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Editors’ Choice: Best Checking Accounts for June 2020

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any of our network partners.

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The best checking accounts can provide a competitive interest rate, ATM fee reimbursements and even cashback rewards. If your current account doesn’t offer any of these features, it may be time to switch.

Why Trust Us?

At MagnifyMoney, it is our mission to inform our readers about the best financial opportunities out there. Our insights have been cited by top financial publications including Marketwatch, CNBC and the Wall Street Journal.

Our dedicated team of financial experts spent dozens of hours grading each checking account on its features, including fees, minimum balance requirements, ATM and branch network availability, APYs and customer satisfaction. We distilled our picks from a list that included hundreds of banks, credit unions and online institutions nationwide.

We ensure our list is updated every month as new banks are added to our database, and we update information as banks change their terms. Check out our best checking account picks for May 2020 and click on the links in the table below to read about why we picked each bank.

Please note: While this list is up-to-date as of this writing, many banks have cut back on or even halted their hours temporarily in response to the COVID-19 outbreak to protect their customers and employees. Many banks continue to offer standard services online and over the phone as well as through automated ATMs.

Best Checking Accounts of May 2020

Summary of the Best Checking Accounts for May 2020

Best Overall Checking Account

Simple Checking Account

Simple Review

Best High-Yield Checking Account

Consumer Credit Union Rewards Checking

Consumer Credit Union Review

Best Free Checking Account

Axos Bank Rewards Checking

Axos Bank Review

Best No-Fee Checking Account

BBVA Free Checking

BBVA Compass Review

Best Checking Account Bonus

Wells Fargo Everyday Checking

Wells Fargo Review

Best Rewards Checking Account

Discover Cashback Debit

Discover Bank Review

Best No-ATM Fee Checking Account

TD Bank Beyond Checking

TD Bank Review

Best Business Checking Account

Axos Bank Business Interest Checking

Axos Bank Review

Best Checking Account for Students

Chase College Checking

Chase Bank Review

Best Joint Checking Account

Ally Bank Interest Checking

Ally Bank Review

Best Overall Checking Account – Simple

Simple

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on Simple’s secure website

Highlights:

  • Free access to 40,000 Allpoint ATMs
  • No overdraft fees
  • Access to tools that allow you to automate your budgeting and savings
  • APY:1.20% on balances in Protected Goals
  • Maintenance Fee: $0
  • Current Promotions: N/A

Read the full review

Why we picked it: Through a partnership with BBVA, Simple offers a great checking account with attractive budgeting features and a competitive APY. This account is great for those looking for a traditional checking account without unnecessary fees and stocked with benefits like interest and free ATM access.

What to watch out for: While you can earn a decent APY on the funds in your Protected Goals account, Simple doles out a dismal 0.01% APY on funds that are not in your Protected Goals account, a sub-account designed for money you set aside for savings. It’s also worth noting that fees may apply to ATMs outside of its Allpoint ATM network, and there is a Visa fee of up to 1% if the card is used internationally.

Best High Yield Checking Account – Consumers Credit Union Rewards Checking

Consumers Credit Union (IL)

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on Consumers Credit Union (IL)’s secure website

NCUA Insured

Highlights:

  • Access to over 30,000 ATMs
  • Most lucrative rates require minimum direct deposits or spend on CCU Visa credit card
  • APY: up to 2.09%
  • Maintenance Fee: $0
  • Current Promotions: N/A

Read the full review

Why we picked it: The Consumers Credit Union has routinely offered sky-high rates, even in a plummeting rate environment, earning this account the title of Best High-Yield Checking account.

While this is a tiered rate account, the lower tiers — which can be earned with fewer requirements — still offer attractive rates that are well above those offered by other banks and credit unions.

What to watch out for: While balances between $10,000 and $25,000 — regardless of your tier — earn an APY of 0.20%, it’s worth noting that balances over $25,000 earn an APY of just 0.10%.

Additionally, if you don’t meet the monthly activity requirements, you’ll earn an APY of just 0.01% and won’t receive ATM refunds. The account also has an overdraft fee of $30.

Best Free Checking Account – Axos Bank Rewards Checking

Axos Bank

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on Axos Bank’s secure website

Member FDIC

Highlights:

  • No overdraft or non-sufficient funds fees
  • Unlimited domestic ATM fee reimbursements
  • APY: up to 1.25%
  • Maintenance Fee: $0
  • Current Promotions: N/A

Read the full review

Why we picked it: We have crowned the Axos Bank Rewards Checking account as the Best Free Checking account not only for its attractive features, but for its consistency, too.

The Axos Bank Rewards Checking account has consistently offered competitive APYs — even as earning rates drop at other banks. This account also offers all of the bells and whistles that the best standard checking accounts have been known to include, like ATM fee reimbursements and no overdraft fees.

What to watch out for: The Axos Bank Rewards Checking account is a tiered, interest-earning variable rate account. So, in order to earn the 1.25% APY, you must meet the following requirements:

  • Receive monthly direct deposits totaling $1,000 or more
  • Use your debit card for a total of 15 transactions per month minimum of $3 per transaction)

If you don’t meet those requirements, you will receive a reduced APY from what is advertised. There is also a $50 minimum balance required to open this account.

Best No-Fee Checking Account – BBVA Free Checking

BBVA

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on BBVA’s secure website

Member FDIC

Highlights:

  • Free ATM access at BBVA ATMs
  • For $5 per month, you can receive up to four rebates per statement cycle for ATM fees charged by other banks, as well as no BBVA fees at non-BBVA ATMs
  • APY: None
  • Maintenance Fee: $0
  • Current Promotions: N/A

Read the full review

Why we picked it: If you’re looking for a basic checking account that gets the job with no fees or frills, the BBVA Free Checking account is a product worth exploring.

This checking account provides you with the basic checking necessities, with no monthly fees. Additionally, it gives you the ability to customize your account further for additional charges. For example, an extra fee of $2 a month will give you unlimited cashier’s checks.

What to watch out for: With the BBVA Free Checking account, there is a $25 minimum balance required to open an account and a potential overdraft fee of $38.

Best Checking Account Bonus – Wells Fargo Everyday Checking

Wells Fargo Bank

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on Wells Fargo Bank’s secure website

Member FDIC

Highlights:

  • Access to over 13,000 Wells Fargo ATMs
  • Features budgeting, cash flow and spending tools
  • $10 monthly service is waived if you meet any one of their requirements
  • APY: None
  • Maintenance Fee: $10
  • Current Promotions: $400 bonus with $4,000 in direct deposits

Read the full review

Why we picked it: Wells Fargo’s Everyday Checking account is currently offering an attractive bonus offer, expiring July 31, 2020. Upon opening a new Wells Fargo Everyday Checking account and depositing a minimum of $4,000 in qualifying direct deposits within 90 days of opening, you’ll receive a $400 bonus.

