Two weeks ago, Wells Fargo said it will impose a $7 monthly account fee in six states, including Connecticut, effectively ending free checking. Just days earlier, it was disclosed that BofA was testing new fees in three states as a prelude to imposing fees on basic checking accounts. Kim Reid of Hartford, who opened a […]
Secretary of State William F. Galvin vowed to press Bank of America and other big banks in Massachusetts to offer free checking accounts to young adults and the elderly, something most community banks already offer. Galvin said he is seeking legislation to bar banks from holding state or local government deposits in Massachusetts unless they […]
Full page magazine ad for Golden 1 with the headline, “The Power of Freedom.” Copy goes on to read, “Open a Golden1 Freedom Checking Account and get an ATM/Check Card.” Bottom right copy of ad reads, “You have places to go and so much to do. You can carry cash but it’s easier and more convenient […]
Update About Bank of the West: Bank of the West is owned by the large French bank, PNB Paribas. It is very likely the decision to no longer offer free checking accounts wasn’t made locally, but in France. With the Euro under attack and Greece about to fail, most of the big European Banks are […]
Several years ago, Jim Hunt moved on from what is now Chase to become OnPoint Community Credit Union’s chief financial officer. But it wasn’t until December 2010 that his daughter moved her account with him. “I’d been on her for a while,” Jim Hunt said. The trigger: Chase’s new requirements to avoid monthly checking fees. “I hardly have […]
Currently, absolutely free checking, which doesn’t charge a monthly account fee for whatever reason, is not available at the four largest banks in the U.S. by deposits. Free checking accounts are more commonly found at online banks such as ING Direct and Ally but many consumers prefer checking accounts at banks with local ATMs where […]
At least one CU has begun to promote itself as a remaining source of free checking accounts. The $837 million Unitus Community Credit Union, headquartered in Portland, Ore., has announced that it will continue to offer free checking and free online services even as other financial institutions begin to put fees on some of their […]
Ally Bank free checking advertisement found in Business Week magazine. Ad reads: A checking account should accumulate interest, not fees.
A new survey by Bankrate finds that of the top 50 credit unions based on assets, 38 still offer free checking accounts with no strings attached. Even among those credit unions where customers have to pay for checking, most offer ways to avoid fees by meeting certain conditions, such as maintaining a minimum balance or […]
PNC spokesman Ed Kozmor said roughly 70 percent of the bank’s customers have free checking accounts so the bank felt it was important to keep them satisfied. The bank’s Free Checking and Foundation Checking products remain available with no balance requirement, along with free access to online banking, bill pay and PNC’s ATMs. But in September, […]
Ally Bank runs a magazine ad for its Interest Checking Account.
The nation’s largest banks are testing how much their customers are willing to pay for checking-account services that used to be free. Bank of America Corp. and J.P. Morgan Chase & Co., the two biggest banks as measured by assets, have begun trying new fees in pilot tests from Hayward, Wis., to Newnan, Ga. They include […]