Having a bank account is commonplace for most people in America, and for good reason: banking institutions offer more than secure storage of funds, credit cards, and loans. Many also provide myriad other resources absolutely without cost, resources that many consumers might not even be aware of.
In many cases, your bank is the primary financial resource that you may first engage with to acquire knowledge on financial management. Opening a checking account at a majority of these banks is free, and as long as you maintain it diligently, you can avail a lot of the free resources that the bank offers.
1. EXCHANGE YOUR CASH
With the shifting economy, getting your bills broken down into smaller denominations could be a difficult task. However, remember that you still retain the right to use cash and have your bills broken down. This practice can even serve as a practical strategy for budgeting, helping to minimize spending and evade debt. Most banks will provide smaller denominations at no cost. Therefore, if you handle cash frequently, it’d be wise to choose a well-known bank with several branches near your location for easy access.
2. OPENING ACCOUNT BONUSES
Another benefit is earning free money when you open a bank account. Some banks offer bonuses to new account holders, with the possibility of earning hundreds of dollars simply by opening a checking or savings account. But there are some conditions you need to adhere to. You might have to deposit a certain amount for a minimum period of 90 days or establish a direct deposit. Make sure you understand the specific conditions to make the most of these sign-up bonuses.
3. STOP PAYMENT FEE WAIVERS
Some banks will waive the stop payment fee as a courtesy. The practice varies depending on the bank, but it’s a common freebie among banking offerings today. Knowing when to use a stop payment can be beneficial. If you encounter a dubious transaction or if a payment is processed prematurely, report it to customer service immediately.
4. NOTARY SERVICES
Banks are a common place to access notary services required to authenticate legal documents. Some banks provide this as a free service. It’s always smart to check with the bank before visiting to ensure a notary will be available.
5. ATM FEE WAIVERS
Despite the increasing popularity of electronic and digital payments, ATMs are still crucial for those needing cash. According to a 2019 study by CNBC, some banks offer ATM fee waivers, which can be beneficial for cash users.
6. CHECKS
While digital methods have become increasingly popular today, checks remain a useful option. Some banks provide checks for free, which can still be very useful, especially for those with limited internet access or the elderly.
7. FRAUD PROTECTION
Despite efforts to prevent fraud, it continues to be a challenge. Banks offer numerous free resources to help protect against fraudulent activity including fraud alerts and safety measures like special passwords and two-factor authentication.
To reap benefits from these free financial resources, finding a bank that aligns well with your needs will be beneficial. Bear in mind that while certain benefits may be standard, offering them may depend on individual bank policies. It’s important to discuss these offerings with your bank for full clarity.
Did we miss any other free banking resources?
