![]() Credit unions often offer free checking accounts, and their other services, while not free, are inexpensive. Their disadvantage is that they rely on call centers where it’s more difficult to resolve problems than with traditional walk-in banks.Īnother way to reduce banking costs is to bank with a nonprofit credit union. These banks offer low-cost banking and often pay higher interest rates on savings. The move toward express checking accounts gained momentum with the upsurge in online banks that don’t have brick-and-mortar branches. Their services are designed so that virtually all banking can be performed remotely or at bank ATMS, allowing banks to cut back on costs. Instead, those banks offer checking accounts that carry minimal fees as long as customers stick to using ATMs and telephone banking and access their accounts online. Examples include excessive fees for using bank tellers, service charges for printing statements and high ATM fees.Ī number of banks recognized that less wealthy customers cannot afford these costs. Customers who avail themselves of these services often are charged high fees intended to recoup the cost of service. Traditional banking services are becoming increasingly expensive. These bank accounts are ideal for customers who like to use ATMs, access their accounts online and have limited need to make use of tellers and other high-cost banking services. What to do when you lose your 401(k) matchĪn express account is a generic name given to a no-frills, low-cost checking account. Should you accept an early retirement offer? How much should you contribute to your 401(k)? ![]()
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