Aunt Jen Posted August 16, 2011 Share Posted August 16, 2011 HI guys n gals, I've been at Wells Fargo for years with Free Checking. It doesn't pay for me to have them give me any interest, because my amounts are so low that it costs me more to have the accountant deal with it than the money they give me. So I have Free Checking. But beginning next month, they want to start charging me $7 a month to have the free checking. To me, it's like I've been making them a no-interest loan every month, as they use deposits as part of their capital in running the bank, and now they want to charge me to have my money there? So......... Does anyone know where I can get free checking, without having to pay for it? Link to comment Share on other sites More sharing options...
Allie Mo, SASS No. 25217 Posted August 16, 2011 Share Posted August 16, 2011 Hi Jen, I have free checking at El Dorado Savings and Loan. Regards, Allie Link to comment Share on other sites More sharing options...
Aunt Jen Posted August 16, 2011 Author Share Posted August 16, 2011 Ok. So I started looking at S&Ls. I need: 1. no interest paid to me (as it would be less than what my accountant would charge to deal with it), and 2. no fees charged for having the account. Link to comment Share on other sites More sharing options...
Sneaky Gun Runner SASS 79775 Posted August 16, 2011 Share Posted August 16, 2011 AJ, I read a story a week or so ago and if I find it I'll link it for you. The gist of it was that free checking is slowly going to be going away as banks look for any source of income they can find. You may want to look for a local credit union. I am a member of one and still have the checking with online bill pay and a debit card all with no charge at this time. And HERE is that link. Link to comment Share on other sites More sharing options...
Aunt Jen Posted August 16, 2011 Author Share Posted August 16, 2011 Hmmmmmm. I checked with a credit union and they said they would have free checking wiht me, but they want to hold deposits for a week or so before releasing them to me. Until I earn my wings with them, an undisclosed list of details. Link to comment Share on other sites More sharing options...
Hardpan Curmudgeon SASS #8967 Posted August 16, 2011 Share Posted August 16, 2011 Interesting... I just had the opposite happen with Wells Fargo. Went in to give 'em my new address, and the young man at the desk said "Ya know, you're paying us $7 a month for checking... and you don't have to! "Since your paycheck is already automatically deposited, let us set up to do a $25 transfer once a month from your checking account to savings account, and there'll be no more fees! OH... and you can always transfer the $25 back, if you want..." Yippee... Free Checking! Link to comment Share on other sites More sharing options...
Chickahominy Charlie Posted August 16, 2011 Share Posted August 16, 2011 I've experienced some of the same, BUT it appears that most of the banks are still providing free checking if you meet some special criteria (like Hardpan's example above). For me, I needed to become a "Preferred Customer," which included so many online transactions per month, etc. I run my business stuff through them as well (4 accounts total), so they worked hard to insure that I wasn't going to get the $8/month charge. Bottomline, it's still out there, but you have to hunt for it. I'd start with the bank I was doing business with. If they want to keep me as a customer, they'll find a way to work it out. Chick Link to comment Share on other sites More sharing options...
Krazy Kajun Posted August 16, 2011 Share Posted August 16, 2011 +1 on Wells Fargo. I have my paycheck electronically deposited and have a small amount transferred to what is, essentially, a savings account....VERY SMALL interest accrual. That gets the free checking. I do not hardly darken their door which is fine for me and fine for them. I finally learned that I could "cash" checks at the ATM by electronically depositing the check and then taking that amount out of the ATM. Only thing is you have to have enough in your checking account to allow the deposited check to clear....I don't have much and any little checks I get aren't much so its not too hard. Link to comment Share on other sites More sharing options...
Marshal Mo Hare, SASS #45984 Posted August 16, 2011 Share Posted August 16, 2011 I'd get a new accountant. I get free checking plus a 1/2% off on any loans and 1/4% more interest on CDs, bill payer, PC deposit (deposit checks from my PC) and some other bennies from my Credit Union. Link to comment Share on other sites More sharing options...
Badger Mountain Charlie SASS #43172 Posted August 16, 2011 Share Posted August 16, 2011 HI guys n gals, I've been at Wells Fargo for years with Free Checking. It doesn't pay for me to have them give me any interest, because my amounts are so low that it costs me more to have the accountant deal with it than the money they give me. So I have Free Checking. But beginning next month, they want to start charging me $7 a month to have the free checking. To me, it's like I've been making them a no-interest loan every month, as they use deposits as part of their capital in running the bank, and now they want to charge me to have my money there? So......... Does anyone know where I can get free checking, without having to pay for it? Send me your money and I will pay your checks, if you send me enough money to do so. I will not charge you a fee to do this. I will not charge you interest. I might travel some though. Link to comment Share on other sites More sharing options...
