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Free checking accounts are still available

Virtually everyone needs money to live, and everyone needs a place to put their money for safekeeping. For some, it may be under a mattress. For others, it may be an empty coffee can in the kitchen. But for the majority of us, checking accounts have been the longtime solution.

Although there are clearly some who will disagree, most can attest that it only makes sense that one’s hard-earned money belongs in the bank. But why should people be charged a monthly fee for putting their own money into a checking account?

You may have heard Bank of America officials recently announced the bank would no longer offer its no fee checking account option to its customers without some requirements. Since that announcement, several articles have been written and published about the change, and the decision and subsequent announcement has sparked many a conversation and even a petition. (Read one of those articles here.)

The obvious benefit of a free checking account is simple – it saves you money! Depending on the checking account fee charged by the financial institution, the savings could add up to a substantial amount. For example, with checking account fees on average around $12.00 per month, in a year’s time those fees alone could add up to at least $144.00 per year, and no matter your income or net worth, that’s a chunk of change! For a family already struggling and just trying to make ends meet, it could be just the amount that gets them from one month to the next.

It’s not unusual for free checking accounts to have some type of requirement that typically includes an average daily balance amount and/or consistent direct deposits made into the account, which could also be tied to a minimum direct deposit amount per month as in Bank of America’s case.

But many financial institutions still offer a true free checking account option including credit unions that are member owned and are, perhaps, known for offering lower rates and charging little to no fees because they don’t have to satisfy shareholders or Wall Street.

CDC Federal Credit Union offers “Simply Checking,” a no fee option that is simply that, a free checking account. So if you’re looking for a free checking account, don’t give up. CDC Federal Credit Union is here and ready to serve you!

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