Free Checking Account: FAQs For Prospective Account Openers

Checking accounts are a valuable thing to have to receive your paychecks and avoid having to carry around physical money. Thankfully, the majority of banks do offer some type of free checking, and these accounts can be super easy to open and use. If you are considering opening a free checking account, there are a few things that you probably want to know before you look for the right bank.

Can you use a free checking account for business purposes?

It is not common for people to use a free checking account for business purposes, but there are good reasons why that is the case. Many free accounts come along with limitations on how many withdrawals can be made per month or how many checks can be written. For a business operation, there can be multiple deposits, withdrawals, and other transactions monthly, so the bank may require that you get a business account. 

Will you still have overdraft fees with a free checking account?

A free checking account will likely have overdraft fees just the same as any other account. If you write a check and there are no funds in the account to cover the charge, you will be charged a certain fee that is determined by the banking institution. 

Can you get a debit card with a free checking account?

The majority of modern-day checking accounts do allow you to get a debit card to use instead of checks. In the modern world, it is far more logical and common to simply use a card instead of having to write a check since most checks are now processed right away anyway. Even free checking accounts usually offer this feature. 

Do you have to deposit a certain amount of money every month?

If the checking account is advertised as being free, you will likely not be expected to deposit a certain amount of money every month. There are certain types of checking accounts that will charge you a monthly service fee if you do not maintain a certain balance or make a certain number of deposits. Just make sure you ask to be certain when you open an account with any certain establishment what the policy is. Keep in mind that you will be required to make a deposit of a certain amount when you open the account, however. But this money can usually be withdrawn soon after the deposit is made.