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What Banks Have No Monthly Fees

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Motusbank No Fee Chequing Account

3 Best Banks With No Fees

motusbank is Canadas newest online-only bank. They are owned by the popular Meridian Credit Union and offer a no-fee chequing account, high-interest savings, mortgages, personal loans, investments, and more.

Features of motusbanks free chequing account are:

  • $0 monthly account fees
  • Up to 0.15% interest payments on your account balance
  • Free and unlimited Interac e-Transfers
  • Unlimited free transactions, including debit purchases, withdrawals, and bill payments
  • First cheque book is free
  • Mobile app with easy mobile cheque deposits
  • Free access to more than 3,700 ATMs across Canada

A fee to note is their $30 inactive account fee if you dont use your account in 12 months.

Read my complete motusbank review.

Why You Can Trust Bankrate

Founded in 1976, Bankrate has a long track record of helping people make smart financial choices. Weve maintained this reputation for over four decades by demystifying the financial decision-making process and giving people confidence in which actions to take next.

Bankrate follows a strict editorial policy, so you can trust that were putting your interests first. All of our content is authored by highly qualified professionals and edited by subject matter experts, who ensure everything we publish is objective, accurate and trustworthy.

Our banking reporters and editors focus on the points consumers care about most the best banks, latest rates, different types of accounts, money-saving tips and more so you can feel confident as youre managing your money.

How To Get The Best Online Checking Account

  • Know Yourself: Understanding your own banking habits can help you choose the account that best fits your individual needs. There’s a variety of offers out there, each with its own special feature . Pay attention to your own banking habits and shop accordingly.
  • Consider All Options: Don’t limit your search to online-only banks. Even traditional banks with online accounts can be competitive. And they may offer a wider array of services for those interested in more of a ‘hybrid’ banking experience.
  • Create A Central Fund: You don’t need both a checking account and a savings account, unless having both helps you manage your money better. When one type of deposit account offers the best rates by far, as is the case with online checking accounts, you can get away with just that. Creating a one-stop shop for your banking needs could make life easier, after all.Be careful, though. While it’s common for the APY on a savings account to rise along with your balance, checking account rates sometimes drop if your balance goes too high. Thankfully, most accounts won’t drop the rate until your balance exceeds $25,000 or so, depending on the institution.
  • Understand The Terms: Most online checking accounts don’t charge many fees for online services. But things like face-to-face teller assistance and paper checks may cost you, if available. So try to review an account’s terms – focus on every place a dollar sign is listed – in order to avoid costly surprises.

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What Is The Best Prepaid Card With No Fees

Weve established that no prepaid card is 100% no-fee. But the one that comes closest to this ideal is the Bluebird® by American Express prepaid card. You can reload this card for free from several sources, including cash or a debit card transfer at a Walmart store, as well as mobile check deposit and direct deposit.

So, how exactly does American Express keep Bluebird from going bankrupt? They depend on a few fees and also brand loyalty for when you are ready to graduate to a credit or charge card. Those few fees include:

  • A card fee when you buy one at retail locations.
  • Each cash withdrawal from retail locations other than Walmart.
  • Money in Minutes check capture by Ingo Money®. Money in 10 Days check capture is free.
  • Out of network ATM fee .
  • Ria® cash pickup.

One other cost savings shared by most prepaid cards is that you dont need a checking account. In fact, many unbanked and underbanked consumers rely on prepaid cards.

Are Prepaid Cards Safe

6 Ways to Find Banks with No Fees (No Monthly, No ...

The Consumer Financial Protection Bureau introduced prepaid card protections in 2019. The safeguards include:

  • If you are the victim of unauthorized or fraudulent charges, your liability is limited to $50 when you report the problem within two days of discovery.
  • Fee disclosure must be more transparent.
  • Issuers must disclose whether the Federal Deposit Insurance Corporation secures the card balance.
  • You can no longer be charged for seeking information about your card account.
  • If you opt for overdraft protection, the fees are capped for the first year at 25% of the credit limit. However, there is no cap after the first year.

These are good protections, but some dangers still lurk in the form of fee abuse by predatory card issuers. We recommend you decline optional overdraft protection, as it can accumulate a high overdraft fee total. Also, stay with cards that provide FDIC coverage.

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More Ways To Get A Free Checking Account

The checking accounts above dont charge any kind of monthly maintenance fee. But if you have your heart set on another bank that does charge monthly service fees, we have good news: Theres a good chance you can get those fees waived.

Pretty much all business banks will waive the monthly fee on your checking account when you meet certain conditions, like meeting a minimum balance requirement. Here are some examples:

  • PNC will waive the $10 fee on its basic checking account if you spend at least $500 on your business credit card each month.
  • KeyBank waives the $5 fee on its cheapest checking account when you keep an average balance of $1,000 in your checking account.
  • Bank of America waives the $14 fee on its basic checking when you join its Preferred Rewards for Business program.

