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How do I Open a Free Bank Account With No Deposit Fee?

Free checking accounts are fee-free checking accounts offered by some banks. They allow customers to store money and engage in transactions without any monthly fees, deposit fees or minimum balances. Some banks require a minimum deposit to open a free checking account, but after the initial deposit the customer can keep the balance as high or low as he wants. Locating a bank that offers a free checking account is simple.

Instructions

    Open your computer’s web browser and visit the websites of the local banks in your area. The website will tell you if the bank offers free checking accounts. Read the fine print on the website to make sure there are no deposit fees or monthly maintenance fees.

  1. Visit the websites of credit unions in your area. Most credit unions offer free checking accounts without deposit fees. Credit unions are banks that are more community-focused than regular commercial banks. If you don’t want to use a physical bank, you can investigate e-banks, which have no branches.
  2. Visit the branch of the bank you select. Bring a check or cash for your minimum deposit, your picture ID and your Social Security card in case the bank needs secondary identification.

  3. Tell the teller you want to open a free checking account. Provide the teller with your deposit and the identification. Sign any forms the teller gives you, but be sure to read everything first. Some banks will take your picture to put on your debit card. Ask the teller to confirm your balance so you can be sure no deposit fee was deducted without your knowledge.

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Category: Bank Account

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