Facebook Rss Twitter Youtube MSN

How to cope with the end of free checking

Jul 05, 2010 | | Comments Comments Off

Dear Liz: I’ve been reading a lot lately about how banks are going to do away with free checking. I’m on a fixed income and can’t afford to pay a bunch of fees. What can I do?

Answer: First, scrutinize every mailing or email you get from your bank to learn about any changes that might be coming to your account. Many banks will still allow you to avoid fees by keeping a minimum balance, arranging a direct deposit or making a certain number of debit card transactions. If you can’t modify your banking habits to avoid the fees, consider switching your account to a credit union. These member-owned institutions are likely to continue offer free checking or to at least make it easier to qualify. You can search for credit unions for which you might be eligible at www.findacreditunion.com.

Related Posts

  • Find cheaper checking and ditch your bank
    If you're sick of rising bank fees, check out a new feature at NerdWallet that allows you to compare the costs of more than 120 different checking ac...
  • Old check is probably worthless
    Dear Liz: Twelve years ago I hired a moving company. I must have overpaid them, because in January 2001 I received a refund check for $235. I misplac...
  • Monday’s need-to-know money news
    Today's top story: Should you splurge or save with your tax refund? Also in the news: Saving for the end of the world, understanding Obamacare tax pe...
  • What you gain from switching to a credit union
    Dear Liz: I want to stop supporting the greedy banking industry by changing my checking account from a big bank to my local credit union. But I'm wor...

Categories : Banking, Q&A