This offer is only available to new Wells Fargo checking and savings customers in Denver, Houston, Miami, Orlando, Fla., Phoenix and Seattle. You also must not have received a bonus for opening a Wells Fargo consumer checking or savings account within the past 12 months.

What to watch out for: This account requires a $25 initial deposit to open. You should also be aware of the not-so-obvious fees associated with this account, which include a $2.50 fee for cash withdrawals at non-Wells Fargo ATMs in the U.S ($5 outside of the U.S.) and a $35 overdraft fee.

Best Rewards Checking Account – Discover Cashback Debit

Discover Bank

SEE DETAILS 

Discover Bank's website is secure

Member FDIC

Highlights:

  • 1% cash back on up to $3,000 of debit card purchases per month
  • No insufficient funds fee
  • Access to over 60,000 no-fee ATMs
  • APY: None
  • Maintenance Fee: $0
  • Current Promotions: N/A

Read the full review

Why we picked it: The Discover Cashback Debit checking account is a standout account, with no fees and access to over 60,000 ATMs.

What really earns this account the title of Best Rewards Checking account, though, is the fact that it offers 1% cash back on all debit card purchases, up to $3,000 per month. This is a unique perk among checking accounts, and if you prefer cash back to earning interest, this could be the account for you.

What to watch out for: There aren’t too many surprises with this account, just be aware that fees for non-Discover ATMs may apply.

Best No-ATM Fee Checking Account – TD Bank Beyond Checking

TD Bank

SEE DETAILS 

Member FDIC

Highlights:

  • No fees at TD Bank ATMs, and reimbursed fees for out-of-network ATMs for accounts that maintain a daily balance of at least $2,500
  • No required minimum opening deposit
  • Overdraft fees reimbursement offered up to two times per year
  • APY: Up to 0.03%
  • Maintenance Fee: $25
  • Current Promotions: N/A

Read the full review

Why we picked it: TD Bank’s Beyond Checking account is a great option for those who prioritize fee-free access to ATMs.

With this account, not only do you receive fee-free ATM access to TD Bank’s network of ATMS, but if you maintain a minimum daily balance of at least $2,500, TD Bank will reimburse you for any fees incurred at out-of-network ATMs. As the cherry on top, this account also doles out a little bit of interest.

What to watch out for: Be aware that the 0.05% APY is available only to accounts with a minimum daily balance of $50,000. Accounts with balances between $10,000 and $49,999 receive an APY of just 0.03%, while balances under $10,000 receive an APY of just 0.01%. There is also a $35 overdraft fee associated with this account.

Best Business Checking Account – Axos Bank Business Interest Checking

Axos Bank

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on Axos Bank’s secure website

Member FDIC

Highlights:

  • Unlimited domestic ATM fee reimbursement
  • Up to 50 free transaction items per month
  • Monthly service fee can be waived if you maintain an average, daily minimum balance of $5,000
  • APY: Up to 0.80%
  • Maintenance Fee: $10
  • Current Promotions: New business owners eligible for a $50 Welcome Bonus

Read the full review

Why we picked it: Axos Bank’s Business Interest Checking account stands out among other business checking account products for a myriad of reasons, most notably its surprisingly low fees.

Additionally, Axos Bank throws in a number of freebies with its Business Interest Checking account, from ATM fee reimbursements to free checks, making it our pick for the Best Business Checking Account.

What to watch out for:Transactions are $0.50 each after the first 50, and there is a $100 minimum opening deposit required for this account.

Best Checking Account for Students – Chase College Checking

Chase Bank

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on Chase Bank’s secure website

Member FDIC

Highlights:

  • $6 monthly service fee waived for up to five years if you are 17 to 24 years old, have proof of student status and are enrolled in college, or if you meet any one of Chase’s monthly requirements
  • No monthly service fee on a Chase Savings account linked to this account for overdraft protection
  • APY: None
  • Maintenance Fee: $6
  • Current Promotions: $100 bonus for new Chase customers with qualifying activities

Read the full review

Why we picked it: The Chase College Checking account is a great option for students, as it waives its monthly service fee for those between the ages of 17 and 24 who have proof of a student status, for up to five years while in college.

With widespread ATM access, the ability to pay friends with QuickPay or Zelle and a robust mobile app, this account checks all the boxes for college students.

What to watch out for: For this account, you’ll need to show proof of student status. Also, there’s a $2.50 non-Chase ATM fee and $34 overdraft fee associated with this account.

Best Joint Checking Account – Ally Bank Interest Checking

Ally Bank

SEE DETAILS 

Member FDIC

Highlights:

  • Free access to Allpoint ATMs and up to $10 in ATM fee reimbursements per statement cycle
  • No required minimum opening deposit
  • 0.10% APY on balances less than $15,000; 0.50% APY on accounts with a minimum daily balance of $15,000
  • APY: Up to 0.50%
  • Maintenance Fee: $0
  • Current Promotions: N/A

Read the full review

Why we picked it: Ally Bank’s Interest Checking account features minimal fees, variable interest and added perks like up to $10 in ATM fee reimbursements every month.

All of Ally Bank’s banking products support joint ownership, and you are allowed up to four owners on the account without any additional fees, making this an easy pick for our Best Joint Checking account.

What to watch out for: There’s not much to watch out for with this account, just be aware of the $25 overdraft fee.

Other Honorable Mentions

Charles Schwab High Yield Investor Checking: This account from investment firm Charles Schwab offers a few attractive perks like unlimited ATM fee rebates worldwide, no monthly fees or minimums and no foreign transaction fees. However, the Charles Schwab High Yield Investor Checking account falls flat with its paltry 0% APY, which can’t quite compete with the Best High Yield Checking Account, the Consumers Credit Union Rewards Checking account, which earns up to 2.09% APY.

Aspiration Spend and Save: The Aspiration Spend and Save cash management account is one of the most fee-friendly accounts out there, even allowing you to pay a monthly fee in an amount that you think is fair. Aspiration comes with the added bonus of access to over 55,000 ATMs, cash back rewards — especially at conscience-minded businesses — and up to up to 1.00% APY. The interest rate applies only to your Save balance, however, which makes for a more disjointed money management process.

Betterment Everyday: Another cash management account, Betterment Everyday maximizes your FDIC insurance up to $1 million and provides unlimited transfers in and out of your account. It also earns interest at 0.40% APY. However, without a debit card, the Betterment Everyday account leaves a gap for those looking for a traditional free checking account.

Chase Premier Checking: A step up from Chase’s basic checking account, the Chase Premier Checking account earns interest (although at a paltry 0.01% APY) and waives select fees, including on the first four non-Chase ATM transactions per month. However, its features don’t quite justify the $25 monthly service fee, which you can only waive by meeting certain requirements.

