Checking account deals for September 2011

Banks are always after making money. That’s how they do business. As a result, most people get frustrated and would rather keep their money under their mattresses. While it is very unlikely for someone with the right mind to keep money under ones’ mattress, it could happen with how things are going in the banking industry these days. Just recently, SunTrust Bank notified clients of their upcoming changes to their clients’ accounts. While most banks are giving away bonuses for opening a checking account with them, some banks are up to charging maintenance fees for keeping checking accounts with them.

For example, starting November 10, 2011, SunTrust Free Checking Account will now become Everyday Checking unless you contact them before the date set to make another selection of checking account, which also charges maintenance fees. The Everyday Checking will include the same convenient account features that a client currently enjoys, but the client will be slapped with a $7.00 monthly maintenance fee unless you maintain a $500 minimum daily collected balance OR you sign up for a direct deposit. There is also an additional $5.00 monthly fee for unlimited Check Card purchases.

If you are not happy with how things are going with your current bank, what would you do? There are banks who are enticing customers to shift with them by offering bonuses. See for example below:

1. PNC Bank is giving away cash bonus of $100 when you open a select Virtual Wallet product from PNC.
2. M&T Bank offers $100 bonus for opening a select checking account with direct deposit.
3. Citibank offers up to $400 in gift cards when you open an eligible Citibank checking account by October 31, 2011. You must, however, enroll the new checking account with Citi ThankYou Rewards. In addition, within 45 days of account opening, you must initiate one direct deposit and complete one electronic bill payment for two consecutive months.
4. ING Direct offers $50 bonus when you open an ING Direct Checking.
5. Perkstreet  Financial is offering $600 just by putting their platinum debit card in your wallet. Also, there is 5% cash back on home purchases.
6. Bank of America is offering $200 in statement credits when you open a Bank of America checking account. You will get the $100 for setting up a direct deposit within three (3) months and $20 for six (6) months for paying your Bank of America credit card online from your new Bank of America checking account.
7. Chase is offering $125 when you open a Chase total checking account. All you need to do is deposit at least $100 when you open the checking account then set up a direct deposit. This offer ends October 7, 2011.

If you would like to avoid monthly maintenance fees, the banks below offer a totally free checking:

1. BB&T Bright Banking checking account offers you three (3) easy ways to avoid maintenance fees.  One is you must make a direct deposit of $100 or more. Two, you must maintain a minimum balance in your BB&T account and three, carry a BB&T personal mortgage outstanding balance.
2. M&T Bank offers M&T Totally Free Checking with plenty of benefits that includes no minimum service charge, no minimum balance, free M&T web banking, free M&T web bill pay, free M&T mobile banking and account access at over 750 branches and over 2,000 M&T ATMs.

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Tags: checking account 2011, checking account deals, maintenance fees