Over the last 24 months, you may have noticed interest rates from banks continuing to plummet. You may have also noticed that those very same banks are scrambling to find new ways to collect fees from it’s customers. Well, it would appear that a large majority of previously “free” online checking accounts will be no more by the end of 2011 as most US banks will be charging for use of a checking account.
For some, this might not be news as Citibank was the first major bank to issue checking account fees on previously free accounts. In February, Chase will be following suit as they will charge $12 to all new customers for their Total Checking account and by the end of the year, Bank of America will be charging between $8.95 and $25.00 per month, depending on which type of account you have. All of these changes beg the question “Do you really need a checking account.”
And the answer is still a resounding YES. Attempting to pay your bills and manage your finances without a checking account is a headache that most people cannot handle and personally, I don’t know what I would do without mine. Simply because most accounts are now charging fees does not mean you cannot find accounts that are free and if you inquire, you’ll find that banks like Chase, Citibank and Bank of America also have checking accounts that do not charge fees. Even if you find yourself straddled with a small monthly checking account fee, this just might be one of those necessary fee’s you need to pay in order to keep your finances in check.
Here are our top picks for Best Money Articles of the week.
Crunching the Costs of New Years Resolutions @ The Street: Depending on what your New Year’s resolution is, you might find that sticking to it for an entire year can be costly. Make sure you crunch the numbers before deciding on a plan of action.
Woman Faces Year In Prison For Trying To Return Lost Wallet On Her Own @ The Consumerist: No matter what, don’t let this story scare you away from helping others. Makes you wonder how much money is wasted each year in useless prosecution.
How To Save Money on Student Health Insurance @ Studenomics: Once I left my parents home, I’ve never had health insurance and thankfully, never had any health problems (That I know of). If you’re not fortunate enough to be covered under your parents policy while in school, look into purchasing your own health insurance.
And this past week, we participated in the following Carnivals :