Free Living Will Texas Law
Free checking accounts are starting to disappear as a result of recent changes in federal banking regulations, but free accounts are still around if you look and can be a great deal. The trick is to be sure you understand all the rules of the account so you don’t get caught by hidden fees or misunderstood charges.
While it used to be that just about every kind of banking institution offered a free checking account option, truly free accounts are getting less common. Recent federal legislation changed how banks are allowed to charge overdraft fees, which was a major source of income for banks. As a result, banks are looking at ways to recoup the lost overdraft revenue, and free accounts are becoming a casualty.
The good news is that the same legislation clarified what can and cannot be legally called a “free” account. A bank cannot advertise an account as free if the account has a minimum balance requirement, a maximum number of transactions that can be made without incurring a fee, or any regular service fee or transaction fee attached to it. However, there are still other fees that banks can charge on free checking accounts, and some of those fees may be increasing as banks look at ways to make accounts more profitable.
Some of the fees that banks can charge, even on free checking accounts include fees for:
- Overdrafts – New regulations require customers to “opt in” if they want their bank, for a fee, to cover ATM or debit card overdrafts instead of declining the transactions. Banks can still cover check or automatic payment overdrafts and charge a fee without customers opting in, and they can still charge customers for having insufficient funds for checks they write.
- ATM use – Most banks do not charge their own customers to use their ATMs, but check your bank’s policy. Also, know the fees your bank may charge if you use another bank’s ATMs.
- Debit card transactions – Some banks charge a fee each time you use your debit card for a transaction. Check if there are any fees associated with debit transactions before you make any.
- Check printing - Most banks charge to print checks for their customers, and it’s usually a higher rate than the prices charged by check-printing companies.
- Premium services – Services such as stopping payment on a check or receiving canceled checks will likely come with a charge. Surprisingly, some banks even charge customers for calling customer service and speaking with a representative, rather than going into a branch to resolve issues or relying on email communication.
- Dormancy – If you don’t have activity on an account for a specified period of time, some banks will charge you to keep the account open.
Free checking accounts can be an economical way to manage your money, but before you open one, read your bank’s fee schedule and familiarize yourself with all the terms of the account. The best way to make sure free actually stays free is to be informed.
For more tips on frugally managing your finances, visit http://www.laughingwallet.com/frugal-finance.html.
Suzanne Staton is the author of www.LaughingWallet.com, your online resource for frugal living tips.
Suzanne is a writer and editor by trade and frugal fanatic by passion. When not dreaming up ways to save money, she can be found watching lots of football or singing and playing bass in the Austin, Texas band Johnny Austin. Rock frugal!
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