I need a new bank to handle my checking account. I’d like one with no fee and that provides overdraft protection for free. Access to ATM’s for free is also a must and I don’t want to pay a fee for the luxury of them holding my money. I will use direct deposit and I don’t care about the interest rate, if any, as I use it to pay bills and that’s it. I’ve seen some that provide you a cash incentive to join. Any thoughts?
Thanks!
Look for a credit union, if at all possible.
While you’ll still get charged a fee if you accidentally overdraw, it’s less usurious (ours charges 20.00). However, we have an overdraft line of credit - so if we overdraw, they automatically transfer 100 dollars (or multiples thereof) to cover the overdraft. No fees at all for that service.
The place where this falls down is access to ATMs. If I get cash from a bank ATM, I do pay the owning bank a withdrawal fee. However, the credit union doesn’t charge me, beyond passing on the ATM owner’s fee. I can make withdrawals from other credit unions without fees, however.
Since the OP is seeking advice, this is better suited to IMHO than GQ.
Colibri
General Questions Moderator
I find the little banks are always willing to earn my business. They are less crowded and have fewer “gotchas” in their rules. I’ve been with USBank for 4 years and never paid a cent for their services, not even for check orders. They even gave me the best interest rate on a new car loan and I’m able to make my payments through the online access to my account. Of course, they aren’t on every corner, but with direct deposit, do you really care?
If you’re looking for a completely new way of checking, try ING Direct. It’s different. There’s no paper checks, and you do need another checking account at another bank linked to it, but I’m never going back to the old way of banking. I usually get cash back at the grocery store or Target so I don’t use ATMs as much as I used to, so that isn’t a real big deal for me. Leaving paper checks behind is a big step, but it’s one I haven’t regretted.
Do you really need checks, in this day and age?
I have a Wells Fargo PMA account. Perks are pretty nice, money market rates on checking, 100 free trades on my investment account, discounts on safe deposit boxes, free cashiers checks, free checks (I still use them and will for a while - I’m a mother and that means sending checks off with kids for school). Catch is that you have to have sufficient assets or debt with them to qualify.
I agree that a credit union is the way to go. Although there may be some small inconveniences, for me those a far outweighed by the service.
US Bank is a “little” bank?
FWIW, I can say all of the above about Wells Fargo. I’m covered for overdrafts in three different ways, and I’ve never paid a dime for their services.
My brother is an officer at Bank of the West, but Wells is a client that I work with, so I’m stickin’. It doesn’t hurt that they have a branch right down the hill from me, either.