Is Free Checking Going Extinct?

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In fact free checking should be encouraged. Individua should not pay additional fees for keeping their money with the bank, where this money are often used to generate interest for the banks.

Michael Oko of OH 5:18PM March 12, 2013

I don't have any opposition to higher debit card fees because I know that the fees are needed to help support the banks right to fund their services they provide to customers. Without innovative ways for banks to survive this dismal economy, banks will be forced to either cut down essential service or end up closing their doors because of the lack of funds. The banks have the right to apply whatever fees they feel that it is necessary, in order to boost up profits. As for the fee application to the checking account, I don't have any opposition to it either and I feel that my dependence of writing checks is causing me to waste more time, than if I just enjoy the fast convenience of using a check card or a debit card(which is actually the same thing) I don't see why angry consumers are choosing to whine about the debit card fees when they should be happy about it. It will help them make well informed choices on how they use their debit cards in the coming future. Switching to a credit union is a poor choice for most customers of big banks. They will end up losing a lot more than their checking accounts. They also might as well kiss their funds and all the protection needed, goodbye.

Anne of CA 9:51AM October 13, 2011

My Canadian bank allows up to 15 transactions per month for $4, which is fairly reasonable. However, transactions are free if the minimum balance is $1000. It has to be maintained all the time. Allowing it to become lower and then depositing money immediately won't do. On the other hand, the $4 fees won't stop once the balance becomes higher. You have to ask to be taken off the program. I ended up doing so but feel that the bank is practically stealing my money, since the thousand dollars must remain in the account. I may have been better off paying $4 but hey, the checking account became free as long as I let the bank keep my thousand dollars without paying any interest to me. Debit card transactions are not even free (they were among the 15 transactions allowed for $4), although I can simply use a credit card and pay it back immediately (for that, there are no fees).

Monica 5:20PM October 09, 2011