Free Online Checking Accounts

Banks with Free Checking to Save You Cash!

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Free Online Checking Accounts - Banks with Free Checking to Save You Cash!

free online checking accounts
Free online checking accounts are fast becoming a viable alternative to low interest rates at local offline banks.

Regardless, make sure your frugal stay at home mom ways shine through as you find banks with free checking to save you some money.

Saving money...it's always a good idea! But when you are a stay at home mom already stretching your spending dollar by using coupons and making good financial decisions for your family, what else can you do?

Winning the lottery probably isn't likely and chances are Oprah won't be sending you a check any time soon.

Take heart, friends.

There are lots of other options available!

Start by looking at how your bank does business and learning about free online checking accounts.

How Banks Make Money

Banks are a business, plain and simple, but how do banks with free checking accounts make money? It's free right? So what is in it for them? Plenty!

Banks make their money by charging fees for various services such as overdraft protection.

If you have a purchase going through the bank, but don't have enough money to process it, the bank will charge you a fee. As a stay at home mom, you probably have your finances in immaculate shape and every penny in the bank accounted for.

However, accounting mistakes happen from time to time, and if you've made several of them, it may be that there are several transactions all waiting to go through at your bank but there isn't enough money in the account to cover them. For every transaction like that, you'd be charged an overdraft fee.

Most financial institutions, including banks with free checking, have a "high-low" processing strategy. Imagine that you have a check for $300 waiting to process, along with 4 smaller checks of around $20. You might have enough money to cover the smaller checks, which means the $300 one will be charged an overdraft fee.


That would seem to indicate you'd only have to pay one fee, right?

Actually, most banks will process the higher charge first and then charge you an overdraft fee on each smaller check that doesn't go through. Now they've made a lot more money off of you, and you've put yourself deeper in the red.

Of course, the best course of action is to keep careful track of your records and avoid overdrafts altogether. There are a few other things you can do though. Decline the option to have courtesy overdraft.

You can also link your credit card or savings account to your checking and have that cover any unfortunate overdrafts. Another option would be paying for every day purchases with cash, thus avoiding any chance at loosing control over your spending account.

Free Online Checking Accounts

There are lots of great reasons to use free online checking accounts. Besides being free, you can pay your bills online and move money back and forth to various banks. It also allows you to take advantage of competitive interest rates by moving money from checking to a high interest savings quickly. Online banks typically have much higher interest rates for savings than local brick and mortar banks.

As with anything there can be drawbacks to free online checking accounts, too. If you are used to walking into your branch of your bank and depositing your money, this may not be the way to go. Most of the online banks with free checking accounts don't have lots of branches all over the country.

Customer service is another drawback. If there is a problem, you may be on the phone for long periods of time trying to resolve it. Some online accounts can be slow to process your money, and it's not like you can get a cashier's check from them if you are in a bind. Weigh of all these things when looking at banks offering free online checking accounts.

Two big banks that offer online checking are HSBC and ING. With great options for online bill paying, ATM access, debit cards, and minimum fees, these banks are worth learning more about. ING offers free online checking accounts, while HSBC has one that is free as long as you have direct deposit.

So how can online banking save you money? Besides being free, the option to pay bills online can be a big money saver! In addition to saving money on stamps, banks with free checking and online bill paying help you keep better track of bills.

Thus bills get paid on time, gather no late charges, and don't cause overdraft fees on your checking account. For the stay at home mom interested in saving money and keeping her family in the black financially, free online checking accounts are the way to go!
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