Having a checking account is a fantastic way to simplify your financial life. It’s a powerful tool that not only houses your money but also helps you budget and even save money for bigger purchases. However, these financial workhorses aren’t free.

Banks usually charge monthly fees for maintaining your checking account, and sending you notifications about status changes and transactions, unless you opt for a fee-free checking account. In this guide, we’ll discuss fee-free checking accounts, what they are, what their benefits are, and how to choose one. 

What Is a Fee-Free Checking Account?

Fee-free checking accounts are accounts that the bank doesn’t charge a monthly service charge for. They’re typically characterized by a complete lack of opening deposit or minimum balance requirements, monthly maintenance fees or banking service fees, excess transaction fees, and any fees that would be otherwise associated with deposits, ATM withdrawals, and money transfers. 

On top of the aforementioned features, fee-free checking accounts often come with a free debit card (sometimes two cards, one of which is paid) mobile banking accounts for streamlined online balance inquiries, and free withdrawals and other ATM transactions within the same ATM network. 

However, it’s also important to note that these checking accounts aren’t entirely free of any fees and charges. For example, many banks still charge dormant account fees, ATM fees, bounced check fees, stop payment fees, online banking, overdraft protection, and balance inquiry fees. This isn’t always the case, as charges differ from one financial institution to another. 

Benefits of Having a Fee-Free Checking Account

Having an open fee-free checking account offers several financial advantages and conveniences. One of them is that it saves money on monthly maintenance fees, transaction fees, and any other charges that might add up over time. It also simplifies budgeting, as you don’t have to account for any variable fees each month, and the money that’s saved on fees can be redirected towards savings or investment accounts.

Since most people use checking accounts to receive payments (in the form of a paycheck) via direct deposit, many banks also offer other financial services to customers with checking accounts. These services include savings accounts with more favorable annual percentage yields (APY), lines of credit, credit cards, a Visa debit card, and mobile apps, including Apply Pay and Samsung Pay apps. 

How to Choose a Fee-Free Checking Account in San Antonio

Choosing a fee-free checking account that meets your financial needs involves careful consideration of several different factors, the most notable of which is discerning what the service providers imply by “fee-free.” Some will still charge for out-of-network ATM use, overdrafts, or wire transfers. 

The bank’s ATM network is also worth considering, especially if out-of-network fees apply. It’s also a good idea to check mobile and online banking features, as well as a list of fees that do apply to your account. 

Summary

If you’re looking to get a fee-free checking account, there’s no need to look further than River City FCU; the company offers fee-free checking accounts to personal users, on top of other financial products, such as savings accounts and different types of loans.