Your Bank Took Away Free Checking. Now What?

Author: Rachel Slifka / Source: Wise Bread

You are a financially responsible adult who has been a loyal customer of the same bank for years. Now you find that you’ve been hit with a random checking account fee. What gives?

If you’re like most people, you keep enough in your checking account to pay the bills, but you don’t store your life savings there.

Unfortunately for you, many big banks are changing how they do things. Checking accounts that used to be free are now being charged a monthly service fee if they don’t meet certain criteria, like minimum balance and direct deposit amounts per month.

So what are your options? If you’ve been hit with a monthly checking account fee, here are some things you can do. (See also: 5 Signs It’s Time to Find a New Bank)

Ask your bank for an explanation

If you’re finding new fees being tacked onto your bank account statement, you will want to go directly to your bank. Ask them what the fees are and how you can avoid them. If you’ve been a longtime customer, you may even have leverage to have these fees waived. In any case, find out what is required to avoid these fees altogether in the future.

At the very least, your bank should be helpful in working with you…

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