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Best No Monthly Fee Checking Account in 2024
Best no monthly fee checking account 2024: APR/APY interest rates/high yields. New client promotion, cons and pros deposits.
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Best No Monthly Fee Checking Account
USAA is a favorite financial institution among military members & their families. One service they offer is a free checking account with 21st Century mobility.
USAA Secure Checking has a lot to offer for a national online bank regarding technology and deposit methods. Customers who want the convenience of online banking without the hassle of fees will be pleased with USAA Secure Checking.
| Fee | Amount |
|---|
| Monthly Service Fee | $0 |
| Overdraft Fee | $25 |
| Return Deposit Fee | $5 |
| Stop Payment | $29 |
| ATM Fee (In-Network) | $0 ($2 each after first 10 monthly transactions) |
| ATM Fee (Non-Network) | First $15 Reimbursed Each Month |
| Domestic Wire Transfer | $20 |
| International Wire Transfer | $45 |
The fees & ATM withdrawal policies are very similar to other online checking accounts. USAA offers some leniency with overdrafts, as they reserve the option to only assess the $25 fee if the account is overdrawn by more than $5.
Initial Account Setup
The minimum initial deposit to open an account is $25. However, there is no penalty or fee if the actual account balance is below $25 after the account opens. Accountholders will also receive a MasterCard Debit card that can be used fee-free at 60,000 ATMs up to 10 times each month before a $2 fee is charged for each additional withdrawal. USAA will also reimburse up to $15 monthly for non-network ATM withdrawals.
Checkbooks, plus additional checks, are free and can be ordered through the USAA website. Online BillPay is free for all users and allows recurring payments to be scheduled.
USAA pays an interest rate of .01% if the daily account balance is above $1,000. This payout is low, especially for an online bank, but USAA offsets this negative in other ways.
Best No Monthly Fee Checking Account Deposits
One hassle with online banks can be depositing checks due to the lack of physical branches. To address this issue, USAA has partnered with The UPS Store to allow in-store deposits at more than 2,000 UPS Stores across the nation. While a UPS Store cannot offer complete banking services, this is a unique option for those that still prefer the physical aspect of banking for making deposits. Customers can also deposit checks via mail or simply sending an image of the check from their computer or mobile device.
Deposits are normally available for withdrawal the next business day.
USAA Mobile App
The future of online banking is solidifying & becoming more convenient with mobile technology. USAA’s Mobile App does more than solely providing account balances and bill pay. Users can also link their debit cards to Apple Pay & Android Pay as payment methods continue to evolve. If help is needed for any topic, there is also a virtual assistant button to answer any questions.
Of course this is a USAA app, so users will also be encouraged to explore the other services offered by USAA beyond the checking account.
USAA also makes it easier to keep track of money and setting a budget. While some people use different apps to track transactions from their other bank accounts, the USAA app shows balances from non-USAA bank accounts as well. This all-in-one app can be very beneficial in helping users track their total spending with the “My Budget” button that will create and monitor spending plans. Spending alerts can be created to help the user track their spending plans or simply to look out for fraudulent activity.
Best No Monthly Fee Checking Account Security
Security is a big deal for online banks. Their credibility largely relies on it. USAA offers two different security features to help protect against identity theft and fraudulent activity.
A recent addition is the use of biometrics for logging on to their Mobile App. This optional security feature can require a combination of fingerprint, facial, and voice recognition to logon. Users can select one, two, or all three recognition requirements for added security. Mobile users can also assign a unique pin to unlock the app, if they do not want to use the biometric security features.
The second security perk that is offered by USAA is a free credit monitoring program through Experian. This is an opt-in feature provided to all USAA members that provides a monthly VantageScore that will also notify them of key alerts such as address changes or new bank account/credit card openings. USAA still monitors every USAA account for fraudulent activity, but this optional service is free and makes it easier for individuals to monitor potential identity theft from external accounts. Additional identity theft protection is available for a monthly fee from Experian.
Pros of USAA Secure Checking
- No monthly fees or minimum balances after initial minimum $25 deposit
- Free checks and online bill pay
- Can deposit checks at The UPS Store or using computer/mobile device
- Mobile App links to Apple Pay or Android Pay
- Can monitor external account balances and set spending plans using mobile app
- Biometric security available for Mobile App
Cons of USAA Secure Checking
- Low interest rate compared to other online banks
- Membership only open to current or former military members and their family members
- No 24/7 Customer Service
Summary
There is little to dislike about USAA Secure Checking. Its emphasis on a secure and function-rich mobile app are definitely
worth considering for those who like to do everything on a phone or tablet. Plus, USAA is a highly reputable financial institution with lots of satisfied lifetime
members. All this adds up to one of the "Best no monthly fee checking accounts" in 2024.
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