PNC Performance Checking: PNC Virtual Wallet with Performance Spend is unique in that it comes with a checking account and two savings accounts. The Performance Spend checking account comes with handy budgeting tools. You can only access 9,000 PNC-branded ATMs and the account charges $15 per month, which is why we ended up picking its rival for the Best No-ATM Fee Checking Account.

Chime: The mobile-first Chime account is great for individuals who have trouble with traditional checking accounts. It allows you to receive direct deposit up to a couple days early, grow savings automatically and even overdraw your account for free if you meet certain eligibility requirements. Chime also provides free access to over 38,000 ATMs, which you can access with the account’s linked debit card. Despite all these perks, Chime doesn’t earn any interest on account balances.

TIAA Bank Yield Pledge Checking: Despite TIAA Bank’s Yield Pledge promise, which ensures their rate will always remain among the top 5% of competitive accounts, the Yield Pledge Checking account earns a pretty low 0.20% APY, with even lower rates for smaller balances. Luckily, there is no monthly service fee, nor fees for out-of-network ATM usage. Plus, you can get reimbursed for ATM surcharges. This made it a strong contender for our Best Overall Checking Account.

Varo Money: Pioneering fintech company Varo offers a pretty much fee-free, checking-like cash management account, where customers who meet certain requirements can overdraft up to $50 at no cost. Varo also can get you your paycheck up to two days early with direct deposit, offers fee-free access at over 55,000 Allpoint® ATMs and provides a free Varo Visa® Debit Card, which you can lock in the app at any time. Though all of these perks are nice, the checking account doesn’t earn interest; you’ll have to open the Varo Savings Account for that.

Capital One 360 Checking: The Capital One 360 Checking account is easily accessible via its debit card, mobile and online. There’s no fee or minimum balance to worry about. You also get access to over 39,000 Capital One or Allpoint ATMs for free. However, it can’t quite keep up with its competitors with its low 0.10% APY.

Bank5 Connect High-Interest Checking: Bank5 Connect’s High-Interest Checking account isn’t always so high-yield, as it earns 0.25% APY. Still, the account is relatively customer friendly as it doesn’t charge any monthly maintenance fees and offers free access to thousands of ATMs nationwide in addition to up to $15 in surcharge reimbursements.

How we chose the best checking accounts

We took a look at hundreds of financial institutions and reviews. We considered the following factors:

  1. Checking account rates: We heavily weighted the APYs offered by each institution on their checking accounts, paying attention to both high interest rates and consistent rates. Higher and more consistently competitive interest rates were prioritized over others, respectively.
  2. Minimum deposit and balance requirements: We also controlled for accessibility by looking at minimum deposit and balance requirements, prioritizing banks and accounts that have low requirements or none at all.
  3. Bank account fees: The best bank accounts are the ones that don’t cut into your hard-earned money. We favored checking accounts that don’t charge monthly service fees or ATM fees, as well as those that offer ATM-fee reimbursements.
  4. Special offers: As an added bonus to their checking accounts, some institutions offer cash bonus offers for new customers or even cash-back rewards for debit card usage. We made sure to include these special accounts and offers so you can get more from your account.
  5. Specialized accounts: Checking accounts aren’t one-size-fits-all — nor should they be. We looked for specialized accounts that have specific features made for certain groups, like students to joint account holders.

What are the best banks for checking accounts?

In summary, these are our picks for the best checking accounts:

What should I look for in a checking account?

When shopping for a checking account, keep in mind that their main purpose is to provide a convenient and safe place to stash the cash you use for your daily spending. With that in mind, factors such as safety, ease of use and minimal costs should be top-of-mind. When looking for checking accounts, that means finding accounts with zero fees, a wide ATM network, Federal Deposit Insurance Corporation (FDIC) insurance and overdraft protection. Accounts with these features, alongside earned interest or rewards, are your best bet.

Understand what you want from a checking account

A great first step to finding the right checking account is first understanding what you want from a checking account. Of course, you’ll want an account that’s easily accessible. But only you can decide whether that means prioritizing brick-and-mortar branches, mobile app access or worldwide ATMs. As debit cards are a big part of accessibility, also make sure you’re getting a debit card that’s protected.

Figure out what kind of fees — if any — you want to pay for your checking account. No fee checking accounts exist, and they’re some of the best checking accounts on the market.

If you’re a senior citizen, a student or perhaps a couple looking for joint account ownership, these are things to consider when making your checking account wishlist. There are several specialized accounts out there that offer special deals and features for members of these groups.

Then determine whether you want your checking account to earn interest or other rewards. Often these rewards only add to the checking account experience, rewarding you for owning the account rather than you paying to own it. Rewards on some accounts may also offset any fees you face.

If you don’t know where to start, it helps to check out high-yield checking accounts first. These accounts are most often free, easily accessible, provided by reputable institutions and, as an added bonus, can earn you money.

Also consider that perhaps it’s not a checking account you need at all, but rather a prepaid debit card account. You deposit money into prepaid cards as you would with a checking account, but you cannot use more than what’s in the account. This allows you to avoid overdrafting your account and paying the exorbitant fees that often come with that. Just watch out: prepaid debit cards are also known for their multiple fees for reloading the card, monthly service, ATM usage and more.

Find an account with few or zero fees

There are many checking accounts that charge little to no fees. Online banks, in particular, offer checking accounts with zero fees, as they are able to save on the operational costs that burden brick-and-mortar banks. Some checking accounts even offer unlimited ATM-reimbursements or a monthly allowance for reimbursable ATM surcharges.

Since many checking accounts offer little to no interest, it’s even more critical to opt for an account with minimal fees. Common checking account fees include:

  • Maintenance fees
  • Minimum balance fees
  • ATM fees
  • Overdraft fees

Even if you’re using a high-yield checking account, why pay your bank fees for access to your own cash? It’s a good idea to check for bank fees when shopping for a checking account. If your checking account has any monthly balance or spending requirements, make sure you stay within those limits to avoid any unnecessary fees.

Check for widespread ATM access

There’s nothing worse than needing cash in a pinch and not having any way to get some. Then even when you find an ATM, it’s out of your bank’s network so to add insult to injury, you’re charged a fee (or two) for using the ATM.

Avoid this situation by finding a checking account that offers widespread ATM access. Often, this isn’t even brick-and-mortar banks which may offer free access to a few thousand branded ATMs across the country. Online banks tend to go above and beyond, offering free access to tens of thousands of ATMs, often worldwide, through ATM networks like AllPoint and MoneyPass.

