Comments on: No More Free Checking? http://www.wellheeledblog.com/2010/02/03/no-more-free-checkin/ Savvy Living Through Personal Finance Tue, 27 Jul 2010 21:06:20 +0000 hourly 1 http://wordpress.org/?v=3.0 By: ‘Run Round The Blogosphere 2/18/2010 | Well-Heeled Blog http://www.wellheeledblog.com/2010/02/03/no-more-free-checkin/comment-page-1/#comment-11721 ‘Run Round The Blogosphere 2/18/2010 | Well-Heeled Blog Fri, 19 Feb 2010 08:30:05 +0000 http://www.wellheeledblog.com/?p=3463#comment-11721 [...] article No More Free Checking? is included at the Carnival of Personal Finance, hosted by Len [...] [...] article No More Free Checking? is included at the Carnival of Personal Finance, hosted by Len [...]

]]> By: Birthday Wish http://www.wellheeledblog.com/2010/02/03/no-more-free-checkin/comment-page-1/#comment-11681 Birthday Wish Wed, 17 Feb 2010 05:45:54 +0000 http://www.wellheeledblog.com/?p=3463#comment-11681 I would choose the free checking. If I was being charged i would want very good service, online banking that is robust, free bill pay, identity theft protection. I would choose the free checking.

If I was being charged i would want very good service, online banking that is robust, free bill pay, identity theft protection.

]]> By: –› Should You Use Savings to Payoff Debt? http://www.wellheeledblog.com/2010/02/03/no-more-free-checkin/comment-page-1/#comment-11566 –› Should You Use Savings to Payoff Debt? Thu, 11 Feb 2010 14:31:22 +0000 http://www.wellheeledblog.com/?p=3463#comment-11566 [...] No More Free Checking? [...] [...] No More Free Checking? [...]

]]> By: WellHeeled http://www.wellheeledblog.com/2010/02/03/no-more-free-checkin/comment-page-1/#comment-11495 WellHeeled Mon, 08 Feb 2010 07:59:55 +0000 http://www.wellheeledblog.com/?p=3463#comment-11495 I usually don't get ATM fees because I withdraw money from my bank's ATMs. But once I just couldn't fathom walking an extra 4 blocks in heels, so I swallowed the $3 charge. At least I withdrew $100 so I can console myself by saying it was "only" 3%. I usually don't get ATM fees because I withdraw money from my bank's ATMs. But once I just couldn't fathom walking an extra 4 blocks in heels, so I swallowed the $3 charge. At least I withdrew $100 so I can console myself by saying it was "only" 3%.

]]> By: Emma http://www.wellheeledblog.com/2010/02/03/no-more-free-checkin/comment-page-1/#comment-11489 Emma Sun, 07 Feb 2010 16:22:20 +0000 http://www.wellheeledblog.com/?p=3463#comment-11489 Lots of banks aside from PC Financial offer free chequing, but you have to keep a minimum of $1000 in the bank to qualify for the free chequing, but it also varies by the plan. My preference is for the unlimited plans, but the 1K balances are normally for under 15 transactions/month. If your balance drops below that during the month, you'll get charged. It depends on the bank. CIBC, BMO, & TD are all 1K; Scotia is 1.5K RBC is free or discounted, assuming you hold a savings/investment account plus a mortgage with them, which I think is ridiculous. Lots of banks aside from PC Financial offer free chequing, but you have to keep a minimum of $1000 in the bank to qualify for the free chequing, but it also varies by the plan. My preference is for the unlimited plans, but the 1K balances are normally for under 15 transactions/month. If your balance drops below that during the month, you'll get charged.

It depends on the bank. CIBC, BMO, & TD are all 1K; Scotia is 1.5K

RBC is free or discounted, assuming you hold a savings/investment account plus a mortgage with them, which I think is ridiculous.

]]> By: Bucksome http://www.wellheeledblog.com/2010/02/03/no-more-free-checkin/comment-page-1/#comment-11487 Bucksome Sun, 07 Feb 2010 14:31:36 +0000 http://www.wellheeledblog.com/?p=3463#comment-11487 Good question. I don't write many physical checks but of course use my checking account for electronic bill paying. I would want to continue to have free checking with deep overdraft charges. Although I have been overdrawn in the past, it's been many years. If the penalty was severe enough, hopefully it would change the behavior. I would want free access to all ATMs. I think the fee the banks charge is outrageous! Good question. I don't write many physical checks but of course use my checking account for electronic bill paying.

I would want to continue to have free checking with deep overdraft charges. Although I have been overdrawn in the past, it's been many years. If the penalty was severe enough, hopefully it would change the behavior.

I would want free access to all ATMs. I think the fee the banks charge is outrageous!

