Compare checking accounts and reloadable debit cards from Clover, SC banks and credit unions for free
Online Banking Accounts offer features and services unique from traditional checking accounts, including remote deposit, ATM fee rebates, Surcharge-Fee ATM Use, and higher interest rates. Read on to learn more or use FindABetterBank to find the checking account with the features you want. Read more...
In recent years, both banks and credit unions have offered rewards checking accounts with terrific interest rates -- sometimes up to 6.00%. While the interest rates have cooled off, the accounts still offer great benefits like no fee ATM withdrawals and even ATM Rebates. Read more...
For many consumers, their checking account is the center of their financial existence because it’s where paychecks are deposited, bills are paid and spending money is stored. Because there is so many transactions flowing in and out of these accounts, it’s crucial to close your checking account properly in order to avoid unwanted blunders. Read on...
Why Banks Offer Free Online Billpay
Did you ever wonder why banks let you use online billpay for free? After all, it's not free for them -- they pay vendors like CheckFree big bucks so they can offer you free online billpay services. Are you worth it? Clearly, the banking industry is convinced you are -- almost all banks and credit unions provide free online billpay with all their checking accounts. Some banks even reward you to use it.
The simple answer is that bankers believe online billpay users remain customers for more years than customers who don't use online billpay. And an extra year of your business is worth providing you with free online billpay.
Look at the math: Let's estimate the average cost (to the bank) to offer you billpay at $0.50 per transaction and the average customer sends out 8 bills per month. That means it costs the bank about $4 per month or $48 per year to offer you free online billpay. So if their assumption that you'll stick around longer is correct, free online billpay makes sense. Why? The average checking account customer generates about $300 in revenue per year (fees, $ on your deposits, etc.).
The Difference between Reloadable Debit Cards and Prepaid Gift Cards
Both reloadable debit cards and prepaid gift cards can be used as replacements to bank-issued debit cards because they are accepted pretty much anywhere major credit cards are accepted. But unlike prepaid gift cards that are only meant to be used until the intended funds run out, reloadable debit cards can be continually refilled with funds. Reloadable debit cards can act like a replacement or accessory to a traditional checking account because they let cardholders withdraw money from ATMs, pay bills, and enroll in direct deposit. In addition, many reloadable cards come with FDIC protection and fraud protection.
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Our branch location database is sourced from the FDIC and is updated with information provided by banks and credit unions.
All deposit accounts in FindABetterBank are insured by the FDIC or NCUA.