Look for FDIC Insurance

You want to make sure your money is protected no matter what. FDIC insurance — and National Credit Union Administration insurance for credit unions — insures your money up to legal limits, which for an individual’s checking account would amount to $250,000. This means that up to $250,000 in your checking account will be recovered if your bank or credit union fails.

In the event of institution failure, you’ll either get a check for the amount that was in your checking account, or set up with a new account for the same amount at another insured institution.

Look for Overdraft Protection

Overdraft protection is a crucial feature, especially if you’re often at risk of overextending your funds. This feature works in a few different ways, depending on the institution and the account. Often, a bank’s overdraft protection will link your checking and savings accounts, drawing on your savings account when you overdraft from your checking account. Other iterations may simply not allow you to overdraft the account at all.

Typically, you have to enroll in overdraft protection. Some accounts charge an extra fee for overdraft protection, but many of the best no-fee checking accounts offer this feature for free.

Look for a checking account that pairs with a high-yield savings account

You might want to pair your checking account with a high-yield savings account if you’d like to maintain your day-to-day spending but stash away a portion of your cash to earn a higher rate of return in longer-term savings.
This is also a great option for those who don’t want to be tempted with the ability to easily spend their savings on everyday needs.

If this is what you’re looking for, start by finding a checking account that fits your daily spending needs, is easily accessible and FDIC-insured. You can then track your spending and set up regular deposits into a separate, high-yield savings account for any excess cash you don’t spend. Keep in mind that not all savings accounts are created the same, and it’s worth shopping around for the best rates when it comes to your savings account.

If you want your money to do more for you with less maintenance, online checking is the way to go.

FAQs: What should I know about checking accounts?

A checking account is a bank account for your day-to-day spending needs. They typically come with a debit card, which allows you to make purchases and provides quick and easy access to cash, making it a safer option than carrying cash. Many checking accounts are also offered with paper checks.

Unlike savings accounts, checking accounts typically have no transaction limits, making them the most liquid option for your money aside from holding large amounts of cash. Checking accounts are also FDIC-insured which adds peace of mind.

Checking accounts are used for your everyday spending needs and generally don’t carry interest (however high-interest checking accounts do exist); by contrast, savings accounts usually carry higher interest rates and are meant for you to save money over the long-run.

Keep in mind that savings accounts will typically restrict access to your cash to around six withdrawals per month while checking accounts allow you almost unrestricted access to any cash you hold in the account.

It’s a good idea to maintain a free or no-fee checking account for day-to-day use. Generally speaking, the best checking accounts allow unfettered access to cash and carry no monthly fees, ATM-fees, or other account surcharges.

It’s generally better to keep just enough in your checking account to cover your daily needs, meet any minimum balance requirements and avoid any possible overdraft charges.

Despite their everyday usefulness, checking accounts aren’t the best places to stash your cash long-term. Savings accounts usually offer higher interest rates, making them a better place to store cash.

There are many free checking account options out there. Some options — especially those offered by online banks — are free accounts that even offer extra features like interest and rewards. Keep in mind that many banks will still feature things like inactivity fees, minimum balance requirements or paper statement charges for their “free checking” accounts.

If you’re paying monthly maintenance fees, minimum balances fees or even third-party ATM fees, it’s worth it to do some research, as there are other accounts out there that will give you more bang for your buck and won’t nickel and dime you for it either. Shop around to find the best free checking account for you.

Yes, many checking accounts earn interest, although the amount offered is typically far less than rates offered by savings accounts or money market accounts.

If you’re looking for the best high-yield checking account, many smaller banks and credit unions offer Kasasa checking accounts, which are essentially free checking accounts that offer higher interest rates, so long as you meet a few monthly requirements.

Checking account interest is taxed if you earned $10 or more in interest in a year. For all your interest-earning deposit accounts, your bank should send you a copy of Form 1099-INT, which they will also send to the IRS. This form will help you report the interest income on your tax return. If you don’t receive this form from your institution, but still earned $10 or more in interest, you will still have to report the interest on your taxes.

If you were lucky enough to earn $1,500 or more in interest, you will have to detail the sources of that income on Schedule B of Form 1040.

Almost every checking account offered by major banking institutions is insured by the FDIC, which provides an account holder with up to $250,000 in federal deposit insurance in the event the underlying bank runs into trouble.

As with any other deposit account, it’s easy to find out whether your checking account has FDIC coverage. You can check to see if your financial institution has FDIC insurance by looking for the “Member FDIC” tag that often appears at the bottom of the bank’s marketing materials.

FDIC insurance covers deposits in checking accounts, savings accounts, CDs and money market accounts, up to $250,000 per ownership category per person within a single financial institution. Credit unions receive deposit insurance from the National Credit Union Administration (NCUA), up to $250,000 per owner, per insured credit union, per account category.

One checking account should suffice for most shoppers. However, there may be instances where you’d want to open multiple checking accounts to help keep your finances organized or separated for different purposes.

For example, many small business owners have their own business checking account to segregate their professional finances from their personal finances.

Some parents may even want to open separate student checking accounts to help teach their kids or budding college students financial responsibility and keep track of their finances.

Keep in mind that you can also open joint checking accounts, which make it easier for couples and those who share their lives to also share finances and track spending. With a joint account, two or more people share ownership, and can deposit and withdraw funds from the same checking account.

Every checking account will feature a routing number and an account number. These two numbers are associated with your bank account and serve as unique identifiers for your account.

The routing number associated with your checking account is a nine-digit string of numbers that identifies the institution that manages your checking account.

Your bank account number identifies your personal account and is the unique identifier that your bank uses to direct cash or wire transfers, track your balance, and rout payments as needed.

If you were rejected after trying to open a checking account, it’s probably because you have a rocky past with previous accounts. When you apply for new bank accounts, most institutions run your information through ChexSystems, which keeps a record of your banking history when institutions report it. This means any history of overdrafts, negative account balances, account closures and the like will be available for ChexSystems users to see.
If you were rejected from opening a new checking account, take a look at your ChexSystems report. It may help to figure out what bad marks on there you may be able to change. There may even be errors on the report that you can dispute and have removed.

A second-chance checking account is a type of checking account available to those who might not otherwise qualify for a traditional checking account due to their credit or ChexSystems history.

It may be worth exploring a second-chance checking account if your banking history might have been blemished by closing an account with a negative balance or outstanding fees.

Typically, second-chance checking accounts have lower spending limits, fewer features and may charge monthly maintenance fees. However they exist mainly to assist people who are determined to get their financial lives back on track. Once you’ve had the chance to rebuild your credit history, you may be able to trade back up for a standard checking account.

Deposit accounts, including checking and savings accounts, are not included in your credit report, since you’re not borrowing money from these kinds of accounts. So the way you use your checking account or even when you close a checking account doesn’t affect your credit.

