What Moron Doesn't Have Free Checking?

I am absolutely astounded by the fact that almost a third of Americans belong to banks that charge a monthly fee for running your checking account. That absolutely shocks. I can't believe so many Americans are suckers for such a deal. Almost every credit union, and most regional banks, offer free checking. In fact, as of January 2011, more banks in the United States offer free checking than those that don't.

Which naturally begs the question--why belong to a bank that charges a monthly fee? Consumers give a variety of reasons, ranging from 'Well, I've always had an account with them' to 'It's only $5 a month' to 'They're a big bank. I can access them anywhere.' But this is dumb. As long as you have checks and a debit card, you do have a bank anywhere. Considering that an overwhelming majority of credit unions offer free checking (and generally better services in other areas as well), I cannot recommend highly enough that you consider putting your money with them instead of a bank that charges you for a checking service.

Generally speaking, the banks that charge you for checking are the types of banks that will nickel and dime you in other ways, be it high overdraft fees or ATM fees. You are doing banks a favor by keeping your money with them because it enables them to make loans. You don't need to make things worse by paying them a direct fee for the 'privilege' of you holding an account with them. That's just not a good way to live.