Starting in July, new rules will make it harder for banks to charge overdraft fees on checking accounts. To make up for what they’re sure to lose with these lucrative fees, banks are doing away with something customers have come to take for granted in the last 20 years — free checking.

Starting in July, new rules will make it harder for banks to charge overdraft fees on checking accounts. To make up for what they’re sure to lose with these lucrative fees, banks are doing away with something customers have come to take for granted in the last 20 years — free checking.
Personal finance blogger Jeffrey Strain of SavingAdvice.com has these tips for customers looking to skirt those new fees.
Shop for a new bank. Even though you might not be able to find another bank that offers free checking, you might find one that will give you new services, such as consultations with a financial adviser, in exchange for the account fee.
Move from a “big” bank to a local credit union. Credit unions generally give you more favorable treatment. Plus, they weren’t making big bucks off overdraft fees and likely will continue free checking if they’ve offered it.
Negotiate a free checking account with your current bank. “If you have been a longtime customer, you have a decent amount in the bank, or you have several accounts with the bank, you have some leverage to negotiate to have the bank waive the fee since they should not want you to leave,” Strain said. The downside to this strategy is you may find yourself renegotiating every year.­­­­­­­­­­­
GateHouse News Service