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Free Checking Account

Not all checking accounts are created equally. Unfortunately, most require the consumer to maintain a minimum balance, set up a direct deposit with a minimum balance value, or meet other criteria to avoid a monthly service fee. But you have choices. Consider opening no-fee checking accounts at financial institutions such as banks or credit unions that offer higher interest rates or cash-back rewards.

What is the benefit of a no fee checking account?  You can access your money easily and safely for daily expenses while saving hundreds of dollars a year on no fees, which you can tuck away in your savings account.

9 reasons why you should bank free of checking account fees in 2024. 

1. Keeping Your Money Safe - It may seem like a good idea to store cash at home, but it's not really safe. Instead, consider opening a banking account, such as a checking account, free of additional fees. Your checking account is like a small vault that can store your cash and be accessed anytime using your debit card or checks. This way, you don't have to worry about disasters that could destroy your hard-earned money, such as fires, floods, or robberies. Plus, when you open a checking account, you can use your money however you see fit. Moreover, it's also insured from any disasters. Banks have FDIC insurance, whereas credit unions, including America's Credit Union, are insured by the National Credit Union Association (NCUA). FDIC and NCUA insurance cover up to $250,000 per person.
2. No Monthly Fees or Transaction Fees—One of the most significant and obvious benefits of a free checking account from Dallas Banks or Credit Union is that you can keep money in the account without worrying about fees eroding it. Look for a free account with no transaction fees, so you don't have to worry about any additional charges on your account. Below are some common checking account fees that a financial institution could charge:
   • Maintenance or service fee: This fee can range between $10 to $12 per month and applies to accounts that do not offer a free checking account.
   • Minimum balance fee: Some banks require you to maintain a certain amount of money (ranging from $100 to $2,500) in your account to avoid a service fee.
   • Overdraft fee: Financial institutions charge this fee if you don't have enough money in your account when a transaction is made. The fee can range from $28 to $35 or more per transaction and occurrence.
   • Transaction fee: An example of a transaction fee may be charged for sending or receiving a wire transfer.
   • Statement fee: Some banks and credit unions charge a fee to print and mail you a paper copy of your statement. You can avoid this fee by enrolling in e-Statements, which allow you to download, print, and keep copies of your statements at your convenience and refer back to them for up to 24 months.
   • ATM fee: Financial institutions often charge fees for using their ATM machines, especially if you don't have an account with that financial institution. Be sure to check your bank or credit union's website for the location of their ATMs to avoid such fees.
   • Dormant account fee: Some financial institutions may charge a fee if you don't use your account for an extended period of time. 

3. Flexibility to Pay - A checking account is a type of bank account that allows you to withdraw money at any time. It is also known as a demand deposit account (DDA). Unlike a savings account intended for long-term storage of funds, a checking account provides quick and easy access to your money. With a checking account, you can easily make deposits or withdrawals, withdraw cash, write checks, pay with a debit card, and initiate digital transfers. Your free checking account offers you flexibility and security to manage your finances however you choose.

4. Flexibility to Receive Deposits – Our society is structured to benefit those with bank accounts. Most employers don't pay their employees in cash but through checks or direct deposit. If you don't have a bank account, direct deposit is not an option for you. Even cashing a check can be a challenge without a bank account. Many banks will cash your payroll check but may charge you a fee if you aren't a customer. With mobile banking, you can deposit a check via your Smartphone without having to set foot in a branch, making it easy to make a deposit. A checking account can make collecting, depositing, or cashing your paychecks easier and less expensive. 

5. Accessibility and Convenience - Most checking accounts nowadays provide online and mobile banking features, including a bill-paying dashboard. This dashboard lets you pay your credit card, utility, or any other monthly recurring or one-time bills directly from your account balance. Additionally, you can schedule bills for automatic payment, which makes online bill paying much easier and more convenient than paying in cash, by money order, or by check. Nowadays, it's all digital. And, you can save money on stamps too!
6. Paper Trail – If you pay a $250 phone bill in cash and the phone company doesn't credit your payment to your account, it can be challenging to prove that you made the payment in the first place. When you pay with a check, debit card, or online bill pay, there is always a payment record in your statement or transaction ledger. This provides you with a paper trail that you can use to demonstrate that you paid the bill.
7. No Transaction Limits – It is recommended to have both checking and savings accounts, especially if you have a specific financial goal that you want to achieve. But if you can only choose one type of account, a free checking account is usually the better option. This is mainly because checking accounts do not have any transaction limits. With savings accounts, you can usually only make a few monthly withdrawals. However, with a checking account, you can make unlimited withdrawals, debit card payments, checks, and money transfers, giving you more financial freedom.
8. Easy Money Management – Checking accounts offer convenient online banking features that make money management easier. With online bill pay and a single view of your financial situation, you no longer have to keep track of cash or worry about the money you have stored in different places at your home. You can even link your account to budgeting software to streamline the process. This is especially helpful for young adults who want to learn about budgeting, managing money, and saving. Using Venmo, PayPal, or other Person-to-Person (P2P) apps can easily be linked to your checking account
9. Easy Access to Cash&mdash: Although debit and credit cards have become the preferred mode of payment for most people, Automated Teller Machines (ATMs) remain an essential benefit of having a bank account. If you require cash, you can easily visit an ATM and withdraw. However, if you do not have a bank account, your options for accessing cash are limited.

   In addition to the nine reasons already mentioned, a free checking account has several benefits. One of the most significant advantages is earning higher interest or rewards, such as cash back. For instance, America's Credit Union offers Kasasa® Cash or Kasasa® Cash Back accounts that allow you to enjoy these benefits while still having a free checking account. When picking a free credit union checking account or bank free checking account, focus on which financial institution can get you closer to your financial goals. 

   Opening a free checking account can establish a long-lasting financial relationship. This relationship can provide personalized financial advice, access to exclusive banking products and services such as credit products, and customized solutions to meet your specific needs. By nurturing a strong banking relationship, you can enjoy additional benefits and receive support through free financial advice to help you achieve your financial goals.

   But the benefits of free checking accounts don't stop at personal gain. Banking with a local institution can give you a sense of pride in supporting your local community and contributing to its growth and development.

   Having a free checking account in Dallas offers various benefits that contribute to financial freedom, convenience, and peace of mind. Embracing these benefits is a proactive step towards a brighter economic future. Switching to a local financial institution's no-fee checking account to earn rewards or high interest, such as a Kasasa® Cash or Cash Back account from America's Credit Union, can put you on the path to financial success.

   Open A Kasasa Checking Account