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Free checking

Free checking is a service offered by banks on certain accounts. Most banks charge fees for their services. A bank may charge $0.10 to $0.50 for each check processed.

Expanded Definition

Other common bank fees include ATM fees, inactivity fee, and overdraft fee. Alternatively, some banks require a minimum account balance. Some banks also pay interest at money market rates on checking account balances. Bank of America offers no commission on stock market trades for a minimum balance.

Free checking is sometimes offered to certain groups of customers such a senior citizens or students. The account may require a minimum balance.

In selecting a bank and a checking account, customers should consider the services they will use, and the costs of those services. If a minimum account balance is required, consider the interest which could be earned on that money as part of the cost.

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