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When personal finance blogger Allan Liwanag was establishing his career and living paycheck to paycheck, he often had just enough money to cover his expenses each month. Then he ran into an issue with an old checking account that caused him some major grief.

鈥淚 forgot to account for the $15 monthly fee that the bank would charge,鈥� Liwanag says. 鈥淪o, I was short covering my rent. It was a stressful situation because I didn鈥檛 know at first if the bank would process the payment for the rent or not.鈥� The bank ultimately covered it, but Liwanag got charged $35 for an insufficient funds fee鈥攐n top of the original monthly fee.

Liwanag, who now runs a consumer money-saving website, learned a lot from that experience. The main point being, checking accounts can rack up fees鈥攅ven for standard activity. As Liwanag learned, fees could eat away at the funds in your checking account, which may become problematic when it鈥檚 time to pay bills or take care of other expenses.

What you may not know is that there are no-fee checking account options without the hassle of common fees.聽pp电子官网^庐Cashback Debit, a no-fee checking account, for instance, doesn鈥檛 charge any account fees.聽It also offers no-fee checking without an opening deposit requirement, which is especially beneficial if you鈥檙e starting with a small balance or plan to make big withdrawals or transfers.

So, you might be thinking right about now, 鈥淲hat are the benefits of a no-fee checking account?鈥� To answer that question, it鈥檚 important to understand what types of fees you may be racking up and how you can make the most of a no-fee account. Let鈥檚 get to it.

Your most common checking account fees

Checking account fees can become a trap you may not realize you鈥檝e fallen into until it鈥檚 too late. It鈥檚 possible to be charged fees just for keeping your account open or for services or features you may have assumed came standard with the account. Being charged a fee doesn鈥檛 necessarily mean you鈥檝e done anything wrong, but it鈥檚 a hassle you can avoid with the proper research.

But if you want to avoid checking account fees, you鈥檝e got to know what they are. Here are some of the most common fees you could be paying: 

• Monthly fees to maintain or service your account
• Overdraft or insufficient funds fees
• ATM fees
• Fees to order books of checks
• Online bill pay fees
• Stop payment fees
• Replacement debit card fees

Not sure which checking account fees you鈥檙e dishing out? Contact your bank or visit its website to get a copy of your deposit account agreement. This document usually has a list of fees related to your checking account that may apply to you.

Another good tipoff: 鈥淚f you see monthly, quarterly, or annual fees broken out on your monthly bank statement, you鈥檒l know whether your account is truly no-fee,鈥� says CPA and financial analyst Riley Adams, who founded a website with strategies for financial independence.

It鈥檚 important to review your statements regularly to identify which fees you are being charged and to determine how that鈥檚 impacting your budget.

3 benefits of a no-fee checking account

Now that you鈥檝e identified the many possible checking account fees you could be charged, you鈥檒l find that the benefits of a no-fee checking account go beyond just freeing up some cash in your budget. In addition to the features you鈥檙e used to with a regular checking account, a checking account with no fees gives you a financial edge in the following ways:

1. More money for your financial goals. 鈥淗aving a no-fee checking account can help you get ahead financially,鈥� Adams says. 鈥淚nstead of paying monthly service fees and even overdraft fees, you can apply that money toward your own financial goals.鈥� The money you save on fees could be used to pay down debt, boost a savings account, or help fund an education, business venture or vacation.
2. Flexibility. A checking account with no fees allows you to bank on your terms. If you鈥檙e just starting out, one of the benefits of a no-fee checking account is that you have the flexibility to fund the account with whatever amount makes sense for you. Need to make a big transfer from checking to savings? No problem, since you won鈥檛 have to worry about dipping below a minimum balance threshold. You can even go on your merry way using ATMs in your bank鈥檚 network without being restricted by fees, and if you accidentally overdraw, your no-fee account鈥檚 flexibility may save you the stress of a ding for insufficient funds.
3. No surprises. 鈥淪hould I get a no-fee checking account?鈥� was an easy question to answer for Liwanag, because he knows exactly what to expect with one. 鈥淎 plus of no-fee accounts is that you can rest assured that unaccounted-for or surprise fees will not kick you into overdraft,鈥� Liwanag says. (In other words, less stress.)

Manage your finances with multiple no-fee accounts

There are also ways that no-fee checking accounts can help you better manage your income and expenses, in case you鈥檙e still wondering, 鈥淪hould I get a no-fee checking account?鈥�

Liwanag had no problem answering that question: 鈥淚 have four,鈥� he says, 鈥渨hich I use for easily tracking specific budget categories or expenses.鈥�

As he explains, it can be easier to track expenses when money for different priorities, such as his emergency fund or that much-needed vacation, is bucketed into different no-fee checking accounts. Because he may be charged fees for excessive withdrawals from a savings account, Liwanag uses his no-fee checking accounts to manage the money he鈥檒l need to access frequently for specific purposes.

The best part: Maintaining multiple checking accounts doesn鈥檛 cost him extra since a benefit of no-fee checking accounts means fees aren鈥檛 in the equation, he says. Some banks do have limits on how many checking accounts you can open, so be sure to consider this if you鈥檙e using a multiple-account strategy like Liwanag.

Keeping your expenses organized is a pretty big motivator; so, if you鈥檝e answered 鈥測es鈥� to the question, 鈥淪hould I get a no-fee checking account?鈥�, the next step is knowing how to choose one.

Find the best checking account with no fees for your needs

Although the benefits of a no-fee checking account are key, don鈥檛 forget to consider other checking account features that match your lifestyle. If customer service is your deal breaker, make sure the bank offers it around the clock and that it鈥檚 recognized for being top-notch. If you鈥檙e always on the go and your phone is right there with you, mobile features and mobile check deposit may be on the top of your list. If you鈥檙e regularly withdrawing cash, evaluate the bank鈥檚 network of no-fee ATMs and see if an ATM locator is offered to make tracking them down a breeze.

If the benefits of a no-fee checking account are top of mind, you may also want to consider the benefits of a聽rewards checking account. For example, pp电子官网鈥檚 Cashback Debit even offers 1% cash back on up to $3,000 in debit card purchases each month.¹聽So on top of a no-fees savings strategy to meet your goals, you could also earn up to $360 a year. (Vacation, here we come!)

Start on your path to smart checking

Clearly, the advantages of a checking account with no fees are numerous. Just be sure to do your research, then compare your findings carefully. The no-fee checking account you choose should ultimately help you reach your personal financial goals. You may find that saving on fees might be one of the key remedies as you deal with financial stress.  

¹ See Deposit Account Agreement for details on transaction eligibility, limitations, and terms.

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