Banks That Still Offer Free Checking with Interest

When you’re trying to save money, every little bit counts.  And those pesky $12 account fees can really add up.

Americans are still paying $15 billion in fees, including monthly service charges, the Consumer Financial Protection Bureau has said.

Here are three banks that are offering a free checking account and paying interest on the deposits.  It’s a very good deal.

Some Banks still offer Free checking accounts with interest.

Some examples of checking accounts offering interest and free checking:

• Ally Bank Interest Checking:  Offering (.1% to .60% annual percentage yield depending on balance amount)
• Capital One 360 Checking:  (.20% to 1%)  Capital One
• FNBO Direct Online Checking:  (.65% annual yield)  FNBO Direct
• More info
• (I have no relationship with these companies)

Tips to track down Money owed to you:

• Unclaimed money from state governments:  

Such as old bank accounts and contents of safe deposit boxes.  Go to Missingmoney.com    MissingMoney.com has the most updated information for the state and provincial offices, their websites with contact information and property listings. Searches and claiming are always FREE. Information goes securely and directly to the state/provincial unclaimed property office.

• Old Stocks and Bonds: 

Go to SEC.gov  An old stock or bond certificate may still be valuable even if it no longer trades under the name printed on the certificate. The company may have merged with another company or simply changed its name. Keep in mind that due to corporate reorganizations (such as splits, mergers, or reverse mergers), the current share price may not be useful in determining the certificate’s value, if any.

If the name of the transfer agent is printed on the certificate, contacting the transfer agent is the easiest way to learn about the certificate. If the transfer agent whose name appears on the certificate is no longer in existence, contacting the state agency that handles incorporations in the state in which the company was incorporated may prove useful. Certificate holders who have a brokerage account may want to ask their broker if they can assist in researching the certificate.

• Unclaimed Bank Funds:

•  What is included in Unclaimed Deposits?

• Unclaimed Deposits may include any item or negotiable instrument deposited in or issued by an FDIC Insured financial institution including
• checking or savings accounts,
• cashiers checks,
• official checks,
• money orders,
• Certificates of Deposit,
• IRA Accounts,
• and others collectively referred to as “deposits”.
• Deposits are considered unclaimed if the rightful owner did not assert that the funds belonged to them within 18 months after the failure of the financial institution.
• Claiming funds held at a Closed Bank: FDIC Website

• Unclaimed Savings Bonds:  TreasuryHunt.gov

• Savings Bonds

  • Search for Savings Bonds That Stopped Earning Interest – Treasury Hunt allows you to search for bonds issued since 1974 that have matured and are no longer earning interest.
  • Calculate the Value – Find the value of your paper savings bond.
  • Replace a Savings Bond – Replace a lost, stolen, or destroyed paper savings bond.

• Unclaimed Pension Funds:  PBGC.Gov

• The Pension Benefit Guaranty Corporation protects the retirement incomes of nearly 40 million American workers.   Call PBGC toll-free at 1-800-326-LOST (5678). [TTY/ASCII users: call the federal relay service toll-free at 1-800-877-8339 and ask to be connected to 1-800-326-LOST.]

• Unclaimed Tax Refunds:

• Tax Refunds – The Internal Revenue Service (IRS) may owe you money if your refund was unclaimed or undelivered.
• Credit Union Failures – Find unclaimed deposits from credit unions.
• SEC Claims Funds – The Securities and Exchange Commission (SEC) lists enforcement cases where a company or person owes investors money.

Relevant Articles:

Survey Sites That Actually Pay

Getting Results: How I Paid Off $17K

The Best Personal Finance Books

Unclaimed Money Scams:

Beware of people who pretend to be the government and offer to send you unclaimed money for a fee. These scammers use a variety of tricks to get your attention, but their goal is the same: to get you to send them money. Government agencies will not call you about unclaimed money or assets.

• The Federal Trade Commission (FTC) provides tips on how you can avoid government imposter scams.

There is currently $42 billion in unclaimed funds floating around in the United States, according to the National Association of Unclaimed Property Administrators (NAUPA).

Unclaimed funds are accounts in financial institutions or companies that have had no activity generated or contact with the owner for a year or longer, most commonly in savings or checking accounts, stocks, uncashed dividends, security deposits, IRS refunds and more.

Helpful Tips:

• When doing the search, make sure to type in all the places you have lived. Also, if you’re married, make sure to check under your maiden name as well. Using a first initial and your last name is also encouraged to make sure everything comes up.
• It’s up to you if you want to use a third-party service to claim your money, but it’s not required. Each state has its own process, which usually takes three to four months and requires information like your social security number and more. If you choose to use a locator business to claim your money in order to avoid doing the paperwork yourself, don’t pay up front. Also, don’t pay the company more than 10 percent or 20 percent of the amount of money you are claiming.

Related articles you may enjoy:

How it all began.  What made me say enough.

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State By State List: To search for money owed

To see if you have unclaimed funds, search each state’s comptroller website (listed below). This is the governmental institution that handles the process. From there, each state will vary in its exact process, but you’ll likely be asked to type in your name, which will then generate a list of results. If the information seems like it could be yours based on an address match, for example, then you can say you want to claim it.