Photo: Flickr via sashakimel
Ask the millions of consumers who’ve fled big banks since Bank Transfer Day last year and they’ll probably agree on this point: Closing an account is the easy part.Finding one that isn’t chockful of the same hidden fees that sparked the protest in the first place is when things get tricky.
To help, the brains behind personal finance site NerdWallet have taken their popular credit card comparison tool and applied it to more than 100 checking accounts nationwide.
“Even though free checking is extinct and cheap checking is in retreat, if you do the homework, you can actually still find a checking account that is optimised based on your needs,” said Stephanie Wei, VP of Deposit Products at NerdWallet.
Like asmarterchoice.org and banksloveme.com, there are other sites that help consumers find alternatives to big banks. But what sets Nerdwallet’s tool apart is it matches services, including credit unions and direct branches with open memberships, to suit each individual’s needs.
For example, tell the search engine you’re prone to overdrawing your account or can’t maintain a minimum balance over $100 and it’ll scrounge up banks with low overdraft fees and little to no minimum balance.