Kip Tips


Goodbye, Free Checking

Cameron Huddleston

Some big banks will start adding fees to accounts that once had none. Here's what you can do to escape them.



Just as things started looking up for bank customers thanks to a new ban on some overdraft fees, the big banks had to go and spoil it with plans to take away free checking.

That's right -- you might have to start paying a monthly maintenance fee if you don't maintain a certain balance or use multiple products and services, according to Bankrate.com (Have Banks Killed Free Checking?). The elimination of free checking will occur mainly at large banks, such as Bank of America, which are having to find new sources of revenue to compensate for the loss of overdraft-fee income.

Don't want to be stuck with new fees? Consider switching to a small bank or credit union, which have lower fees, lower rates on loans and higher yields on savings accounts. Plus, you'll get more personalized service. For more information about small banks and credit unions, see Banks That Put You First.

If you decide to make the switch, see How to Find a Local Bank. In this Kip Tip, Kiplinger.com managing editor Robert Long describes the steps he recently took to find the best bank for his needs.

Follow me on Twitter



Get Kip Tips by e-mail for FREE. Registered users on Kiplinger.com can sign up to receive more than 20 valuable updates. Register Now »

Editor's Picks From Kiplinger


More Sponsored Links


DISCUSS

Permission to post your comment is assumed when you submit it. The name you provide will be used to identify your post, and NOT your e-mail address. We reserve the right to excerpt or edit any posted comments for clarity, appropriateness, civility, and relevance to the topic.
View our full privacy policy


Advertisement

Market Update

Advertisement

Featured Videos From Kiplinger