Author Topic: No Fee Checking  (Read 5799 times)

JetBlast

  • Bristles
  • ***
  • Posts: 339
No Fee Checking
« on: October 24, 2014, 12:14:21 PM »
Looking for a good no fee checking account for my wife since B of A wants to charge her if she doesn't keep $1,500 a month in her account. Hoping to get some opinions on Ally, Capital One 360, USAA, and any others out there. How easy is it to find ATMs? How quickly are ATM fees reimbursed if they do that on your account? Any problems with mobile check deposit, website, or apps?

Thanks in advance!

Jags4186

  • Pencil Stache
  • ****
  • Posts: 596
Re: No Fee Checking
« Reply #1 on: October 24, 2014, 12:24:18 PM »
Charles Schwab investor checking.  You have to buy checks after  your first batch is done but you get unlimited ATM refunds domestically and internationally.  The refunds come at the end of statement period.

Take pictures of checks to deposit...website works great...no issues.

A little bit of a pain to set up direct deposit (you have to mail in the forms...can't do it online IIRC)

RyanAtTanagra

  • Handlebar Stache
  • *****
  • Posts: 1099
  • Location: SF Bay, CA
Re: No Fee Checking
« Reply #2 on: October 24, 2014, 12:34:56 PM »
I use e-trade checking.  The fee is waved if you meet one of 4 or 5 criteria.  One is minimum balance in the checking account, another is minimum across all e-trade accounts (IRA, brokerage, etc), another is just having direct deposit into the account.  They reimburse any and all ATM fees immediately.  I've never used an ATM they didn't reimburse me for, even a couple shitty ones with like $5 fees.  You would have to pry this checking account from cold dead hands I love it so much, never having to care about what ATM I'm using.

GizmoTX

  • Handlebar Stache
  • *****
  • Posts: 1368
Re: No Fee Checking
« Reply #3 on: October 24, 2014, 12:40:59 PM »
We love Schwab. We use their High Yield Checking account: Zero monthly service fees, zero minimum, unlimited ATM free rebates worldwide, 0.10% APY interest, free bill pay on schwab.com & Schwab Mobile, deposit checks from anywhere on Schwab Mobile Deposit app, FDIC insurance up to $250K, & a linked Schwab One brokerage account with no fees or minimums. Standard checks & a Visa Platinum debit card are free once the account has been funded. ATM fees are refunded promptly; this is an essential feature if you travel. Zero problems with online access, transfers, bill pay, & mobile deposit.

bluecheeze

  • Stubble
  • **
  • Posts: 114
  • Age: 32
Re: No Fee Checking
« Reply #4 on: October 24, 2014, 12:45:41 PM »
Using CapOne all this year and really like it.  Great if you are overseas (no transaction fees, no ATM fees).  Really easy to do P2P money transfers which is nice.  They just started allowing you to deposit cash at CapOne ATMs (not sure how large the network is).

Only downside is they do not accept foreign incoming wire transfers and have no plans to.  Issue for me because my employer pays bonus funds and some other things via this method.

gimp

  • Handlebar Stache
  • *****
  • Posts: 2348
Re: No Fee Checking
« Reply #5 on: October 24, 2014, 12:46:33 PM »
I use a local credit union. They don't care about my balance as long as I have direct deposit set up.

Beric01

  • Handlebar Stache
  • *****
  • Posts: 1156
  • Age: 29
  • Location: SF Bay Area
  • Law-abiding cyclist
Re: No Fee Checking
« Reply #6 on: October 24, 2014, 12:54:08 PM »
No-fee checking? Why don't you guys switch to a credit union, and get some actual interest in addition to no fees? Granted, my local credit union (Star One Credit Union) is one of the best-rated in the nation, but surely you can find a decent one in your area.

If the credit union is part of the CO-OP network you'll have access to almost 30,000 ATM's nationwide - that's more than the big banks! Better interest rates (on both loans and savings), better service (you're a member, not a customer), lower or non-existent fees - a credit union is the way to go. I even compared my credit union to online banking and the services offered are better, with local in-person services available, for comparable interest rates.

gimp

  • Handlebar Stache
  • *****
  • Posts: 2348
Re: No Fee Checking
« Reply #7 on: October 24, 2014, 01:04:50 PM »
No-fee checking? Why don't you guys switch to a credit union, and get some actual interest in addition to no fees? Granted, my local credit union (Star One Credit Union) is one of the best-rated in the nation, but surely you can find a decent one in your area.

If the credit union is part of the CO-OP network you'll have access to almost 30,000 ATM's nationwide - that's more than the big banks! Better interest rates (on both loans and savings), better service (you're a member, not a customer), lower or non-existent fees - a credit union is the way to go. I even compared my credit union to online banking and the services offered are better, with local in-person services available, for comparable interest rates.

In addition, a credit union is owned by you, so it works in your interests, without having to serve multiple masters, if you will.

And it never hurts to give a little bit less to the big guys, and a little bit more elsewhere, to spread out influence a bit, and reduce single points of failure.

RyanAtTanagra

  • Handlebar Stache
  • *****
  • Posts: 1099
  • Location: SF Bay, CA
Re: No Fee Checking
« Reply #8 on: October 24, 2014, 01:16:09 PM »
No-fee checking? Why don't you guys switch to a credit union, and get some actual interest in addition to no fees? Granted, my local credit union (Star One Credit Union) is one of the best-rated in the nation, but surely you can find a decent one in your area.

If the credit union is part of the CO-OP network you'll have access to almost 30,000 ATM's nationwide - that's more than the big banks! Better interest rates (on both loans and savings), better service (you're a member, not a customer), lower or non-existent fees - a credit union is the way to go. I even compared my credit union to online banking and the services offered are better, with local in-person services available, for comparable interest rates.