]]> By: SeeJaneGetRich.com http://www.wellheeledblog.com/2010/02/03/no-more-free-checkin/comment-page-1/#comment-11465 SeeJaneGetRich.com Fri, 05 Feb 2010 16:43:04 +0000 http://www.wellheeledblog.com/?p=3463#comment-11465 You have to qualify to become a member or someone in your family needs to be a member for you to open up an account. So I didn't do any "choosing." I attended a public unversity for undergrad and I worked for them. This made me a state employee and I joined the state employees credit union the state offered. You have to qualify to become a member or someone in your family needs to be a member for you to open up an account. So I didn't do any "choosing." I attended a public unversity for undergrad and I worked for them. This made me a state employee and I joined the state employees credit union the state offered.

]]> By: Amy http://www.wellheeledblog.com/2010/02/03/no-more-free-checkin/comment-page-1/#comment-11463 Amy Fri, 05 Feb 2010 15:50:16 +0000 http://www.wellheeledblog.com/?p=3463#comment-11463 1. I would rather have free checking at this point in life, with a notification of low balance sent to my email or as an automated call or text to my cell phone. I haven't had an issue woth deep overdraft fees since I was in college and kept a low balance in general. One time, the amount of my paycheck from my part-time job was removed without notification. It was the other bank's fault, but Bank of America slammed me because I made a couple small purchases (a movie, trip to CVS, pizza) without knowing my account had been depleted. It was incredibly stupid - $35 for each purchase and they wouldn't remove the fees even after I argued with customer service. How was I to know I had no money without the benefit of a call or email? My employer graciously paid the fees, but it was both banks' fault and not his or mine. Silly! 2. I would not be opposed to paying a low fee for a checking account if ATM withdrawals were free, or overdraft from savings was automatically included (it isn't with Bank of America). I think I need a new bank in general! If you don't mind my asking, which bank do you use, Miss WellHeeled? You seem very pleased with them. 1. I would rather have free checking at this point in life, with a notification of low balance sent to my email or as an automated call or text to my cell phone. I haven't had an issue woth deep overdraft fees since I was in college and kept a low balance in general. One time, the amount of my paycheck from my part-time job was removed without notification. It was the other bank's fault, but Bank of America slammed me because I made a couple small purchases (a movie, trip to CVS, pizza) without knowing my account had been depleted. It was incredibly stupid – $35 for each purchase and they wouldn't remove the fees even after I argued with customer service. How was I to know I had no money without the benefit of a call or email? My employer graciously paid the fees, but it was both banks' fault and not his or mine. Silly!

2. I would not be opposed to paying a low fee for a checking account if ATM withdrawals were free, or overdraft from savings was automatically included (it isn't with Bank of America).

I think I need a new bank in general! If you don't mind my asking, which bank do you use, Miss WellHeeled? You seem very pleased with them.

]]> By: WellHeeled http://www.wellheeledblog.com/2010/02/03/no-more-free-checkin/comment-page-1/#comment-11455 WellHeeled Thu, 04 Feb 2010 19:18:24 +0000 http://www.wellheeledblog.com/?p=3463#comment-11455 The minimum balance requirement seems fair.. $1,000 seems really steep but I think $100 is definitely reasonable. I have overdraft protection right now - but it's not a monthly fee - wouldn't have signed up if it is. If I overdraw my checking, I'll be hit with a $10 fee per overdraft infraction, which I think is fair. The minimum balance requirement seems fair.. $1,000 seems really steep but I think $100 is definitely reasonable. I have overdraft protection right now – but it's not a monthly fee – wouldn't have signed up if it is. If I overdraw my checking, I'll be hit with a $10 fee per overdraft infraction, which I think is fair.

]]> By: WellHeeled http://www.wellheeledblog.com/2010/02/03/no-more-free-checkin/comment-page-1/#comment-11454 WellHeeled Thu, 04 Feb 2010 19:16:16 +0000 http://www.wellheeledblog.com/?p=3463#comment-11454 The majority of my banking is done online, but.. those checks still come in handy often - paying rent, for example. The majority of my banking is done online, but.. those checks still come in handy often – paying rent, for example.

]]> By: WellHeeled http://www.wellheeledblog.com/2010/02/03/no-more-free-checkin/comment-page-1/#comment-11453 WellHeeled Thu, 04 Feb 2010 19:15:14 +0000 http://www.wellheeledblog.com/?p=3463#comment-11453 Really? That's something new I learned today. Thanks! Really? That's something new I learned today. Thanks!

]]> By: WellHeeled http://www.wellheeledblog.com/2010/02/03/no-more-free-checkin/comment-page-1/#comment-11452 WellHeeled Thu, 04 Feb 2010 19:14:21 +0000 http://www.wellheeledblog.com/?p=3463#comment-11452 I've had a few instances where I accidentally overdrew, but I've had pretty good experience in asking the bank to waive the overdraft fee because I have a good history with them. Still, I signed up for an overdraft protection service linking my savings account to my checking account if I overdraw - that fee is $10 per overdraft occurrence, as opposed to $35 overdraft fee. I've had a few instances where I accidentally overdrew, but I've had pretty good experience in asking the bank to waive the overdraft fee because I have a good history with them. Still, I signed up for an overdraft protection service linking my savings account to my checking account if I overdraw – that fee is $10 per overdraft occurrence, as opposed to $35 overdraft fee.

