Archive for: July 2014

How To Choose A Bank Account: 10 Things To Look For

On a recent vacation with friends, I was shocked to discover some of them were paying monthly maintenance fees for their checking accounts.

And they are not alone: 45% of Americans pay those or other fees in a typical month, according to the American Bankers Association. If true, you may need to fix your credit score.

This is absolutely unnecessary given how many bank accounts these days are free or have avoidable fees, such as when the charge is waived if you receive a direct deposit, maintain a minimum balance or sign up for electronic statements.Bankrate found that 96% of checking accounts at traditional banks fall in either of these categories (38% are flat-out free, as are 72% of checking accounts at credit unions).

 

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