How to Find a Free Checking Account with no Deposit
Finding a free checking account with no deposit requirements can be difficult, especially if you have past issues with bank accounts. However, you have several options if you are looking for just such an account.
Types of Free Checking Accounts Available
You can find accounts that offer you the benefits of a checking account, such as direct deposit and a debit card, but without the ability to write paper checks. With most of them, however, you can log in to your account and pay bills online. They will then mail the checks out in your name. You must, of course, have funds available in your account, so you cannot have a check mailed today in anticipation of a direct deposit arriving tomorrow. If you choose this type of account, look for one that does not charge for each debit card transaction or online bill payment. When opening one of these accounts, you have from 30 to 60 days, depending on the institution’s policies, to fund it, which gives you ample time to establish your direct deposit.
Some traditional banks will offer second chance bank accounts for those with past credit problems. You can find them by searching online or calling local banks in your area. Some banks that do not require you to make an initial deposit will, however, require that you maintain a minimum balance to avoid monthly service fees. Typically, you have 30 days to fund the account and, if applicable, establish your minimum balance. These accounts sometimes allow you to write checks, but not all of them offer this option.
How to Locate Free Checking Accounts Online
You can search by terms such as “free checking no deposit” or any combination of words that apply to the type of account you are seeking. The results will be a mix of individual banks’ websites, information portals, and services that will match you with a bank for a fee. Visit the ones that seem the most likely to be beneficial for your particular situation.
Exercise caution when dealing with services that offer to find a bank account for you. Their fees can range from a few dollars to more than a hundred. If you decide to use their services, look for one that guarantees to get you the bank account type you want. Many will only refund your fee if they cannot find an account, and there is no guarantee that they will locate one that meets your needs.
Points to Address before Opening an Account
If you are looking for a free checking account with no deposit, make sure that you are actually being offered an account matching that description. Many accounts claiming to meet those conditions actually have hidden fees. For example, a monthly service charge may apply if you do not sign up for direct deposit or if your balance drops too low. Or they may charge you for each transaction. Such fees are usually quite small, but they mean that the account is not truly free.
If a debit card is included with the account, make sure that you do not have to pay a surcharge to use it. Many institutions charge fifty cents to a dollar per transaction. These fees can add up quickly. If you use your card just once a day, your “free” account is costing you fifteen to thirty dollars a month.
If paper checks are not allowed, look for an account that offers online bill paying at no cost. This is actually not a bad way to handle your finances, and many people with excellent credit utilize the service as a more convenient way to pay bills. It takes a few minutes to set up your payments, but most accounts offer you the ability to save your information so you only have to set it up once.
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