Banks Offering Free Verification With No Minimum Balance
A number of banks offer free verification, but many of them have a minimum balance. If you do not keep hundreds or even thousands of dollars in your account, the privilege may be lost to you. GOBankingRates rounds off five banks that offer a truly free checkout with no minimum requirement.
Keeping a small pillow in your checking account can be a good thing. For a long time I did this to protect myself from overdraft. But these days, overdraft protection is pretty simple; most banks allow you to easily link checking and savings accounts. I would prefer to leave my “pillow” in this savings account, where it will bring in even a little interest.
Bottom line: Not everyone has tons of money in their checking account, but some banks will make you pay for it. According to GOBankingRates, these are the banks that offer free verification with no minimum balance requirement:
- Capital One 360 (online only)
- Huntington National Bank (serves clients in Ohio, Michigan, Pennsylvania, Indiana, West Virginia, and Kentucky).
- Ally Bank (online only)
- TIAA Direct (online only)
- First Citizens Bank (regional, more than 560 branches on the South, West and East coasts).
However, some of these banks have different requirements. For example, the First Citizens program requires you to subscribe to receive electronic reports. It goes without saying that you want to read the fine print before applying for any financial account.
Many credit unions also offer a truly free checkout, and NerdWallet complements some of them. For instance:
Northwest Federal Credit Union : The Northwest Federal Credit Union Basic Checking Account is a great simple account that automatically qualifies you for discounts on other Northwest Federal Government products … Anyone can join by becoming a member of the Financial Awareness Network …
Federal Credit Union Kinecta: Kinecta is one of the largest credit unions in the country with offices in every state. Their Free Checking account includes online banking, bill payment, and unlimited free check writing, although you will need to subscribe to electronic statements to keep the account free.
Credit Union Lake Michigan: Credit Union Lake Michigan has a maintenance-free current account for basic use. However, their max account is also free and offers great rewards for active users … Anyone can join by becoming a member of the Michigan Amyotrophic Lateral Sclerosis (ALS) Association.
You can check out a few more credit unions on their list here (with additional benefits). And for more information on the five banks offering free screening, click on the link below.
Which banks have a free check with no minimum balance? | GOBankingRates