| Free checking can stand out as a huge benefit for | | | | money out of the ATM or at a store utilizing |
| those looking for a place to store their money, but | | | | penalty-free cash back withdrawals. |
| there are also some aspects of these accounts that | | | | The Cons |
| can be a little less appealing. The trick to deciding | | | | - Monthly automatic activity often required. One way |
| whether one is right for you is holding up your goals | | | | that financial institutions make sure that they benefit |
| against its pros and cons. This way, you'll have a | | | | from offering you free checking is by becoming |
| better shot of making the best decision for your | | | | actively involved with your money. So some require |
| money. | | | | that you either have money directly deposited or |
| The Pros | | | | withdrawn every month. If you don't participate, either |
| - Checks are free. Probably one of the most obvious | | | | you can't open the account, or fees will magically |
| perks of free checking is the fact that you don't have | | | | appear. |
| to pay a dime to write checks once you open an | | | | - High overdraft charges may take your money. When |
| account. For those looking to get started in banking, this | | | | you open an account like this, it is likely that you will |
| is a great way to do it, especially for those looking to | | | | pay royally for falling below the generous minimum $0 |
| build up a good rapport in the credit world. | | | | balance. Some fees can be as high as $25 per |
| - Low minimum amount to start. Typically, with free | | | | overdraft with an additional $5 charge each day that |
| checking, you can open an account with as little as | | | | your balance in the negative. This can add up quickly if |
| $50. Again, this is great for the young person who | | | | you went on a debit card shopping spree not knowing |
| wants to build up credit but doesn't have much up-front | | | | that your paycheck didn't clear. |
| money to do so. | | | | Free checking can definitely benefit those who read all |
| - Free debit card. Debit cards are all the rage in the | | | | of the fine print when they open an account. So if you |
| banking world because they offer the benefits of cash | | | | think this is the road you would like to take, make sure |
| with some of the added perks of a credit card. When | | | | you do the same to avoid spending more money with |
| you open an account with most financial institutions, | | | | the bank than with a retailer. |
| they will give you a free debit card to easily pull your | | | | |