If you overdraft your checking account and don’t pay back what you owe to your institution, however, that can land in your credit report if the institution sends it to collections. That’s because it’s become more about your debt, which is reported in credit reports, than simply your checking account.

Overdraft protection works a lot like it sounds: it protects you when you overdraft your account. Often, overdraft protection links your checking account to a savings account. Any time you overdraft your checking account, funds are automatically pulled from the savings account to cover the purchase.

Other institutions may offer overdraft protection that simply doesn’t allow you to overdraft the account. This prevents the transaction from going through, but also prevents you from facing an overdraft fee and recovering the extra cost.

Depending on the type of overdraft protection and the institution, overdraft protection can come at an extra fee, or it could be free.

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Banking

Can You Deposit Cash at an ATM?

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any of our network partners.

Written By

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You can easily deposit cash or checks at many ATMs, but not all. There are plenty of ATMs that do not accept deposits, or that won’t accept deposits if you bank with a different financial institution. Furthermore, there are banks, such as Ally Bank and Discover Bank, that do not allow cash deposits at all, regardless of whether they’re made at an ATM.

Don’t be discouraged, though – there are plenty of ATMs that do accept cash deposits. To successfully deposit cash at an ATM, here’s what you can expect as far as the process, any fees involved and commonly encountered issues.

How to make cash deposits at an ATM

Once you’ve established that your bank accepts cash or check deposits at an ATM — whether in-network or out-of-network — it’s time to hunt one down. Many banks offer features on their website or mobile app that will show you in-network ATMs near you. Additionally, ATM networks like MoneyPass and AllPoint have features on their websites that allow you to search for nearby ATMs, filtering for only the ones that accept deposits.

After you’ve located a deposit-taking ATM, you can prepare to make your deposit. While ATM machines vary, in general, these are the steps you can expect to take when depositing cash or a check at an ATM:

  1. Insert your debit card and PIN code.
  2. Select “Deposit.”
  3. Choose the account you’d like to deposit your money into.
  4. Enter the amount of money you’re depositing, and insert your signed check or cash.
  5. Confirm the accurate dollar amount of your deposit.
  6. Answer any remaining questions and be sure to exit it out of the screen and back to the ATM homepage. Take your receipt and bank card with you before leaving.

Can I deposit money at an ATM that’s not my bank?

Whether you can deposit money at an ATM that is out-of-network with your bank depends on your financial institution’s policies. For context, banks that will only allow you to make deposits at ATMs in their network, and not others, include:

  • Bank of America
  • Chase Bank
  • Citibank
  • Wells Fargo

Many big banks will partner with an ATM machine network — like MoneyPass or Allpoint — allowing customers to make withdrawals surcharge-free from those ATMs. However, while your bank might allow you to make withdrawals at an ATM in its partner network, that does not mean it will also allow you to make deposits at those machines. You will first need to check with your financial institution.

When shopping around for a bank, do not assume that all ATMs will be able to accept your cash or check deposits. Instead, if being able to deposit cash at an ATM is important to you, make sure to ask whether the bank accepts cash or check deposits at its own network of ATMs, at partner network ATMs or at any ATMs at all.

How do you deposit cash at an online-only bank?

Without the accessibility of brick-and-mortar branches as a customer of an online-only bank, determining where you can make your cash deposits can be tricky. In many cases, online banks require you to deposit cash by transferring it from another bank account via ACH transfer. There are a handful of banks, though, that accept deposits at a network of ATMs, including Radius Bank and Capital One 360.

Other common ways that online-only banks accept deposits include:

  • Direct deposit
  • Remote check deposit via mobile app
  • Wire transfers
  • Mailed check
  • Via cash registers at retail locations through partner programs (such as Chime Bank’s partnership with Green Dot’s At the Register)

What are the fees for ATM cash deposits?

Many banks do not charge a fee specifically for making deposits at ATMs — although if you have a business checking account, cash deposit fees (in general, not at ATMs) are par for the course.

However, you should keep in mind that ATM machines are notorious for charging a bundle of fees that can be tricky to unpack. General ATM fees that you should be aware of include:

  • ATM operator’s fee: If you’re using an ATM that is out of your bank’s network, you might be charged a fee by the company or bank that owns the machine. These fees can range from $1.50 to $10 per transaction.
  • Non-network fee charged by your bank: If you use an ATM that is outside of your bank’s network, your own bank might tack on a fee that can range from $2.00 to $3.50.

When will my money be available from an ATM cash deposit?

While funds you deposit at an ATM are not required to be immediately available, deposited cash will likely be available right away. Checks, on the other hand. might take one business day to become available.

Check or deposit holds, though, are common, and can last from one to 11 days. Holds can be triggered for many reasons, and are put in place to make sure there are enough funds to back up a transaction. In fact, making a deposit at an ATM outside of your bank’s network can be a reason in itself for triggering a deposit hold. If you want to avoid a hold, consider making your deposit in person, if possible.

If you find yourself facing a deposit hold after depositing cash at an ATM, rest assured the Expedited Funds Availability Act puts limits on how long banks and credit unions can wait to give you access to your cash.

What are the common problems of depositing cash at an ATM?

Depositing cash at an ATM isn’t always the most effective way to get your banking business done. Downsides of depositing cash at an ATM include:

  • There are safety concerns. Before pulling out a wad of cash in public, make sure you are in a well-lit area, keep your cash out of plain view and safeguard your PIN code.
  • It might take longer to receive your funds. As noted earlier, depositing cash at an ATM — especially an out-of-network ATM — can trigger a longer hold time on your deposit.
  • There could be limited availability. Options of deposit-taking ATMs in your network can be slim, and finding one nearby might be a cumbersome process.

Banks that provide the most flexible cash-deposit options

If being able to deposit cash at an ATM is high on your priority list, below are a few banks worth exploring. The banks below all boast large ATM networks that accept cash deposits, giving customers a plethora of options to choose from. You can also check out our picks for the best checking accounts with no ATM fees.

BankATM Deposit Policy
Capital One Allows customers to deposit cash at over 39,000 Capital One or AllPoint ATMs, as long as it’s an ATM that takes cash
Radius BankAllows customers to make deposits at deposit-taking MoneyPass ATMs
PNC BankAllows customers to deposit cash or checks at non-PNC Bank ATMs (in addition to its own network)

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Banking

List of Banks and Credit Unions Offering COVID-19 Relief

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any of our network partners.

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Millions of Americans are struggling with changes to their work hours and incomes. In response, many banks and credit unions are offering relief packages, often waiving certain fees or granting expedited services. Although not listed below, community banks may offer an even stronger support system to those financially impacted.

We will continue to update this page regularly.

