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What happened to my free checking?

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Check with your employer

If fees have been added to your personal checking account, find out if the company where you work has agreements with banks to offer discounted services to employees.

"Often companies have a plan with a major area bank that offers free checking," says Robert J. Fuest, chief operating officer and head of investment research at Fuest Capital Managers LLC based in New York.

"(People) who work for larger companies are often unaware of this, (especially) if they have been with the company for some time. This is a very common practice for larger companies to offer this option as part of their benefits package, but it is often less publicized unless the employee searches the internal benefits website," Fuest says.

In addition to free checking, some banks offer employees of public companies additional corporate services like higher rates on savings accounts, Fuest says. Many employees with smaller balances can take advantage of higher interest rates that would typically only be available to very high-balance saving accounts.


 

 

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