What is Foolsaurus?

It's a glossary of investing terms edited and maintained by our analysts, writers and YOU, our Foolish community. Get Started Now!


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.

Contents

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.

Related Fool Articles

Related Terms

Recent Mentions on Fool.com

Advertisement