List of banks and credit unions offering relief to customers affected by COVID-19

Alliant Credit Union

  • Waives ATM fees
  • Waives overdraft/NSF fees
  • Waives excessive transaction fees
  • Waives early CD withdrawal penalty

Alliant Credit Union does not currently have a COVID-related information page available on its website. However, according to an Alliant representative, the credit union is working with members on a case-by-case basis to remove deposit-related account fees.

Ally Bank

  • Waives ATM fees
  • Waives overdraft/NSF fees
  • Waives excessive transaction fees
  • Waives early CD withdrawal penalty

Online-only Ally Bank currently has an expansive COVID-19 relief plan, especially in comparison to other banks. The bank has outlined measures to help customers, employees and communities.

Until July 18, 2020, Ally Bank deposits customers can benefit from waived overdraft fees; free expedited checks and debit cards; and refunded excessive transaction fees on your savings or money market accounts.

Transfers and online payments remain uninterrupted. Plus, Ally Bank has made it faster to deposit checks of $50,000 or less online with Ally eCheck deposit. You can still use mobile deposit via the Ally Mobile app.

American Express

  • Waives ATM fees
  • Waives overdraft/NSF fees
  • Waives excessive transaction fees
  • Waives early CD withdrawal penalty

American Express has not released any specific COVID-19 relief plans to help its Personal Savings banking customers at this time.

Customers of the online-only bank can continue to access their accounts online. They can also call customer service at 1-800-446-6307 — just beware that wait times may be longer than usual.

Bank of America

  • Waives ATM fees
  • Waives overdraft/NSF fees
  • Waives excessive transaction fees
  • Waives early CD withdrawal penalty

Bank of America’s COVID-19 response is to urge customers who are facing financial hardship to contact a representative to request refunds for fees on overdrafts, non-sufficient funds and monthly maintenance. Customers may also use the bank’s virtual assistant, Erica, to get answers to any questions, including those that are coronavirus-related.

Bank of America also encourages its customers to turn to mobile and online banking first, both of which allow you to check your account status, pay bills and deposit checks.

Bank of America financial centers remain open. The bank’s locations are open Monday through Friday, 10 a.m. to 4 p.m. local time, while Saturdays maintain regular hours, which vary from branch to branch. Branches that remain open undergo “enhanced, daily cleanings” and “other measures to limit the risk of exposure, based on guidelines from the Centers for Disease Control and Prevention (CDC).”

BBVA

  • Waives ATM fees
  • Waives overdraft/NSF fees
  • Waives excessive transaction fees
  • Waives early CD withdrawal penalty

In response to COVID-19 difficulties, BBVA banking customers can request penalty-free CD withdrawals (for CDs opened before March 1) and overdraft fee refunds. You can make these requests by calling 1-844-228-1872.

BBVA locations have transitioned to primarily drive-thru service only. Branches that do not have a drive-thru are open on a limited basis. ATMs remain open 24/7 and banking center lobbies are open by appointment, which you can schedule by calling your banker or banking center. BBVA Online Banking and the BBVA Mobile Banking App are also available to you 24/7.

BMO Harris

  • Waives ATM fees
  • Waives overdraft/NSF fees
  • Waives excessive transaction fees
  • Waives early CD withdrawal penalty

Under its financial relief program, BMO Harris asks deposit account customers with questions about account fees to send them a message. Customers can expect a response within 10 business days.

You can also call the bank’s Customer Contact Center at 1-888-340-2265, which operates seven days a week from 8 a.m. to 8 p.m. CST. If you need assistance with your credit card account — whether to report a lost or stolen debit card, activate a debit card or reset your BMO Digital Banking password — bankers are available 24/7.

All BMO branch lobbies are currently closed, while drive-up service remains available at most branches. Those located near the bank’s main Chicago branch at 111 West Monroe can visit the branch, open for limited access, Monday through Friday from 9:30 a.m. to 4 p.m. The branch is open exclusively to elderly and vulnerable customers between the hours of 9 a.m. and 9:30 a.m.

Capital One

  • Waives ATM fees
  • Waives overdraft/NSF fees
  • Waives excessive transaction fees
  • Waives early CD withdrawal penalty

In response to the coronavirus pandemic, Capital One is waiving its out-of-network ATM fee. It won’t reimburse you for a third-party surcharge, though.

If you are facing financial difficulties, you can contact Capital One and a representative can help to find a solution for you. Note that customer service wait times are likely longer than usual right now.

Capital One has temporarily closed select branches that do not have drive-thru tellers or protective glass at teller counters. Branches that do have those features will remain open via those outlets and are being disinfected per CDC guidelines. Tellers may still assist customers in the lobby in special circumstances. Capital One ATMs remain open 24/7. Capital One also strongly encourages its customers to use the Capital One mobile app or online banking to make payments, check balances and deposit checks.

Charles Schwab

  • Waives ATM fees
  • Waives overdraft/NSF fees
  • Waives excessive transaction fees
  • Waives early CD withdrawal penalty

Charles Schwab has no specific measures in place to provide relief aid to its banking customers amid the coronavirus outbreak.

Schwab branches are temporarily closed and will remain so until local, state and federal government recommendations indicate it is safe to reopen. Still, you can contact a branch directly by phone to reach a representative. Schwab also encourages customers to go digital by completing tasks online or via its mobile app, which includes check-depositing capabilities.

Chase

  • Waives ATM fees
  • Waives overdraft/NSF fees
  • Waives excessive transaction fees
  • Waives early CD withdrawal penalty

In light of the pandemic, Chase Bank customers are encouraged to use the Chase Mobile app and online banking to complete their account-related tasks. Chase asks that those who need help because of COVID-19 reach out to a representative, though you may experience wait times that are longer than usual.

Several Chase branches are temporarily closed, while other branches’ hours and services have been adjusted. You can check the status of your branch on the Chase Mobile app or online. Chase branches and ATMs are being cleaned with EPA-approved disinfectants.

On a wider scale, JPMorgan Chase has pledged $50 million to nonprofit organizations to help support “healthcare, food and other humanitarian relief” efforts globally; community partners; and small businesses in the U.S., China and Europe.

Citibank

  • Waives ATM fees
  • Waives overdraft/NSF fees
  • Waives excessive transaction fees
  • Waives early CD withdrawal penalty

Citibank is waiving fees for monthly account service, safe deposit boxes and non-Citi ATM usage, as well as CD early withdrawal penalties.

Citibank also asks that those affected by COVID-19 contact the bank for assistance, although wait times may be longer than usual. If you already work with a personal banker or financial advisor through Citibank, you can contact them directly during their regular business hours. Through June 30, 2020, you can also text “App” to 692-484 to avoid call wait times and Citi will direct you to its digital tools or automated response system or send you a link to message a representative in the Citi Mobile App.