Calamity Kris Posted August 16, 2011 Share Posted August 16, 2011 AJ, I read a story a week or so ago and if I find it I'll link it for you. The gist of it was that free checking is slowly going to be going away as banks look for any source of income they can find. You may want to look for a local credit union. I am a member of one and still have the checking with online bill pay and a debit card all with no charge at this time. And HERE is that link. +1 for Credit Unions. I have two different accounts with two different credit unions and I have free checking at both. One of the accounts is my e:prey account. I keep very little money in there and I still have free checking...... Link to comment Share on other sites More sharing options...
Pulp, SASS#28319 Posted August 16, 2011 Share Posted August 16, 2011 I've been using a credit union since '87. The only drawback is, it's in Washington and I'm in Oklahoma. It used to be Weyerhaeuser Employees Credit Union, but when Weyerhaeuser started downsizing, they didn't want their name on anything that didn't have to do with timber. So the credit union is now Red Canoe Credit Union. I don't understand your accountant deal. I get an income form every year for earned interest and just put it in with all my other W-2 (or whatever form it is) when I figger my taxes. A new car is just a phone call away! Link to comment Share on other sites More sharing options...
Curley Cole, SASS #56849 Posted August 16, 2011 Share Posted August 16, 2011 I have been at Bank of America since about 1968. I have free checking, free online banking and free stuff. (they messed up on my wifes account so we went into complain, and the lady set her account up to a premier account, and immediatley refunded to her $25 in account fees and now she gets free everything including checks, money orders, cashiers checks and all that stuff. I had pulled a "4Trod" and threatened to pull our our THREE checking accounts, savings account and a home mortgage. She was willing to give me the keys to the vault, well almost... curley (she really laffed when I told her I actually prefered to keep my cash in my safe, and not theirs. Link to comment Share on other sites More sharing options...
Jack Houston # 35508 Posted August 16, 2011 Share Posted August 16, 2011 If you are over 50 you can get free checking plus they pay interest at Capitol One. I got .14 last year on my account!!! Link to comment Share on other sites More sharing options...
Jittery Jim Jonah, SASS #64913L Posted August 16, 2011 Share Posted August 16, 2011 HI guys n gals, I've been at Wells Fargo for years with Free Checking. It doesn't pay for me to have them give me any interest, because my amounts are so low that it costs me more to have the accountant deal with it than the money they give me. So I have Free Checking. But beginning next month, they want to start charging me $7 a month to have the free checking. To me, it's like I've been making them a no-interest loan every month, as they use deposits as part of their capital in running the bank, and now they want to charge me to have my money there? So......... Does anyone know where I can get free checking, without having to pay for it? You can get free checking at Wells Fargo IF ya do the following: Open a checking AND savings account. Savings has to be opened with $100 Set up an auto deposit of at least $25 each month from the checking to the savings. You can then set up an auto transfer to transfer the $25 back into your checking... Ya gotta keep at least $100 in the savings account tho. OR go to a small local bank, seems they are the last to have truly free checking. You have a few more options once ya turn 60... JJJ-D :ph34r: Link to comment Share on other sites More sharing options...
Wolfgang, SASS #53480 Posted August 17, 2011 Share Posted August 17, 2011 HI guys n gals, I've been at Wells Fargo for years with Free Checking. It doesn't pay for me to have them give me any interest, because my amounts are so low that it costs me more to have the accountant deal with it than the money they give me. So I have Free Checking. But beginning next month, they want to start charging me $7 a month to have the free checking. To me, it's like I've been making them a no-interest loan every month, as they use deposits as part of their capital in running the bank, and now they want to charge me to have my money there? So......... Does anyone know where I can get free checking, without having to pay for it? Wells Fargo started charging me for chequing. I inquired and found that if I had a savings account and a $ 25 pr month auto transfer from chequing into the savings that my chequing would again be free. Has worked Ok. Link to comment Share on other sites More sharing options...
Apache Hawk 60642 Posted August 17, 2011 Share Posted August 17, 2011 Interesting... I just had the opposite happen with Wells Fargo. Went in to give 'em my new address, and the young man at the desk said "Ya know, you're paying us $7 a month for checking... and you don't have to! "Since your paycheck is already automatically deposited, let us set up to do a $25 transfer once a month from your checking account to savings account, and there'll be no more fees! OH... and you can always transfer the $25 back, if you want..." Yippee... Free Checking! +1 Link to comment Share on other sites More sharing options...
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