banks

10+ Banking Solutions Without Fees or Minimum Balance Requirements

Personal Finance, Reference /

Checking accounts aren’t always cheap or easy to use, despite their importance. We’ve compiled a quick list of popular solutions. Americans lose billions every year through monthly maintenance fees, overdraft fees, or miscellaneous charges. Banks are starting to eliminate or reduce fees yet it can still add up. The Consumer Financial Protection Bureau (CFPB) reported a couple of months ago that “Banks continue to rely heavily on overdraft and non-sufficient funds (NSF) revenue, which reached an estimated $15.47 billion in 2019.” The middle class and lower class are losing out on opportunities. The FDIC says that over 7 million American adults don’t have a bank account. The most-cited reason why: because they can’t afford minimum balance requirements.

The below list has some no-fee options, which can help you avoid the worst outcomes; these accounts don’t require minimum balances either. Some are banks while others are fintechs (financial technology companies) who partner with banks. Note that this isn’t a top 10; it’s a somewhat subjective list, which may change in the future. The below options are in alphabetical order and we don’t recommend or endorse any specific product(s) here. Also be sure to opt out of “overdraft protection” when opening an account, if the option pops up during registration.

And check your local area for alternatives to big banks. Smaller credit unions typically don’t have big fees. This can save a lot of money in the long run.

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Anti-Churning Rules and Chase 5/24 Explained

Reference /

“Churners” seek sign-up bonuses and other rewards by opening lots of credit cards. In most cases, they’re legitimate customers who want extra cash back or free travel. A lot of credit cards offer great rewards and bonuses. As people become more educated about credit cards (CCs) some inevitably want to maximize (or abuse) the system, despite risks to their credit scores.

As a result, banks have implemented rules (sometimes unofficially) to deter churners. They naturally aim for a positive ROI on customers. Here’s a compilation of the most important things to keep in mind. Keep in mind that this isn’t a comprehensive list of all rules/guidelines, and things are subject to change.

As a side note, some banks might shut you down if you go too hard and fast. They can take away points or close your cards. We recommend applying for 1 new card every 3-4 months, to start. If you have higher risk tolerance, maybe apply for a new card every 2-3 months, once your credit history is pretty well-established. Don’t go overboard. Start with credit cards that you’re likely to use on a regular basis, and pay your balance in full every month.

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