Select Citibank branches are closed and those that are open are operating under temporarily limited hours and undergoing “daily cleaning procedures … on high-touch surfaces,” providing hand sanitizer and practicing CDC recommendations like social distancing. You can also access your accounts and funds via the Citi Mobile app, the Citibank website and Citi ATMs on a 24/7 basis.

Citizens Access

  • Waives ATM fees
  • Waives overdraft/NSF fees
  • Waives excessive transaction fees
  • Waives early CD withdrawal penalty

Citizens Access encourages customers to contact its Customer Care team through a a secure message through your online account or by calling a representative at 1-888-201-6505, available Monday through Friday from 8 a.m. to 10 p.m.; Saturday from 9 a.m. to 3 p.m.; and Sunday from 10 a.m. to 3 p.m. EST. You can expect a secure message response within one to three days; wait times on the phone will also be longer.

As Citizens Access has no physical branches, you can always access your account online, both on desktop and your mobile browser. The bank does not have a mobile app.

Citizens Bank

  • Waives ATM fees
  • Waives overdraft/NSF fees
  • Waives excessive transaction fees
  • Waives early CD withdrawal penalty

Citizens Bank deposit account customers can expect overdraft fee waivers, service charge reversal and penalty-free early CD withdrawals, as part of the bank’s COVID-19 relief response. Customers with checking, savings and CD accounts can call customer service at 1-800-922-9999 Monday through Friday from 7:00 a.m. to 10:00 p.m. and Saturday and Sunday from 9:00 a.m. to 6:00 p.m. local time. If you want to open a new account over the phone, you can call 1-877-360-2472.

Citizens Bank branches remain open. Hours are reduced to Monday through Friday from 10 a.m. to 3 p.m. and on Saturday from 9 a.m. to 12 p.m. (unless the branch is typically closed). All drive-ups remain open, while branch lobbies are open by appointment only and limited to two customers at a time. Teller counters, also available by appointment only, now have plexiglass windows installed and serve one customer at a time “while adhering to social distancing protocols.” You can contact or check the status of a Citizens Bank branch here.

Digital Federal Credit Union (DCU)

  • Waives ATM fees
  • Waives overdraft/NSF fees
  • Waives excessive transaction fees
  • Waives early CD withdrawal penalty

Digital Federal Credit Union offers an extensive financial relief program, which is available to its members in any financial rut, not just during this pandemic. Until further notice, DCU is offering unlimited ATM fee reimbursements and forgoing all overdraft and nonsufficient funds fees. Those who need to borrow money during this time may take out a personal loan from DCU, which won’t require payments for 60 days on loans opened after March 25, 2020.

All DCU branch lobbies are closed, though some branches remain open through their drive-up teller windows, which can help you with normal transactions. You can check your branch status here.

Otherwise, you can access your account 24/7 via online banking and the DCU mobile app. You can also send an email for non-urgent requests, which are typically answered in two business days, or you can call customer service, though it is currently experiencing extremely high call volumes that may result in much longer wait times.

Discover

  • Waives ATM fees
  • Waives overdraft/NSF fees
  • Waives excessive transaction fees
  • Waives early CD withdrawal penalty

Discover has “support in place for qualified Discover customers who experience hardship” due to the coronavirus pandemic. Although it is unclear what qualifies customers to receive this support, a Discover representative adds that “Discover customers may receive assistance related to payments, fees and interest.”

Discover Online Banking customers can call 1-800-347-7000 (TTY/TDD 1-800-347-7454) any time to reach a Discover representative for assistance. You also can continue to access your accounts online or via the Discover mobile app.

Fifth and Third Bank

  • Waives ATM fees
  • Waives overdraft/NSF fees
  • Waives excessive transaction fees
  • Waives early CD withdrawal penalty

Fifth Third Bank deposit account customers can benefit from fee waivers for up to 90 days on a range of consumer products and services. Customers can also call 1-800-972-3030 from 8 a.m. to 6 p.m. EST Monday through Friday and 10 a.m. to 4 p.m. EST Saturday (closed on Sundays) for assistance.

All Fifth Third Bank branches are available via drive-thru service or by appointment only. You can use the bank’s branch and ATM locator to check your local branch’s status or find the nearest ATM. For most other services, like checking balances or ACH transfers, you can use the bank’s website or mobile app.

Goldman Sachs Bank USA

  • Waives ATM fees
  • Waives overdraft/NSF fees
  • Waives excessive transaction fees
  • Waives early CD withdrawal penalty

Customers of Marcus by Goldman Sachs can make penalty-free withdrawals from regular CDs at this time, as a direct response to COVID-19. You can do so by calling 1-855-730-7283. Marcus contact centers are operating virtually, with temporary hours of 9 a.m. to 6 p.m. ET Monday through Friday and 9 a.m. to 6 p.m. ET on Saturday and Sunday.

You can still access your Marcus accounts online. Apple device users can also benefit from the Marcus mobile app.

KeyBank

  • Waives ATM fees
  • Waives overdraft/NSF fees
  • Waives excessive transaction fees
  • Waives early CD withdrawal penalty

Select KeyBank customers “may be eligible for immediate help,”which can include “waiving certain service charges on KeyBank checking and savings accounts.”

KeyBank has closed all branch lobbies and select branches altogether. Those that remain open are operating via their drive-thru services. If you need to meet with a banker for select services or to access your safe deposit box, you can schedule an appointment to do so. Of course, you can always access your accounts online and through KeyBank’s mobile app. You can also call KeyBank’s 24/7 customer service line at 1-800-539-2968, though be aware that there are currently longer hold times than usual.

The KeyBank Foundation has also made an initial $1 million commitment to “support vulnerable individuals, small businesses and neighborhoods.”

Navy Federal Credit Union

  • Waives ATM fees
  • Waives overdraft/NSF fees
  • Waives excessive transaction fees
  • Waives early CD withdrawal penalty

During this time, Navy Federal Credit Union members can withdraw from certificates before maturity without penalty; get free overnight shipping on cashier’s checks and debit cards; deposit up to $50,000 per day via mobile deposit; and withdraw up to $1,000 per day from non-Navy Federal ATMs (the $1,000 daily limit on Navy Federal ATMs remains).

Members can also take advantage of the credit union’s OOPS overdraft protection for all checking accounts, which offers no fee on overdraft transactions of less than $5 and caps overdraft charges at three per day. Members with OOPS can request a refund for the $20 overdraft fee charged and for non-sufficient fund (NSF) fees by sending a secure message through your account.

Several Navy Federal branches have temporarily closed, while others currently have reduced hours. You can check the status of your local branch here or on the Navy Federal Mobile app, where you can also find accessible ATMs.

PenFed Credit Union

  • Waives ATM fees
  • Waives overdraft/NSF fees
  • Waives excessive transaction fees
  • Waives early CD withdrawal penalty

PenFed Credit Union is not offering specific relief measures for its deposit account members in response to the COVID-19 crisis.

