Today online banking has become an industry of its own and are willing to let you open a free checking account right there from home. Traditional banks have created websites and are competing with one another in offering online banking services. Some enterprising minds have even concocted the idea of “Internet only” banks and are currently doing business on the Web as virtual banks.

Men and women accustomed to banking transactions, including those who are addicted to freebies, respond by adding an item in their wish list: “If only I can open a free checking account online" or something along that line.

And guess what? A genie must have picked up the wish and fed it to bankers’ minds. One by one, online banks are posting on their home pages messages that have a common theme, “Open a free checking account - Click here for more information”.

For example, Wachovia (a Wells Fargo brainchild), says on its home page, “Free checking account. Apply now… 1 + 1 + 1 = Free. Free Checking. Free Online Banking…”

Wachovia is not the only bank that will let you open a free checking account. First Citizens, BB&T, Regions, Bank of American and many others also offer this service. The key is deciding which service is best for your particular needs.

Now there it is. The public can definitely open a free checking account. But the question is … how does each individual define the word “free”? Or what is one person’s concept of a free checking account? Is it an account that is totally without cost?

Another question: is free checking account really free? Is it free as in “freebie” in the infancy days of the Web?

There is one thing that people should remember. Online banks are business enterprises, and their Web presence is meant to support their goal of earning profits. Yes, customers can open a free checking account with them, but their definition of “free” may not be the same as their customers’.

People don’t pay a charge for applying for a checking account online. That’s free.

People don’t pay a monthly service charge. That’s also free.

Issuance of standard checks: $18-$20. Now that’s something to think about.

While some banks offer services and rates better than others, those wanting to open a free checking account have a variety of options to choose from.

Free Checking Accounts for 2011-2012  

Banks really want you to do business with them so you will have your pick of free checking accounts for 2011-2012. Just about every bank is going to be offering free checking accounts for their customers.  

The economy has tanked and the fact that a lot of banks tanked with the economy has moved people away from keeping their money in the banks. The banks are also working with a really bad image thanks to the mortgage crisis so they need to be working really hard to build up their business again.  

One of the ways they plan on reeling you back in is with free checking accounts for 2011-2012. You can pretty much to expect free everything with these accounts!  

Read the Fine Print 

Not to say that banks are not completely honest with their practices but it is always a very good idea to read the fine print of anything that you plan on signing with a bank. Lets face it banks are not non profit organizations they are in it to make money. Knowing that you should be compelled to make sure you understand your free checking account.  

There are some caveats that are in place that you may not know about. Some banks will only offer up these free checking accounts for 2011-2012 only if you open a direct deposit account with them. That means that your pay check is deposited right into your checking account every month or week on payday.  

Some banks say free but what they really mean is free if you stay within certain limits. These limits may include the number of transactions you have on the account each month and the number of times you can call customer service.  

If you go over the limits you may find yourself facing heavy fees. So read the fine print and ask questions so you can be sure to understand what you are signing up for.  

Online Banks  

A new age type of bank has cropped up in the last few years. The online bank. These banks typically will also offer free checking accounts for 2011-2012 and may be actually a better option than the traditional brick and mortar building banks that you are use to.  

Online banks usually are a bit more service orientated and  are much easier to correspond with. Besides think of the gas you will save by conducting your banking business online.  

You can really benefit from the free checking accounts for 2011-2012, go in with your eyes wide open and take advantage of this opportunity.  

Checking Account Promotions

Checking account promotions have far surpassed the toaster that new account holders use to be rewarded with. The down turn in the economy has forced the banks to become more competitive. In most cases the promotions include interest bearing accounts, freebies and a host of other promotions to get you to sign up with the bank. Banks are hurting for business right now so they are really going above and beyond to win back confidence and your business.

Free Checking Accounts  

By now most folks are sort of immune to the free checking account promotions because they are so prevalent. Just about every bank offers some sort of free something on the account to get you to sign up with them.  This immunity does not make them not a great deal. They are still the perfect deal.  You do need to go into the deal with your eyes wide open though and pay attention to the fine print.  

Are Promotions Forever?

Free checking account promotions may be a good deal but typically they are not forever. The idea of any promotion is to drum up business. Once the business is drummed up than the promotion will end, if you don’t get in on the promotion on time than you risk losing out.  Usually a promotional campaign will run for three to six months and when it is done it is done.  

Smart Consumers

Being a smart consumer means that you understand that checking account promotions are used to get your business which also means that you are going to make sure you understand the terms of what you are agreeing to.  

In some cases the promotion may offer terms that are only good for a certain period of time say six months but you are agreeing that you will keep the account active for one year. A great introductory rate on an interest bearing account may dwindle down to nothing right after the introductory period is over.  

In order to take full advantage of checking account promotions you have to understand the terms and pay attention to the rules.  

Restrictions  

It is important to understand what restrictions you have to adhere to.  If the promotion has any restrictions and you do not follow those restrictions it could wind up costing you money in the long run.  For example in some case the free account may stay free as long as you limit transactions to what the restrictions state.  Once you go over the limits you may wind up paying heavy fees or forfeiting some of the interest you would have otherwise earned. In some cases the restrictions apply to how many times you can call into customer service.  You may be limited to a certain number of times and once you call in too many times you are charged per call.  

Overall, taking advantage of checking account promotions is a great way to locate a free checking account. 

Open a Free Checking Account Online  

When you open a free checking account online you are making a smart choice. There are so many advantages to opening a checking account online; of course the free doesn’t hurt either. The economy is really in bad shape, it seem like things have gone from bad to worse for many people saving money when you can really matters more now than ever.  

Saving Money a Big Plus 

Online checking accounts are typically less costly to maintain than the checking accounts in the traditional brick and mortar buildings. The answer is simple the online checking account costs the bank less to manage. There is less needs for customer service folks like tellers, the bank does not have to pay overhead to literally house your account since there is no building and all that savings is passed on to you the consumer. 

When you add the word free to the equation you are opening up a whole new can of worms.  Really there is nothing to lose when you open a free checking account online.  You save money by not having to pay maintenance fees on your checking account and you save money by saving time and gas that you would waste getting to and from a traditional bank.  

Open 24 Hours 

You can get your bills paid with an online checking account during the commercials of your favorite shows.  You don’t have to stand in line, you don’t have to drive anywhere and you certainly do not have to rush to make sure that you make it to the bank on time.  When you open a free checking account online you are entering into a world of 24 hour banking. You can check your balance, view your transactions in real time and do just about everything you can do at a teller’s window at the bank.  

You can bank from the comfort of your home.  

All the Perks 

When you open a free checking account online you will get all the perks that you get from a regular bank. You will get a check card and checks if you request them all for free.  Another great perk is that you will open up your possibilities when you bank online. You do not have to stay with a local bank you can bank with any institution any where the internet does not limit you to a specific area or region.  

Any one that wants to save money and take advantage of being able to bank when it is convenient for them should consider online checking as a great option. The process is simple, secure and takes only a few minutes to complete. 

Security 

Banking online is completely secure. Banks are the leaders in internet security. You can rest assured that your online banking experience will be yours and yours alone, your information will be kept safe.  

Saving money and time is as easy as point and click, open a free online checking account.