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CHECKING ACCOUNTS ONLINE

A checking account offers easy access to your money for your daily transactional needs and helps keep your cash secure. Customers can use a debit card or checks to make purchases or pay bills. Accounts may have different options or packages to help waive certain monthly service fees. To determine the most economical choice, compare the benefits of different checking packages with the services you actually need.

Unless you’re happy stuffing cash under your mattress, you’ll want a checking account. Like most things in life, though, these typically aren’t complimentary. Many banks charge monthly maintenance fees on these accounts to offset the steep cost of running their brick-and-mortar branches.

A checking account differs from other bank accounts in that it often allows for numerous withdrawals and unlimited deposits, whereas savings accounts sometimes limit both. Checking accounts can include business accounts, student accounts and joint accounts along with many other types of accounts which offer similar features.

There are a wide range of pros and cons to opening an online checking account versus going with a complimentary checking account at your local bank.One key benefit to opening a complimentary checking account with a local bank is your ability to walk into a branch whenever you choose and conduct a transaction.In addition, if you prefer personal banking, where you can meet and know your bank tellers and banking staff in-person, then your preference would probably be a complimentary account at your local bank.Online banks, on the other hand, have little to no branches, so their overall costs are much lower than local banks.

As such, they are able to pass these savings on to you. This is the key reason why complimentary checking accounts offered by online banks also come with a much higher account interest yield than what you could earn at banks like Bank of America, Citi, Wells Fargo or at your local credit union or bank.If you are more comfortable performing most of your transactions online and are interested in earning a higher annual percentage yield (APY) on your complimentary checking account, then you’ll want to sign up for a complimentary checking account with an online bank.Most traditional US banks will charge you a monthly account fee or a minimum balance account fee to cover their costs of providing you with debit cards, checks, ATMs, tellers, and other banking services. In exchange for the liquidity, checking accounts typically do not offer a high interest rate, but if held at a chartered banking institution will be FDIC guaranteed up to $100,000 per individual depositor.

A checking account may also be called a “demand account” or “transactional account”.

Checking accounts are offered by most banking institutions for a minimal fee or no fee at all. Thanks to advances in electronic banking, many people can now use checking accounts to set up automatic payment of routine monthly expenses with a one-time setup. Because money held in checking accounts is so liquid, aggregate balances nationwide are used in the calculation of the M1 money supply. Complimentary checking that comes with many great features to help you bank on your terms. You can get all the features you need to manage your money securely and efficiently without the fees.

Finding the best account

Choosing a checking account is like shopping for new shoes. Any old boots in your size could do the trick, but finding a pair that fits just right will make a considerable difference.

When it comes to checking accounts, that means seeking out low fees, broad ATM networks and other services that suit your individual needs.

• checking accounts: Many credit unions and online-only banks offer checking accounts without monthly fees or minimum balance requirements. You may not have access to many branch locations, though.

• Online checking accounts: Most banks and credit unions offer checking accounts that allow you to conduct all your account transactions on the Internet. These accounts often offer perks, such as competitive interest rates, mobile check deposit and ATM fee refunds.

• Rewards checking accounts: If you use your checking account frequently, and are looking for something extra, rewards checking accounts provide benefits, including above-market interest rates, rewards points and ATM fee refunds. As a bonus, some rewards checking accounts are also, even if you don’t meet the monthly requirements to earn rewards.

• Teen checking accounts: Teen or youth checking accounts are a great way for budding consumers to test the waters of personal finance. These accounts tend to require a parent or guardian to co-sign, and often come with financial education and other helpful perks.

If you cling to the quaint notion that you shouldn’t have to pay for a basic checking account, any one of these options should suit you. However, before you settle on a choice, do your homework. Be especially vigilant for any signs of systemic problems, such as data security issues or a pattern of customer service complaints, at your chosen bank. After all, you don’t want to stop being an educated consumer just because a product or service is available.