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Looking to open a business checking acct, that does not have a monthly fee, and has no min. monthly balance requirement. It seems as tho I am chasing a unicorn... anyone know of anything? Not really looking to do the online bank thing...
Credit union.
I had my business account at DCU.org for 24 years.
Ditto. I do not bank at any banks, only credit unions. The banks are always changing the rules or ownership, suddenly one day without notice your bank has new signs and a different name. It doesn't inspire confidence or loyalty.
Location: East of Seattle since 1992, 615' Elevation, Zone 8b - originally from SF Bay Area
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Quote:
Originally Posted by davebarnes
Credit union.
I had my business account at DCU.org for 24 years.
Yes, credit unions, like the two where we have accounts not only don't have maintenance fees or minimums, but they pay interest on both checking and savings deposits. We split ours between the 4 accounts so that if one gets hacked we don't lose it all. Our current interest rates are:
Example:
Checking: 4.07% on the first $500, after that .1%
Savings 6.17% on the first $500, after that .5%
Some CUs have fees. Mine charges $1.00 per month, per checking account. Pretty minimal, but technically not free.
The only fee charged by my CU is $3 for a cashier check, which I do 1-2x a month. No big deal. Once I was getting a check made out to the US Treasury (income tax) and they waived the fee as a courtesy. LOL!
Yes, credit unions, like the two where we have accounts not only don't have maintenance fees or minimums, but they pay interest on both checking and savings deposits. We split ours between the 4 accounts so that if one gets hacked we don't lose it all. Our current interest rates are:
Example:
Checking: 4.07% on the first $500, after that .1%
Savings 6.17% on the first $500, after that .5%
With those terms, it makes zero sense to keep anymore than $500 in each acct.
I've had my money w/ Bank of America for decades, they had no minimum balance requirement when I opened the account and have honored it to this day. I'm almost positive that one can find a bank that has what the op wants, the only restriction being that you have a direct deposit setup. It may be only for things like Social Security and the like, I never checked into that. Try the Motley Fool, they may offer some help on this.
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