Open No Fee Checking

No Monthly Fees and No Balance Requirements

OpenNoFeeChecking.com is for anyone interested in opening a no fee checking account. If you are searching for free checking with no monthly fees and no balance requirements you've come to the right place. Find an online checking account with 5-Star features and watch your savings add up.

Why pay extra fees to your bank when you don't have to? Get a no-fee checking account with OpenNoFeeChecking.com

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Many banks are offering no fee checking accounts. You can open an online no fee checking account with any of the big banks or small banks in your community. When banks compete for your business you benefit. A few banks that offer no fee checking are Chase, Wachovia (Wells Fargo Bank), Bank of America, Citibank, and the list goes on and on. When you save on monthly fees, it may seem small initially, but it all adds up over time. When you can open a checking account with no balance requirement, it means that no matter what you make, you can start a habit that can help lead you down the road to prosperity.

Opening a checking account with no monthly fees and no balance requirement sounds like a no-brainer, but it with banks trying to find new sources of revenue, it isn’t as common as it once was. For example, there was a major uproar when Bank of America was trying to impose a $5 debit card usage fee on its customers. However, there were not alone. JP Morgan Chase and Wells Fargo had been mulling over their own debit fee proposal. All of them decided against the idea after overwhelming complaints from bank customers.  

Banks are looking for ways to create more revenue streams for their bottom line and as a result, more and more are imposing tighter restrictions on their no fee checking accounts. For banking customers who are able to easily maintain a higher account balance and make more transactions from their checking accounts, they have nothing to worry about. It is the people who have typically have low minimum daily and monthly balances and few transactions from their bank accounts that are going to have to be concerned about whether or not they will continue to have free checking from their banks. 

According to the American Bankers Association, it costs banks $250 to $300 per year to maintain a checking account. Free checking accounts are offered as a means to drive new business to the banks in hopes that the customer deposits and activity generated from that account will exceed its own banking maintenance costs. If the new bank customer does open a free checking account and generate lots of transactions and possibly take out loans, the no fee checking account actually ends up generating money for the bank. However, if like many who open a no fee checking account, no activity takes place and barely any funds are deposited into the account after opening, then it becomes a losing proposition for the banks.  

There was a study that showed that during the bank transfer day when many customers of big banks closed their accounts and opened an account with local community banks and credit unions, they were actually doing the big banks a favor. It was said that the majority of the people that moved changed banks were actually those who were losing money for the big banks. Of course, this would make sense only to a point. If too many people ended up closing their checking accounts then it would eventually hurt the bottom line of big banks.  

So many people made the move to credit unions and community banks because those financial institutions are still offering free checking accounts in extremely large numbers. Statistics show that while approximately two-thirds of banks have stopped offering free checking accounts, three-quarters of credit unions are still offering free checking accounts in one manner or another.

If your bank tries to start charging you checking account fees and you’ve been a great customer, before closing your account and moving your funds, you should speak with the bank representative and see if they will allow you to continue receiving free checking services. If you’ve been a great customer, they just might make an exception for you. If they still want to charge you maintenance fees, they check out your community banks or credit unions.