore>>

  • 3 easy options for checking your credit score

    3 easy options for checking your credit score

    Friday, August 22 2014 8:47 AM EDT2014-08-22 12:47:59 GMT
    Everybody is entitled to a once-a-year free credit report. But, it's always been a little confusing because if you wanted your credit score that goes with it then you had to pay. There are options out there.
    Everybody is entitled to a once-a-year free credit report. But, it's always been a little confusing because if you wanted your credit score that goes with it then you had to pay. There are options out there.
  • Dr. Commander cries on witness stand

    Dr. Commander cries on witness stand

    Thursday, August 21 2014 10:12 PM EDT2014-08-22 02:12:43 GMT
    The man who claims to have thousands of Hindu followers around the world took the witness stand in his federal money laundering trial and broke down in tears.
    The man who claims to have thousands of Hindu followers around the world took the witness stand in his federal money laundering trial and broke down in tears.
  • Developer: Kenerly never asked for bribe

    Developer: Kenerly never asked for bribe

    Wednesday, August 20 2014 10:18 PM EDT2014-08-21 02:18:28 GMT
    Prosecutors considered him their key witness, a longtime Gwinnett developer given immunity to spill what he knew about corruption inside county government. David Jenkins testified before a Gwinnett grand jury in 2010. He also met multiple times with prosecutors. Those interviews were videotaped. Four years later, prosecutors agreed to a no contest plea bargain with former commissioner Kevin Kenerly on one count of bribery. He will serve 10 years on probation and pay a $10,000 fine.
    Prosecutors considered him their key witness, a longtime Gwinnett developer given immunity to spill what he knew about corruption inside county government. David Jenkins testified before a Gwinnett grand jury in 2010. He also met multiple times with prosecutors. Those interviews were videotaped. Four years later, prosecutors agreed to a no contest plea bargain with former commissioner Kevin Kenerly on one count of bribery. He will serve 10 years on probation and pay a $10,000 fine.
  • Contact the FOX 5 I-Team

    * denotes required fields

    We're sorry, but only one entry is allowed per person.
    Thank you for your continued interest.

    Thanks for contacting FOX 5.  To reach our newsroom by phone, please call (404) 898-0100.

Powered by WorldNow

KMSP-TV
11358 Viking Drive
Eden Prairie, MN 55344

Phone: (952) 944-9999
Fax: (952) 942-0455

Didn't find what you were looking for?
All content © Copyright 2000 - 2014 Fox Television Stations, Inc. and Worldnow. All Rights Reserved.
Privacy Policy | New Terms of Service What's new | Ad Choices