When talking to friends, family or professional colleagues, one of the biggest complaints I hear is “I don’t have any cash on me”. We can be out to lunch, about to pay the bill and the “breaking news” comes up during the “who’s got the check” dance.
Not having cash sometimes leads to not being able to use one’s debit card, either. Depending on a person’s finances (and their ability to balance their checkbook), swiping that little card can be as dangerous as walking in a field full of landmines. The harsh reality is that most of us are just one transaction away from going into the red and getting smacked with Non-Sufficient Fund (NSF) fees.
While it’s true that people are getting hit with more NSF fees than they’d care to admit, there exists another viable option to prevent such unfortunate cash crises.
The 2014 Checking Account Survey of major banks in the top 25 U.S.cities found that the median NSF fees for checking accounts was 33.00.
That may not seem like much on its head, but for the everyday person struggling to get by financially, that $33.00 can be devastating—especially when the account holder cannot afford to pay.
But there’s another option.
Just as we have the option to explore alternative medicine compared to going to the medical doctor and taking a pill, there also exists an alternative banking universe few people really know about.
We know all about this parallel banking universe—and we want you to know, too.
This universe is filled with local and regional banks in your area. As we talked about in our Big Banks vs small banks article, you often walk by a reputable local bank on your way to work every morning without even knowing it.
Local banks are similar to farmer’s markets. They have quality products but lack the glamour and glitz of the Wall Street behemoths. With society in the throes of globalization, globalized banks seem safer and more convenient being they are backed by FDIC funds. Check out our blog for other articles on bank safety, FDIC legitimacy and related topics.
What many people don’t know is that their big bank is playing musical chairs with their account transactions, clearing smaller amounts first and larger sums later. When the account holder neglects to correctly balance his or her checkbook, this sets the stage for the account to dip below zero and activate those nasty NSF fees.
Once you find a local free checking account that doesn’t manipulate your transactions, you’ll be able to focus your energies on financial planning and keeping an eye on your account balance to make sure transactions are clearing as planned.
To learn more about us or find a local bank with free checking accounts, visit our HOME PAGE today.