Fact or Fiction : No Fee Checking Accounts
About a year ago, I was thinking about finally doing something about what I felt were rather high monthly fees being taken for my checking account. I have a checking account, complete with fees, with Key Bank and although I dreaded the changing over and the hassle, I finally went shopping for a new bank with which to place my checking account. Should have been easy, right? Wrong. I still am with Key Bank, and here’s why.
I searched for a completely fee-free checking account, and while I did find one, at a local bank called Charter One, I was told that the no fees part of it was a bit of a catch. I guess you have to have a minimum balance many times with these banks that advertise fee-free checking, and since many people do not really keep a minimum balance in their checking, and tend to take it down pretty low since they now use their debit cards for everything, you may still end up incurring fees if you have a fee-free checking account.
So just be sure to read the fine print, and if anything, educate yourself on what the fees will be before you sign your account over to a new bank.
