Is FREE checking really FREE?

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Is FREE checking really FREE?

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A Credit Card That Helps You Reach Your Financial Goals?

April 20, 2011

In today's big banking world you see all sorts of advertisements to sign up for a checking account. I recently looked at the Wells Fargo website and choosing a bank account is more complicated than picking a mortgage. Wells Fargo Value Checking, College Combo, Wells Fargo Custom Management Package, Wells Fargo Complete Advantage Package, and Wells Fargo PMA Package. What happened to a good old plain checking account?

I have seen these large bank marketing companies get smart by putting a bunch of fancy language and terms to almost confuse you enough to thinking you are getting some type of deal. In fact, on the Wells Fargo site there are 5 different disclaimers in fine print just in the checking section alone to explain other charges that may happen or some charges are non-refundable. You basically have to get out a magnifying glass and a slide rule to figure out what is going on because they know most consumers won't read the fine print. Please note: READ THE FINE PRINT!

Here's why you have to read all the information. On the Wells Fargo Value Checking, for example, you get charged a $5 monthly service fee ($60 a year- just multiply that cash by 1 million customers!) unless you meet the minimum requirements. What are the minimum requirements? You have to sign up for direct deposit into their bank account (which they know most people hate changing), or maintain an AVERAGE daily balance of $1,500 or more. The second part is that you MUST use Wells Fargo ATM machines. If you don't it is $2.50 a pop to withdraw money, and $2.00 a pop to check your balance. Last, if you feel like actually getting some rewards you can yet pay another fee for the FREE Platinum rewards debit card.

This may be a good time to revisit your checking accounts as they may not all be created alike. With all of the on line bill paying and ability to check balances, hardly anyone reads through their whole statement anymore. Take some time to look at all of the fees you paid over the last year because they can add up to cost you more than an ATM withdrawal!

Ted Jenkin, CFP®, AAMS®, AWMA®, CRPC®, CMFC®, CRPS®

Co-CEO and Founder oXYGen Financial, Inc

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Phone 1.800.355.9318 or 770.777.0427

oXYGen Financial, Inc. co-CEO Ted Jenkin is one of the foremost knowledgeable professionals in giving financial advice and Smart Money Moves to the X and Y Generation.

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Securities and Investment Advisory Services offered through NFP Advisor Services, LLC (NFPAS), Member FINRA/SIPC. Oxygen Financial is not affiliated with NFPAS. NFPAS does not provide tax or legal advice. This site is published for residents of the United States only. Registered Representatives and Investment Advisor Representatives of NFP Advisor Services, LLC (NFPAS) may only conduct business with residents of the states and jurisdictions in which they are properly registered. Therefore, a response to a request for information may be delayed. Not all products and services referenced on this site are available in every state and through every representative or advisor listed. For additional information, please contact NFPAS Compliance Department at 512-697-6000. PLEASE NOTE: The information being provided is strictly as a courtesy. When you link to any of the web sites provided here, you are leaving this web site. NFP Advisor Services, LLC makes no representation as to the completeness or accuracy of information provided at these web sites. Nor is NFP Advisor Services, LLC liable for any direct or indirect technical or system issues or any consequences arising out of your access to or your use of third-party technologies, web sites, information and programs made available through this web site. When you access one of these web sites, you are leaving our web site and assume total responsibility and risk for your use of the web sites you are linking to.

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Securities offered through Kestra Investment Services, LLC (Kestra IS), member FINRA/SIPC. Investment advisory services offered through Kestra Advisory Services, LLC (Kestra AS), an affiliate of Kestra IS. oXYGen Financial is not affiliated with Kestra IS or Kestra AS. Kestra IS and Kestra AS do not provide tax or legal advice.

This site is published for residents of the United States only. Registered Representatives of Kestra IS and Investment Advisor Representatives of Kestra AS may only conduct business with residents of the states and jurisdictions in which they are properly registered. Therefore, a response to a request for information may be delayed. Not all products and services referenced on this site are available in every state and through every representative or advisor listed. For additional information, please contact Kestra IS Compliance Department at 844-553-7872.

PLEASE NOTE: The information being provided is strictly as a courtesy. When you link to any of the web sites provided here, you are leaving this web site. Kestra IS and Kestra AS makes no representation as to the completeness or accuracy of information provided at these web sites. Nor is Kestra IS and Kestra AS liable for any direct or indirect technical or system issues or any consequences arising out of your access to or your use of third-party technologies, web sites, information and programs made available through this web site. When you access one of these web sites, you are leaving our web site and assume total responsibility and risk for your use of the web sites you are linking to.