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Comment by blibble | Hacker News Reader

> A recent Bankrate survey shows basic monthly service fees range between $5 and $15. Beyond these steady fees, banks earn $4 to $5 each time people withdraw cash from an ATM or need services like getting cashier’s checks. Unexpected bills can result in overdraft fees of about $25 each time an account is overdrawn.

are there no free bank accounts in the US?

in the UK you can pay to be ripped off and have a "premium" bank account with added benefits such as crappy breakdown/mobile phone insurance

but most have a free bank account with no monthly fee

withdrawing from almost all ATMs is free (non-bank owned ones charge everyone, e.g. in an airport)

all but very large transfers (>£1 million) are free and instant

overdrafts are optional and it's difficult (but not impossible) to go overdrawn without one

and no overdraft means no credit check needed

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There’s plenty of free bank accounts. Almost every bank offers them, too, or they’re free with stuff that the “average” person would do (ie, have 2 direct deposits per month).

Overdrafts are another story, many bank accounts allow overdrafts and even do predatory things to increase the amount of overdraft fees. Bank of America got sued for this behavior.

There are a multitude of banks (and Fintechs that offer accounts through bank partners) that have no overdraft fees. Many of these organizations don't care about ChexSystems/credit reports because they don't allow overdrafts to begin with and don't allow writing checks so you can't overdraw they account.

I am struggling to see a scenario where anyone in America doesn't have a bank account today out side of 1) They just don't want one. 2) The relatively rare, but devastating case of getting caught up in some overbearing AML/Government regulation that makes banks not want to open an account for you. 3) Lack of knowledge about what is available. 4) Maybe some one who has no smartphone, as many of these organizations require some kind of device to interface with them, as they don't have many physical branches... but cheap Android smartphones are readily available to most Americans...

The federal government just put a cap on overdraft fees. IIRC, it is $3.

> federal government just put a cap on overdraft fees. IIRC, it is $3

Should be opt in and charged as an APR.

God I wish canada would do that too. They are insanely high here.

Even if they limit it to $3, which is much better, you can still do slimy things like process the large transaction first (say, a mortgage payment), then process all the little transactions afterwards, stacking overdraft fees for each one. This is what BofA got sued for. Can turn a $3 charge into $45 pretty quickly.

Yes there are free accounts. And yes there are accounts where you can get money from an ATM without paying a fee.

Like everything else, there are a multitude of experiences.

Some places have fees. Some don't. Some pay better interest than others. Some have better web options.

Source: I've never paid a fee and have had a checking and savings account for ~ 4 decades.

In Germany, all banks have to offer you a girokonto regardless of your credit status or your occupancy - a basic account where you can deposit money, receive/send money and make payments from.

yes, same true here

I seem to remember that was a compromise of the government forcing companies to pay wages via electronic transfer

I'm not sure how easy it is to get one if you don't have a fixed mailing address.

Yep. Fidelity has no fees. I'm surprised they don't own the planet by now.

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