Disclaimer: This article is not intended to be financial advice. All views and opinions expressed are my own.
When it comes to your bank account, there are likely two things that you care about more than anything else. A recent poll of consumers shows that overdraft fees and account balances rank extremely high when considering which institutions to park your money in.
As a staggering amount of people in the country are considered unbanked or don't currently use a traditional bank account to store their money, banks have begun to take notice.
The following banks have taken customer needs into consideration and decided to forego billions in profits to cancel overdraft fees.
Ally Bank
- Offers elimination of overdraft fees for existing and new customers
- Savings rates of 0.5 % APY
- Online only bank
- Atm deposit reimbursement
Chime Bank
- Early direct deposit program
- Short term loan of up to $200 with direct deposit
- Elimination of overdraft fees
- Online only bank
Varo Money
- Elimination of overdraft fees
- Cashback on purchases of up to 15%
- Online only bank
Charles Schwab
- No overdraft fee checking accounts
- Bonus deposit of $500
- Assortment of retirement accounts
FIdelity Investments
- Elimination of overdraft fees on new accounts
- Automatic purchase declines to protect account balances
- Previous customers receive fee-free overdraft protection
Last year overdraft fees brought in more than $30 billion in revenue. As consumers are approaching the end of a year with stimulus checks and advanced tax credits possibly expiring, the ability to have an emergency stash is becoming more essential.
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