And those are just a few of your options. So if you have a bank you like, go ahead and ask about how you can waive monthly fees and get a free checking account.

Just keep in mind that you wont be able to waive other fees . Fortunately, most bank accounts give you a number of free transactions and cash deposits each month, so you might be able to avoid those fees.

Mobile App Or Online Access

While you might not consider yourself the most tech-savvy individual, most people would be hard-pressed to name a service that they use on a regular basis that doesnt offer online or mobile access.

In todays connected society, we need everything easily accessible, at our fingertips, 24/7, and that includes our banking. Not every bank will offer a dedicated mobile app, but a good checking account option will, at the very least, have smooth, integrated online access. If you can take that experience to your mobile device, well, thats all the better.

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Select Reviewed Dozens Of Checking Accounts From Online Banks Brick

Selects editorial team works independently to review financial products and write articles we think our readers will find useful. We may receive a commission when you click on links for products from our affiliate partners.

Checking accounts are an essential financial tool, but they can also be expensive. Many major banks charge account maintenance fees that can cost you up to $15 a month.

Sometimes, if you meet certain requirements, such as maintaining a minimum balance and/or setting up direct deposit, your bank will waive the monthly fee. However, there are a number of good no-fee options that don’t come with a bunch of rules attached.

Select analyzed and compared dozens of checking accounts offered by online and brick-and-mortar banks and that charge zero monthly maintenance fees.

When ranking the best no-fee checking accounts, we focused on the following criteria:

  • No monthly maintenance fee

Who’s this for? The Capital One 360 Checking Account takes the number-one spot on our list thanks in part to its top-rated mobile app, physical bank locations and an above-average APY. Plus, this account ranks number four on J.D. Power’s 2019 U.S. National Banking Satisfaction Study, which ranks bank customer experience across various factors, including deposit accounts and convenience. Capital One receives strong satisfaction scores for mobile banking and checking accounts.

Getting A Competitive Yield

RACQ Bank – No monthly or everyday transaction fees

There are free checking accounts that will offer you a competitive APY without charging you fees. But youll likely need to set up a direct deposit or make a certain number of debit card purchases to qualify for this higher APY. At some banks, both direct deposit and a minimum number of debit card purchases may be required.

Unlike most savings accounts and money market accounts at online banks, this high APY might be capped if your balance goes beyond a certain amount. Any balance amount that surpasses a certain threshold earns less than the top-yielding savings accounts and money market accounts. Therefore, transferring any excess balances to higher-earning accounts is a good way to optimize your earning power.

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Can I Use A Prepaid Card To Get Cash At An Atm

Most prepaid cards allow ATM withdrawals. The biggest variable is fees.

Typically, prepaid cards charge nothing for cash withdrawals from in-network ATMs. Out-of-network ATM withdrawals are a different story, and prepaid cards may charge several dollars per withdrawal, plus whatever the cash machine operator may charge.

The challenge for a prepaid card owner is to locate a conveniently situated in-network ATM. That gives an advantage to prepaid cards that have extensive ATM networks.

Our top pick for prepaid cards with no ATM fees is American Express Serve®, which provides free withdrawals from the MoneyPass ATM network throughout the country.

The card charges $2.50 for each withdrawal from an out-of-network ATM. The card offers many free services, including no reload fee at more than 45,000 retail locations.

What Is Free Checking Really

Many banks advertise free checking when they really aren’t free. They often have conditions you must meet in order to get truly free services. Free checking should mean:

  • No monthly service fees
  • No minimum balance requirements

But note that a bank may still have other fees, such as fees for ATM transactions, overdrafts, checks, etc. Many checking accounts cost users hundreds of dollars each year, yet they don’t realize it. If you want “as free as possible” checking, it’s best to look to online banks because they typically charge fewer fees.

Read on for some of the best free checking options.

Can you open a bank account with no money?

But a checking account with no money essentially defeats the purpose. Eventually, you’ll need to put money in the account to do things like make purchases, pay bills, etc.

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What Are Senior Bank Accounts

A seniors chequing bank account is one specifically targeted to senior citizens. This account often offers a basic banking package with free transactions, or it may offer eligible seniors a fee discount on regular chequing accounts.

Some seniors accounts also come with perks that may include free cheques, drafts, paper statements, safe deposit box discounts, and more.

The qualifying age for a seniors account or discount varies between banks and may range from 60 to 65 years and older. You may have to actively opt for a senior account, as the big banks will hardly prompt you to do so.

Seniors can also find attractive discounts and free chequing accounts at credit unions.

Finally, you can pair your seniors chequing account with a high interest savings account offered by an online bank.

What To Look For In A Free Chequing Account

Checking Accounts With No Monthly Fees

The best no-fee bank account for you will depend on what your needs are. In general, you will want to ensure access to an account with:

  • Zero monthly fees
  • Bonus: Interest earnings on your account balance. Yes, you can earn interest on your chequing account!
  • Bonus: Free cheque books

If you noticed, I did not mention access to in-person banking because this is either unavailable or limited when you are seeking a no-fee bank account.

