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Bankrate.com is out with their annual look at checking account and ATM fees, and here with details is Greg McBride, senior financial analyst at Bankrate.com. Greg, what did you find in terms of free checking accounts, balance requirements and monthly fees? Lucas, the decline in free checking accounts continued for a third consecutive year, with just 39 percent of non-interest accounts being free regardless of balance or activity. This is down modestly from 45 percent last year, but has plunged since the peak of 76 percent was reached
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Bankrate surveyed banks in the top 25 U.S. cities to find the average fees associated with checking accounts in their annual Checking Account Survey, which was conducted in July and August 2012. *NSF = nonsufficient funds.
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Checking Advice
Like karaoke night at your favorite bar, new banking fees have a way of making even longtime customers head for the exits. Read more ...
FIND A CHECKING ACCOUNT
Many banks and credit unions offer seniors free checking accounts; some even pay interest. These accounts usually are aimed at customers who are 50 years old or older, and are a painless way to avoid bank fees that ding younger folks.
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CHECKING BASICS
For most people, the centerpiece of their relationship with their bank is a checking account. Studies have shown that consumers overwhelmingly define "their" bank as the institution where their checking accounts are held, not the bank where they may have a mortgage or certificate of deposit. It's no wonder that banks throw a sizeable amount of money toward attracting and retaining consumer checking accounts.
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Just about every adult needs a checking account, and for most people a free checking account will do just fine.
Many people think they have a free checking account, but they don't. They're doing something for it to be free, such as maintaining a certain balance or paying a fee for going over their monthly allotment of checks.
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