Quote:
Originally Posted by J-bo09
On a "free" account you will usually have a number of limitations. If you go in and use a teller, there might be a fee. The number of free transactions you get a month are likely lower. You are probably getting no interest paid on any deposits. If you require some of the other services, you will pay a higher premium. Also, when you are a member of the 0 fee accounts, you usually have to deal with a call centre, opposed to a named account manager, for most issues you may have with the account.
The type of people that would benefit the most from these type of accounts would be a consultant. Pay themselves a couple times a month and do everything on-line kinda deal.
Anyone that has more complicated banking requirements is likely to lose the benefit.
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Except that isn't the case for all financial institutions, some have none of those limitations. And it is not a virtual bank either.