Free checking growing faster in Ohio than in the nation as a whole
from "Relief from fees: banks dangle free checking accounts to lure new customers", by Gloria Irwin, Akron Beacon Journal
Free checking accounts, once chiefly the domain of credit unions, are increasingly being offered by banks as a way of getting consumers in the door in hopes they'll sign up for other services and become lifetime customers. Free checking is growing faster in Ohio than in the nation as whole, according to data from Moebs $ervices. The number of Ohio banks offering free checking accounts grew by 10% between 2002 and 2003, versus a 1.3% increase nation-wide. For consumers fed up with ATM, debit card and minimum-balance fees and a multitude of other charges for services that once were routinely provided, free offers can provide some relief. However, some accounts advertised as free don't meet the legal definition in the Truth in Savings Act passed by Congress in June 1993. Consumers should read the fine print carefully, advises Jean Ann Fox of the Consumer Federation.
Written By: vhorizon
Date Posted: 10/24/2005
Number of Views: 2733