Unless you're keeping a huge balance in your checking account (which rarely makes sense), the interest is negligible.  My e-trade checking yields interest, like 5 cents a month for how much I keep in there.  If I found a checking account with 100x the yield, it would still be irrelevant.  Also, 425k ATMs in the US (as of 2012), access to only 30k of them is a pain.  We use a credit union for our joint accounts, but I don't use the checking account for anything other than paying joint bills.  My SO uses hers and it's always a pain to find 'one of the many network ATMs in the area' when we're out and about.  I usually just grab money with mine and she pays me back.  I couldn't recommend highly enough a checking account that does refunds from any ATM.

JetBlast

  • Bristles
  • ***
  • Posts: 339
Re: No Fee Checking
« Reply #9 on: October 24, 2014, 01:22:38 PM »
Thanks for the replies. My mom sits on the supervisory board of a credit union so we are familiar with them, but it appears better interest rates are available with some of the online banks (not that she would earn much interest). That and the ability to use any ATM instead of just the co-op network are why we're looking at all options.   

Will have to check into the Schwab checking. Sounds like a good product.
I use a local credit union. They don't care about my balance as long as I have direct deposit set up.
That's how her B of A was set up. Unfortunately my wife is now mostly doing work as an independent contractor so no direct deposit.

Beric01

  • Handlebar Stache
  • *****
  • Posts: 1156
  • Age: 29
  • Location: SF Bay Area
  • Law-abiding cyclist
Re: No Fee Checking
« Reply #10 on: October 24, 2014, 01:30:42 PM »
No-fee checking? Why don't you guys switch to a credit union, and get some actual interest in addition to no fees? Granted, my local credit union (Star One Credit Union) is one of the best-rated in the nation, but surely you can find a decent one in your area.

If the credit union is part of the CO-OP network you'll have access to almost 30,000 ATM's nationwide - that's more than the big banks! Better interest rates (on both loans and savings), better service (you're a member, not a customer), lower or non-existent fees - a credit union is the way to go. I even compared my credit union to online banking and the services offered are better, with local in-person services available, for comparable interest rates.

Unless you're keeping a huge balance in your checking account (which rarely makes sense), the interest is negligible.  My e-trade checking yields interest, like 5 cents a month for how much I keep in there.  If I found a checking account with 100x the yield, it would still be irrelevant.  Also, 425k ATMs in the US (as of 2012), access to only 30k of them is a pain.  We use a credit union for our joint accounts, but I don't use the checking account for anything other than paying joint bills.  My SO uses hers and it's always a pain to find 'one of the many network ATMs in the area' when we're out and about.  I usually just grab money with mine and she pays me back.  I couldn't recommend highly enough a checking account that does refunds from any ATM.

How does their business model work then? If I have an almost nonexistent balance (and only a checking account, no other accounts with them), and they pay all my ATM fees, how are they making money off me as a customer? I generally keep $3K or less in my checking account, so I agree my current 0.25% APR on checking with my credit union still isn't much, but I'm curious what the catch is.

RyanAtTanagra

  • Handlebar Stache
  • *****
  • Posts: 1099
  • Location: SF Bay, CA
Re: No Fee Checking
« Reply #11 on: October 24, 2014, 01:34:29 PM »
How does their business model work then? If I have an almost nonexistent balance (and only a checking account, no other accounts with them), and they pay all my ATM fees, how are they making money off me as a customer? I generally keep $3K or less in my checking account, so I agree my current 0.25% APR on checking with my credit union still isn't much, but I'm curious what the catch is.

Good question and I have no idea, but I've been using it for 3+ years now without any problems.  Probably the same as rewards credit cards where the people that pay for something (unused money in the account in this case, or just flat pay the $15/mo fee) and don't use the benefits make up for those that do.

windypig

  • Stubble
  • **
  • Posts: 159
  • Age: 33
  • Location: Vermont, Boston, Cape Cod
  • You are what you hate.
Re: No Fee Checking
« Reply #12 on: October 24, 2014, 01:50:13 PM »
I use USAA and my GF uses Ally.

Ally seems great, smart phone check cashing, ATM reimbursement.

I use USAA which i consider fantastic, but then again ive been with them for about 10 years now so havent been doing checking with others for awhile. I believe their Deposit@Mobile feature is for Miltary members and descendents only, I maybe wrong, you should inquire with them. USAA reimburses up to $15/month in ATM fees and reimburses on a montly interval. Their customer service is A+ as well.


JetBlast

  • Bristles
  • ***
  • Posts: 339
Re: No Fee Checking
« Reply #14 on: October 24, 2014, 04:02:46 PM »
I use USAA and my GF uses Ally.

Ally seems great, smart phone check cashing, ATM reimbursement.

I use USAA which i consider fantastic, but then again ive been with them for about 10 years now so havent been doing checking with others for awhile. I believe their Deposit@Mobile feature is for Miltary members and descendents only, I maybe wrong, you should inquire with them. USAA reimburses up to $15/month in ATM fees and reimburses on a montly interval. Their customer service is A+ as well.

Thanks for the USAA review!  My father in law was in the navy, so hopefully my wife would be able to use the mobile deposit feature. Certainly a deal breaker if she couldn't.

forummm

  • Walrus Stache
  • *******
  • Posts: 7396
  • Senior Mustachian
Re: No Fee Checking
« Reply #15 on: October 25, 2014, 04:41:29 PM »
I have no-fee checking at 3 banks. Wells Fargo (free w/direct deposit over $750/mo), ETradeBank (free w/$1000 average daily balance), and a credit union. The credit union is part of various ATM networks (like CO-OP, CU24, etc) so I have surcharge-free access to over 150,000 ATMs. There are websites and apps that tell you which ATMs are in those networks.