New Bank Fees? No Problem. You Can Still Get Free Checking

Look for the loopholes and don't get charged for accessing your own money

Warning: getimagesize(): Filename cannot be empty in /home/blackenterprise/public_html/wp-content/themes/blackenterprise/single-standard.php on line 35

You might see a new addition to your checking account in a few weeks. No, it’s not more money–expect to see new fees. Many banks are raising existing fees or adding new fees to accounts. This is partly because financial institutions are seeking new revenue. Extending credit to high-risk consumers (for example, those with bad credit or no credit) backfired. Over time, many of these consumers were unable to pay back their loans. Consequently, banks lost a lot of money. In addition, the CARD Act, which made changes to protect consumers, hampered card issuers’ opportunities to make money from their customers. For example, a credit card company is not allowed to offer a low introductory rate and then  increase the rate a few months later. An introductory rate (also known as a “teaser” rate) must remain the same for one year (however, certain exceptions to this rule apply).

The introduction of new fees is a way for credit card companies and banks to make money that they lost as a result of credit card reform and widespread credit defaults. Bank of America says it will start charging fees ranging from $6 to $25 a month. And Chase plans to place new customers in its Total Checking account, which requires a monthly maintenance fee of $12. Even though big banks like Chase, Citibank, and Bank of America are introducing new fees, there are ways for you to still enjoy free checking.

  • Look for exceptions. Some bank fees can be avoided if you follow their rules. For example, many will waive the fee if you meet a minimum deposit level. Visit your bank’s website for a list of their exceptions.
  • Ask for a waiver. In addition to maintenance fees, some banks are charging fees for inactivity. If you’ve been a long-time customer, some banks will honor a request for the fee to be reversed.
  • Join a credit union. In a recent study,  personal finance Website Bankrate found that 39 of the 50 largest credit unions offer free checking.


Sheiresa Ngo is the multimedia content producer for consumer affairs at Black Enterprise.


Be sure to also read…

  • Mike

    JP Morgan/ Chase. BOA et al;
    they all are terrible get a community bank or go credit union I had a loan at Chase, went to Money One Federal credit union Largo Maryland through Credit ( a real free service for consumers )
    Chase writes all B and C auto loan paper even with explanations, and mistakes they made to your account. They also are every happy to crush your 700 FICO Score to a low 600.
    Once I go into the I save 50% off my interest rate! You can do it too.
    Just have all your ducks correct or get them fixed to prove your right and the bank or creditor
    was wrong again.

    Shop online for auto loans, based on credit score first. before you let the dealer
    give you the heave ho

    If this was helpful pass it along I save $1400 in my pocket
    you can too

  • Mike
  • Marisa

    It’s such a shame that banks are now charging even more. I understand they have been losing money due to unpaid loans, but most consumers have been losing money to loan interest that can get cumulative and credit card debts. Every bank client should try the methods you mentioned to avoid being over charged. It is very unfair.