]]> By: Jessie http://www.wellheeledblog.com/2010/02/03/no-more-free-checkin/comment-page-1/#comment-11449 Jessie Thu, 04 Feb 2010 18:40:05 +0000 http://www.wellheeledblog.com/?p=3463#comment-11449 In Canada there is only one bank that I know of that has free chequing accounts.... they really just don't exist here In Canada there is only one bank that I know of that has free chequing accounts…. they really just don't exist here

]]> By: Kate Ashford http://www.wellheeledblog.com/2010/02/03/no-more-free-checkin/comment-page-1/#comment-11445 Kate Ashford Thu, 04 Feb 2010 17:04:19 +0000 http://www.wellheeledblog.com/?p=3463#comment-11445 Free checking with deep overdraft charges. No question. I see no point in paying a bank to remind me to balance my checkbook. It's possible (possible) that I might stay with my bank if they started charging for checking. I'm with them because they're open in the evenings and on weekends (even Sundays) and I find that convenient. But in reality, I'd probably jump to another bank with free checking and suck up the inconvenience. Free checking with deep overdraft charges. No question. I see no point in paying a bank to remind me to balance my checkbook.

It's possible (possible) that I might stay with my bank if they started charging for checking. I'm with them because they're open in the evenings and on weekends (even Sundays) and I find that convenient. But in reality, I'd probably jump to another bank with free checking and suck up the inconvenience.

]]> By: Don@MoneyReasons http://www.wellheeledblog.com/2010/02/03/no-more-free-checkin/comment-page-1/#comment-11444 Don@MoneyReasons Thu, 04 Feb 2010 16:58:56 +0000 http://www.wellheeledblog.com/?p=3463#comment-11444 1.) I would choose the free checking with overdraft fees. I've never bounced a check and most like never will... 2.) Hmmm, I'm not sure. I like the idea of free checking... If the brokerages aren't hit with the new regulation, I might go with Schwab's offer or something comparable that has free checking. .-= Don@MoneyReasons´s last blog ..<a href="http://www.moneyreasons.com/2010/02/stop-waiting-for-a-magical-moments-to-happen/" rel="nofollow">Stop Waiting For Magical Moments To Happen</a> =-. 1.) I would choose the free checking with overdraft fees. I’ve never bounced a check and most like never will…

2.) Hmmm, I’m not sure. I like the idea of free checking… If the brokerages aren’t hit with the new regulation, I might go with Schwab’s offer or something comparable that has free checking.
Don@MoneyReasons´s last blog ..Stop Waiting For Magical Moments To Happen My ComLuv Profile

]]> By: Ciawy http://www.wellheeledblog.com/2010/02/03/no-more-free-checkin/comment-page-1/#comment-11443 Ciawy Thu, 04 Feb 2010 16:44:50 +0000 http://www.wellheeledblog.com/?p=3463#comment-11443 1. free checking or low monthly fee. since I constantly monitor my checking account (at least once a week), I don't see myself having any problem with regards to overdraft fees. 2. no fee at all, without terms and conditions - like have to maintain certain balance, have to have direct deposit, have to pay bills using debit card -UGH! 1. free checking or low monthly fee. since I constantly monitor my checking account (at least once a week), I don't see myself having any problem with regards to overdraft fees.

2. no fee at all, without terms and conditions – like have to maintain certain balance, have to have direct deposit, have to pay bills using debit card -UGH!

]]> By: MoneyMaus http://www.wellheeledblog.com/2010/02/03/no-more-free-checkin/comment-page-1/#comment-11436 MoneyMaus Thu, 04 Feb 2010 05:58:26 +0000 http://www.wellheeledblog.com/?p=3463#comment-11436 I would definitely do free checking with overdraft charges. (Luckily, I always know my bank account balance, so I have never and hope to never overdraw my account!) I'm part of the WaMu/Chase bank now, and for the moment still have free checking - but, I might look into a local credit union if I suddenly found myself without free checking! I would definitely do free checking with overdraft charges. (Luckily, I always know my bank account balance, so I have never and hope to never overdraw my account!)

I'm part of the WaMu/Chase bank now, and for the moment still have free checking – but, I might look into a local credit union if I suddenly found myself without free checking!

]]> By: Eric http://www.wellheeledblog.com/2010/02/03/no-more-free-checkin/comment-page-1/#comment-11435 Eric Thu, 04 Feb 2010 05:39:34 +0000 http://www.wellheeledblog.com/?p=3463#comment-11435 1. Free checking 2. I will find a bank that will give me free checking. I am not going to pay a bank to hold my money. And, nowadays, I can just use an online account for free. I don't write many checks anyway and I could probably figure out how to live without. 1. Free checking

2. I will find a bank that will give me free checking. I am not going to pay a bank to hold my money. And, nowadays, I can just use an online account for free. I don't write many checks anyway and I could probably figure out how to live without.

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