Free chequing accounts are made possible when banks save on the operational costs it takes to maintain brick-and-mortar branches by functioning as online-only or keeping only a few branches.

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Cit Bank Echecking & Savings Connect

Open a Savings Connect with a linked eChecking account, make a monthly $200 electronic deposit into your eChecking account, and keep earning the top Savings Connect APY.

The minimum opening deposit is $100 for the Savings Connect and $100 for the eChecking. Keep making the automated $200 monthly deposit into your eChecking account to continue earning the highest Savings Connect APY. Deposit checks remotely and make transfers easily with the CIT Bank mobile app.

  • Availability? Available online nationwide.
  • Physical Branches? No physical branches
  • Mobile app? iOS & Android
  • Earns interest? Yes, with both the eChecking & linked Savings Connect
  • Monthly Service Charge? None
  • Minimum balance requirement? $100
  • Minimum opening deposit? $100
  • ATM access? CIT Bank doesnt charge ATM fees and reimburses up to $30 in other U.S. banks ATM fees on eChecking accounts.

I Deposited A Check From My Landlord For Some Repairs I Covered Last Month But The Money Isnt In My Account Why Not

To understand why your money isnt in your account, you have to understand how the money actually gets to your account to begin with. Its not an instantaneous thing, despite living in a primarily digital world, its a process. The money has to go to a clearinghouse, and then to the writers bank, and then finally the funds are transferred to your bank. Since the process takes time, the money only shows up a few days later. And sometimes, theres a lag at one of the stages, taking longer to get to your account.

Other reasons a check may take longer to clear is if theres a hold on your account, the check is from out of state, or for some other reason including bank clerical errors. If you dont see the money in your account after standard business processing time, be in touch with your bank to ensure there wasnt a mistake on their end.

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Best Free Business Checking Accounts For 2022

Tricia has nearly two decades of experience in commercial and federal government lending. Her expertise is highlighted throughout small business loan content on Fit Small Business.

This article is part of a larger series on Business Banking.

Finding a free business checking account that meets all of your business banking needs can be a challenge, and most of the truly fee-free accounts are hosted by online-only banks. To best represent the varying banking needs of small businesses, when compiling this list, we also considered traditional business bank accounts that have low and easy-to-waive fees.

To help you in your search, weve selected the eight best free business checking accounts:

  • BlueVine: Best overall for free business checking
  • Chase: Best free business checking with a traditional bank
  • Mercury: Best for digitally based businesses
  • Bank of America: Best for businesses with larger monthly cash deposits
  • Capital One: Best for a traditional bank with unlimited transactions
  • U.S. Bank: Best for freelancers and businesses with minimal monthly transactions
  • First Internet Bank: Best for earning interest on multiple account types
  • : Best for free international ATM usage

If youre unsure about how to select the best account for your needs, check out our article on how to open a business bank account.

Best For Debit Card Users: Lendingclub

Start banking without monthly fees

LendingClub

In February 2021, Radius Bank finalized a merger with LendingClub, which holds an Excellent rating with Bauer Financial. Their Rewards Checking scores well as a low-fee account offering unlimited ATM refunds. But where it really stands out from the crowd is its payment of cashback rewards on debit card purchases.

  • Pays 1% to 1.5% cashback on unlimited debit card purchases

  • No minimum balance requirement or monthly maintenance fee

  • Unlimited ATM fee reimbursements

  • Free first set of checks

  • Interest rates are fairly low, and 0% at low balances

  • No Zelle option for person-to-person payments

  • Overdraft fees

  • $100 required to open the account

Cashback rewards on card purchases have long been the turf of credit cards. But a few debit cards are nosing into that territory, like the one offered with LendingClub Rewards Checking. It pays 1.5% cash back on purchases made in categories like groceries, eating out, entertainment, drug stores, healthcare, and charitable donations, while paying 1% on every other purchase. There is no limit on the cash back earned per monthanother reason we selected LendingClub as best for debit card users.

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Best For Rewards: Discover Cashback Debit Account

Who’s this for? If you want a debit card that acts similar to a credit card, the Discover Cashback Debit Account has you covered. This checking account provides customers with 1% cash back on up to $3,000 in debit card purchases each month. That’s up to $30 cash back per month and $360 annually.

While 1% is lower than the cash-back rate you’d receive with one of the best credit cards, it’s great for debit cards, which typically don’t offer rewards programs. Account holders have the ability to redeem cash back as a deposit into a Discover checking, savings or money market account or transfer it to their Discover credit card.

Since Discover is an online bank, there are no physical locations. However, Discover provides 100% U.S.-based customer service representatives that are available 24/7 and access to over 60,000 fee-free Allpoint and MoneyPass ATMs.

There is no minimum deposit required to open this account, and overdraft protection is free .

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