When it comes to your bank account, the two things that you probably care about the most are the balance…and how much is coming out of it. Usually, the ability to have an account with a said bank is a privilege. Although most of us consider it a right. And like the saying goes …” nothing in life is free”.
You see, it’s a bank’s job to increase its profit margins. They accomplish that by charging interest on loans, an assortment of products, and fees…many of them. Overdraft fees are the most significant ones when it comes to day-to-day transactions. It’s what makes a Caramel Machiatto one of the most expensive morning drinks at $42 bucks a pop. But what if I told you that you no longer have to be shackled to those fees anymore? Here are five banks that have gotten on board.
Ally, an extremely popular online bank brands itself on being the friend that you can count on. To show their commitment they decided to cancel their overdraft fees. That’s right. As of last summer, anyone who banked with them had their overdraft fees get refunded….and vanish into thin air. For new customers, not only do you get the same perks…but if you sign up for a savings account you will earn a 0.50% APY (annual percentage yield).
Chime is a relatively new bank in the fintech space. They were also one of the first banks to “spot you” up to $200 penalty-free until your next paycheck. So if you need a little extra cash they’ve got you covered. Right now you can also receive an APY of 0.50% when you open a savings account. And their early direct deposit program is worth checking out too.
Varo Money is a neo bank that is changing the way consumers do business. Through their Varo Advance you can qualify for cash anytime you need it. It’s like having an interest fee loan wrapped into your checking account. They also give you 15% cashback on purchases from the brands you already love.
Schwab initially focused on the retirement and investment community. But did you know that they also offer services such as a high yield checking account with a debit card and no overdraft fees? You can also hook the card to your savings account for a temporary line of credit. If you’re interested in opening one of their brokerage accounts, such as an IRA, you can receive an extra $500 bonus deposit.
At Fidelity, you can skip the overdraft fee line altogether. If you try to make a purchase and it isn’t covered, then they will literally just decline it for you. No hassle, No worries. And if you happen to be a previous customer then your overdraft protection is also fee-free.