Do You Still Pay For A Checking Account?

Discussion in Bank Accounts started by Zyni • Nov 20, 2015.

  1. Zyni

    ZyniWell-Known Member

    Joined:
    Sep 25, 2014
    Threads:
    436
    Messages:
    1,722
    Likes Received:
    558
    I recently learned that the bank I used to use still charges a monthly fee for any checking account that goes below a certain balance. Someone I know has an account there and told me. It was just one of the reasons that I switched banks, so I could get free checking.

    I kind of thought this was a thing of the past, but I guess I was wrong. Do you still pay to maintain a checking account? If so, why?
     
  2. prose

    proseActive Member

    Joined:
    Oct 15, 2015
    Threads:
    63
    Messages:
    342
    Likes Received:
    128
    I should really check with my bank to make sure that I am not being charged to hold an account there. I do all of my banking at one bank, so I would really hope that they wouldn't charge me!

    I am pretty sure that my husband and I have free checking, because of an agreement with my husband's former employer, the bank offered free checking to employees of the retailer where my husband worked. However, my husband has not worked there in a few years, so I wonder if the bank would have a way of knowing and start charging us?
     
  3. Pat

    PatWell-Known Member

    Joined:
    Mar 28, 2012
    Threads:
    66
    Messages:
    2,725
    Likes Received:
    328
    I have a special account that does not charge if my balance goes below what they have set as the balance to keep the account free. If I had to pay a fee for the account I do believe I would close it. This bank is not close to me but I keep it because it is free.
     
  4. Ke Gordon

    Ke GordonWell-Known Member

    Joined:
    Jul 26, 2015
    Threads:
    148
    Messages:
    1,892
    Likes Received:
    459
    I have free checking so that is good. I doubt that I would ever pay for a checking account. Why pay when you can get one for fre?. it is one of the good things you can find when you are considered to be a senior. I am all for free things naturally!! My bank does not require that a certain balance be kept in the account either.
     
  5. shoptodrop

    shoptodropActive Member

    Joined:
    Oct 2, 2015
    Threads:
    3
    Messages:
    217
    Likes Received:
    33
    I wouldn't have an account with a bank like that. My bank doesn't charge me for going below a certain amount. That doesn't make sense and doesn't help you at all. Sometimes you just can't have a certain amount in your account. Is it an overdraft, or just a charge? Either way I'd find a bank that doesn't do that. I've had my bank and checking account for over 5 years and never had any problems.
     
  6. Onionman

    OnionmanActive Member

    Joined:
    Nov 10, 2014
    Threads:
    13
    Messages:
    443
    Likes Received:
    44
    Where I live we don't get charged for using a checking account and I don't think that I've ever had to pay for it. But that's the nature of the market that I live in, where you don't get charged for things like that or for ATM use. In the US it seems to be a far more prevalent and accepted practice.
     
  7. SLTE

    SLTEActive Member

    Joined:
    Sep 3, 2015
    Threads:
    44
    Messages:
    230
    Likes Received:
    33
    My account charges a service fee every month, but it gets redeemed to me immediately after, so I basically don't pay. I don't know if that will change should my balance ever drop below a certain amount. Hopefully not? I still need the checking account for paying rent each month, so getting dinged like that would be extra irritating.
     
  8. Jasmine2015

    Jasmine2015Active Member

    Joined:
    Sep 25, 2015
    Threads:
    67
    Messages:
    323
    Likes Received:
    62
    I have a free checking account thank goodness. I shouldn't be charged for using my own money. You already get charged extra if you use the atm of a different bank. I work hard for my money. If I have to spend all but $5 in order to pay for bills then it shouldn't be a problem. But I guess this business model is still working ( for now) otherwise banks wouldn't do it since it is a business.
     
  9. tasha

    tashaActive Member

    Joined:
    Nov 1, 2014
    Threads:
    65
    Messages:
    220
    Likes Received:
    44
    My cheque account gives me free internet banking, unlimited transactions and then they nail you for sms's and drawing from the atm that is not your bank
     
  10. xTinx

    xTinxWell-Known Member

    Joined:
    Sep 30, 2014
    Threads:
    8
    Messages:
    1,793
    Likes Received:
    191
    I do not really see the need for a checking account at least for the time being. I do keep multiple savings accounts with different banks. One I use for paying my monthly insurance bills, another I use for my freelance gigs and a third one for my personal savings. I have an existing checking account but the bank handling it only requires a maintaining balance. They levy a small fee whenever I go beyond my maintaining balance but they're not charging me for anything besides that.

    Your best option would be to open a checking account with a different bank. You may still need it in the future. Who knows. But before doing so, you should check out their policy to see whether it's in your favor or something else altogether.
     
  11. Corzhens

    CorzhensWell-Known Member

    Joined:
    May 27, 2015
    Threads:
    151
    Messages:
    1,855
    Likes Received:
    458
    I work in a bank and, yes, there is that thing called maintaining balance which your account is charged when the balance falls below that minimum average daily balance - for an individual checking account, 5,000 pesos is the balance or about $100. But there are smaller banks, particularly savings and rural banks, which have a lower maintaining balance required.
     
  12. Diane Lane

    Diane LaneWell-Known Member

    Joined:
    Mar 22, 2015
    Threads:
    262
    Messages:
    1,983
    Likes Received:
    723
    I have a personal checking account, but my bank doesn't charge for maintaining the account, regardless of the balance, unless of course the balance is negative. The fact that this particular bank didn't charge a maintenance fee is one major reason I decided to open my account with them. Many other banks in the area do charge such fees. I know there are fees for using ATMs other than those in the bank's network, but I rarely use ATMs. I get some cash back when I do my grocery shopping, and that's pretty much my only cash withdrawal in person, and the rest are electronic transactions.