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A Lack Of Free Checking Shouldn't Deter Accountholders

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Free checking isn't completely free. Those who are afraid of the Credit Card Accountability, Responsibility and Disclosure Act of 2009's effect on the availability of free checking may be worrying unnecessarily; it could actually benefit them in the long run.

Banks have ways of giving customers fees, and most banks have charged accountholders in the past, even if the fees didn't directly have to do with checks, said Idaho-area news source KPVI.

New checking fees associated with minimum balances may be a positive change for some consumers because it may help them focus on reducing their spending habits and paying off credit card debt.

"One of the best ways to develop a relationship with a bank in order to be approved for a mortgage, credit card, or home equity and small business loan, is to have a checking account that requires a minimum balance," John Rosenfeld, head of retail deposits at TD Bank, told the news source. "If you not only maintain that balance, but also increase it, the bank will feel you have sound financial judgment."

There are also many add-ons that may not be necessary for the accountholder that could cost money. It is always best to check with your bank to see what options you need and what ones you don't, the news source said. 

Timely articles written by the Editors at DRC

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