Free Checking Account

What Does A Checking Account Mean

Though many people know what a bank account is, the notion of a “checking account” may still be not very clear. Generally speaking, it is an account used by account holders for conducting financial operations. It is popular worldwide and is available even for those who have not a very good credit history. To manage their funds, you will get a credit or debit card that can be used immediately from any location.

Rates of interest, terms of checking accounts are not the same in different banks. Some of such banks offer different types of checking accounts depending on clients’ credit history, source of income, etc. For example low-income clients are eligible for no frills or standard checking accounts with only essential features included. Other banks, especially those located in the USA and Canada, limit the amount of financial operations you can perform each month. Anyway, every client selects the most appropriate terms for himself.

What is a Free Checking Account

A free checking account is basically an account used mostly by people with low income, for example students, since they are not required to pay monthly fees. Debit card should be used by free checking account holders several times a month as established by the bank; minimum balance should be kept as well.

A free checking account has its advantages. Its holder can freely use cash-points, enjoy online financial services, have no balance limitations, etc. Remember that when you use cash-points outside your bank’s network, a fee is usually charged. Some banks refund such fees, especially when it comes to free accounts.

Checking Account Offers and Promotions

Banks attract their clients by different means. Some of them render their services online, proposing profitable checking account rates, while other banks offer non-virtual services. A free checking account ensures safe funds storage, makes the process of online shopping and paying convenient. Besides, these services are free of charge. However, there are also charged services, for example, cashed e-checks sent to customers.

While selecting an appropriate checking account offer, a customer is to take into consideration such a factor as convenience. It is desirable to choose a bank close to your home or office. While selecting an online offer, the client has to make sure the bank’s policy is reasonable and cash-points are within the reach.

Most banks attract companies and individuals in different ways. Some of them seek to get clients to sign up for a checking account online, since online services are commonly used and available nowadays.

To attract customers, banks offer sign-up bonuses. For example, in case you apply for a checking account online, you are awarded a bonus and receive a credit card to be used anytime to withdraw cash from cash-points (those within the network are free). Another benefit the client gets beside bonuses is an exemption from charges applied when an account is opened.

Some banks of the USA, Europe, and Canada offer checking account promotions, presenting some gifts to new clients. Remember that an account shouldn’t be opened just to get a gift, even an expensive one, since it does not release you from the obligation to keep the balance and pay fees.

The Benefits of Online Checking Account

Those clients who open checking accounts online benefit from it, since they get an opportunity to conduct financial operations with a single click without leaving one’s place. They can select banks according to their preferences, pick up the most appropriate terms, rates of interest, low fees. Online banks actually impose less restrictions and offer better terms, higher bonuses than standard banks.

Clients can conduct their financial operations online, since checking accounts are intended for daily use. An online checking account is a good way to avoid credit record submission, especially if it is a bad one.

To attract the customers, online banking services use various methods. The most common ways are: Those who travel often, either on private or business purpose, would need online checking accounts to manage their money anytime from any location. Many banks offer online services, so it is not an easy task to choose a bank that is actually reliable and safe. First, one has to make sure it is protected by FDIC. Imprest checking account owners are provided with online services as well.

How to Choose the Best Checking Account

If you are going to open a private checking account, try to find a bank with the best terms. Pay special attention to interest rates and fees (no fees would be the best option).

Each bank sets its own interest rates. In some American banks they are proportional to client’s monthly balance. So if a client is going to keep a big sum of money in the bank, he would better choose a bank where rates of interest depend directly on this sum. Low-income clients should not invest money in the banks which don’t provide interest rates for low balance accounts.

Some banks offer high interest checking accounts, which can bring a good profit provided that the balance and income are high enough. If the client fails to meet these requirements, he/she will still keep the bank account, but the interest rate won’t be high anyway.

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