Having a bank account is pretty standard for most Americans because banks offer more than just a place to keep your money safe, get credit cards, and take out loans. Many banks provide a host of other free resources that you might not even know about.
Often, your bank is the go-to place for learning about managing your finances. Opening a checking account at most banks doesn’t cost anything, and if you keep it in good standing, you can take advantage of many free services they offer.
1. **Exchange Your Cash**
In today’s economy, breaking down large bills into smaller ones can be tricky. But you still have the right to use cash and get your bills broken down, which can help with budgeting and avoiding overspending. Most banks do this for free, so if you use cash often, it’s smart to pick a bank with plenty of branches nearby.
2. **Opening Account Bonuses**
Banks often give you free money just for opening an account. You could earn hundreds of dollars in bonuses for opening a checking or savings account, though there are usually some conditions like needing to deposit a certain amount for at least 90 days or setting up a direct deposit. Make sure you know the rules to get the most out of these bonuses.
3. **Stop Payment Fee Waivers**
Some banks will waive stop payment fees as a courtesy. This practice varies by bank, but it’s a common perk. Knowing when to use a stop payment can be helpful. If you spot a suspicious transaction or if a payment goes through too early, contact customer service right away.
4. **Notary Services**
Your bank might offer free notary services to help you authenticate legal documents. It’s a good idea to check with your bank ahead of time to make sure a notary will be available when you need them.
5. **ATM Fee Waivers**
Even though digital payments are on the rise, sometimes you still need cash from an ATM. Some banks, according to a 2019 CNBC study, waive ATM fees, which is great if you use cash often.
6. **Checks**
While digital methods are becoming more popular, checks are still useful. Some banks provide free checks, which can be especially handy if you don’t have easy internet access or if you’re an older adult.
7. **Fraud Protection**
Fraud is still a big challenge, but banks offer many free resources to protect against it, like fraud alerts and safety measures such as special passwords and two-factor authentication.
To get the most from these free financial resources, find a bank that fits your needs. Keep in mind that while some benefits are common, their availability can depend on the bank’s specific policies. It’s important to discuss these offerings with your bank to get all the details.
Are there any other free banking resources we missed?