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What is a No Fee Checking Account?

Anybody who has, or who is about to open a current account with any bank would prefer a no fee checking account. After all, this is one way to save on hard-earned money. Likewise, there are other benefits an account holder can get from free or no fee checking accounts. Some banks offer online accounts with no ATM surcharge fees, no monthly fees, and no charges on bank overdrafts. Some even offer dollar bonuses for availing other services they provide.

Basically, no free checking accounts are bank financial products that do not impose activity charges or maintenance fees for the usage of your account. Some that claim to be free, however, may not actually be so because they require account holders to maintain a certain minimum balance, while others impose charges for ATM usage or over the counter transactions.

Following are some of the benefits that online banks may offer with their no fee checking accounts:

Low Initial Deposit Requirement - For a small amount of opening deposit, some online banks allow individuals to open checking accounts with them.

No Minimum Maintaining Balance - Banks that offer this benefit will allow an account holder to be on active status even with $0 balance on the account.

Unlimited Check Writing - With this feature, you can write checks and draw on your account as much as you need to without incurring any charges. Of course, the limit will be the amount of money you have on your no fee checking account. " Free Online Banking - You can avail of the bank's services online without being imposed any fees. You can inquire on your current balance and monitor the status of your issued checks online for free.

No Charges for Online Bills Payments - Most people are now aware of the convenience and safety of paying bills for utilities, credit cards, loans, and many other types of debts online. As a lot of creditors now accept online payments, the convenience of paying them online with a no fee checking account provides a lot of savings for the account holder, not to mention the amount of time saved as well.

Free Fund Transfers - Some banks will allow no fee checking account holders to transfer funds to another bank account online without incurring any charges. This is particularly useful for funding checks drawn from another bank, especially when time is of the essence.

24 Hour Telephone Banking Services - This free feature supplements online banking very well and will prove particularly useful when you need to immediately access your no fee checking account but you currently do not have internet access.

Free ATM or Debit Card - For added banking convenience, some banks offer free ATM or debit cards upon approval of the online application.

FDIC Insurance - This is mandatory for all bank accounts. It gives assurance to the account holder that at least part of the money deposited on a no fee checking account (up to $100.000) is insured with the Federal Deposit Insurance Corporation (FDIC). The money is secure even if the bank goes out of business.