Checking Account Tips: Low Fee Checking Accounts

“A penny saved is a penny earned” and there are dozens of tricks to ensure you keep as much of your hard earned cash in your wallet as possible. From cutting coupons, choosing generic drugs, to using a checking account with the lowest fees available, you can end up with a huge stack of money saved in a brief period of time.


Banks generate money and are a number of ways in which they do this. This could be from charging high interest amounts on loans for those who are a risk for them to paying low interest amounts on savings deposits. One way is by charging checking account fees to their customers.

To go about every day business, maintaining a checking account is very necessary. Many banks offer free or low fee checking accounts. But it is up to you to review all the terms to ensure that you are not taken by surprise should you find that you have unexpected charges. For example, a bank may promote free overdraft protection but limit it to one transaction per month or even per year. Thus, if you accidentally bounce check number two, you will automatically (and legitimately) be hit with an additional penalty charge.

If you tend to cut your checking account balance close to the edge of your balance amount, it would be worth paying for an extra level of overdraft protection. By paying one lump sum a year (or hooking up your credit card as a safety net if your bank allows it) this can end up saving you hundreds of dollars annually.

Another sneaky fee that may be associated with your checking account is a charge for using out of network ATMs. When you first sign up for a low fee checking account, make sure they have a large network of machines from which you can withdraw cash from. Many times when cash is taken from a machine out of network, you will be charged twice for the transaction: once from your bank, and again from the operator of the ATM.

Like with any type of investment, the key to finding success is research. To ensure that your account is a legitimate  low fee checking account, make sure to read all the fine print regarding your account structure. That way you can do your best to mitigate your chances of incurring any type of fee or penalty.