Select PenFed financial centers are temporarily closed, while others are operating on adjusted hours. Saturday drive-thru service at open financial centers only includes everyday financial transactions like cash withdrawals and loan payments.

PenFed encourages customers to contact their local branch for information about updated hours and services, which you can also check online on the bank’s locations page and COVID-19 information page. You also can access your accounts for several services online and on the PenFed mobile app.

PNC Bank

  • Waives ATM fees
  • Waives overdraft/NSF fees
  • Waives excessive transaction fees
  • Waives early CD withdrawal penalty

PNC Bankcustomers who are experiencing financial hardship as a result of COVID-19 should call 1-888-762-2265, which is available 7 a.m. to 5 p.m. ET Monday through Friday and 8 a.m. to 5 p.m. ET on Saturday and Sunday. Virtual Wallet customers may call 1-800-352-2255, available during the same hours.

If you are eligible for assistance, a PNC representative will discuss your options with you, which include waiving or refunding fees on deposit accounts (and other products). Qualified customers can also take out an emergency hardship loan “at a low rate.” PNC did not make it clear how it determines eligibility for assistance, but it stressed that customers should call for help.

Select PNC branches are closed, while others remain open with limited hours and access, with some are operating via drive-up window only. You can use PNC’s branch locator to check the status of a branch and to find a branch that offers essential appointments, made available for safe deposit box access, loan closings or other banking services that you cannot make otherwise. PNC is also still widely accessible via online, mobile and voice banking.

State Employees’ Credit Union

  • Waives ATM fees
  • Waives overdraft/NSF fees
  • Waives excessive transaction fees
  • Waives early CD withdrawal penalty

State Employees’ Credit Uniondoes not have specific relief plans in place for its deposit account customers, although its loan customers can seek assistance in light of the coronavirus pandemic. Members can contact a representative through a secure message when logged into their account, by calling your local branch or by calling 24/7 Member Services at 888-732-8562 to “discuss how they can help.” Note that Member Services is experiencing high call volumes between 10 a.m. and 8 p.m. every day.

SECU branches have pivoted to drive-thru service only for most banking services. You can call to schedule an in-person appointment if you need to access a safe deposit box, submit tax return information or discuss loans. Otherwise, you can use the credit union’s website, mobile app, CashPoints ATMs, automated voice response service and 24/7 Member Services Support Center.

TD Bank

  • Waives ATM fees
  • Waives overdraft/NSF fees
  • Waives excessive transaction fees
  • Waives early CD withdrawal penalty

TD Bank encourages customers affected by COVID-19 to call 1-888-751-9000 to see how the bank can support you as it says it “may be able to provide some financial relief.” Of course, wait times are uncharacteristically long at this time.

Assistance options offered by TD Bank will depend on your situation and request but may include fee refunds, early, penalty-free access to CDs and payment extensions. The bank’s customer assistance offers continue to evolve as well, according to a bank representative.

Most TD Bank branches are temporarily closed or operating via drive-thru only. At TD Bank drive-thrus, you can make deposits, withdrawals and payments; cash checks; get a bank check or money order; and make business deposits or coin orders. Branches with open lobbies are available by appointment only. TD Bank branch reduced hours are 9:30 a.m. to 4 p.m. Monday through Friday via drive-thru, 9:30 a.m. to 1 p.m. Saturdays unless normally closed and closed on Sundays (all times are local). You can check the status of branches by state on TD Bank’s COVID-19 updates page.

TD Bank ATMs are still accessible, as is its website and banking app.

TIAA Bank

  • Waives ATM fees
  • Waives overdraft/NSF fees
  • Waives excessive transaction fees
  • Waives early CD withdrawal penalty

As part of the bank’s coronavirus relief response, TIAA Bank deposit account customers can benefit from waived fees for wire transfers, ATM transactions and insufficient funds.TIAA has also increased debit and cash withdrawal limits.

TIAA Bank financial centers have all moved to drive-thru tellers only. Those that don’t have a drive-thru window will see clients through appointment only. You can set up an appointment by calling your local financial center.

You may also easily manage your TIAA Bank accounts online and through the TIAA mobile app. To speak with a representative, banking customers may call 1-888-882-3837 from 8 a.m. to 11 p.m. EST, although wait times are abnormally long.

Truist (formerly BB&T and SunTrust)

  • Waives ATM fees
  • Waives overdraft/NSF fees
  • Waives excessive transaction fees
  • Waives early CD withdrawal penalty

Truist, the result of a recent merger between BB&T and SunTrust, does not offer any relief related to its deposit accounts.

For further assistance, Truist encourages heritage BB&T clients to call 1-800-226-5228 and heritage SunTrust clients to call 1-877-820-2103. Watch out for long wait times, however, which customers have reported on social media.

Local BB&T and SunTrust branch hours and services are temporarily moving to drive-thru teller services only, appointment-only in-person visits and select branch closures. Customers still have 24/7 access to ATMs as well as online, mobile and telephone banking.

Truist has also established a $25 million Truist Cares initiative, which will provide funding to the CDC Foundation and Johns Hopkins Medicine; local United Way organizations; and grants to Truist’s community partners.

U.S. Bank

  • Waives ATM fees
  • Waives overdraft/NSF fees
  • Waives excessive transaction fees
  • Waives early CD withdrawal penalty

U.S. Bank has suspended fees related to excessive withdrawals. Deposits customers who have been financially affected by COVID-19 should call the bank at 1-888-287-7817 for assistance.

U.S. Bank branch operations are temporarily reduced, and the bank encourages customers to use drive-up windows instead of going inside a branch. You can check your local branch’s hours and status online. Otherwise, you can still access your U.S. Bank accounts on the bank’s mobile app, by phone or on its website.

Wells Fargo

  • Waives ATM fees
  • Waives overdraft/NSF fees
  • Waives excessive transaction fees
  • Waives early CD withdrawal penalty

Wells Fargo has said it will offer fee waivers for customers who contact the company. On a larger scale, the Wells Fargo Foundation has pledged up to $6.25 million in donations “to support domestic and global response to the COVID-19 and to aid public health relief efforts.” This includes funding “at the local level,” as well as for the national CDC and the International Medical Corps.

Select Wells Fargo locations are temporarily closed, while the branches that remain open have temporarily reduced hours. You can check the status of a Wells Fargo branch here. If you need a service that can only be completed in a branch, you can make an appointment. Wells Fargo call centers still remain open, though they are experiencing higher-than-normal call volume and longer wait times.

You can also access your accounts online and on the Wells Fargo Mobile app, where you can deposit checks, move money and more. Wells Fargo also reminds customers that they can use contactless cards or digital wallets for payments.

Additional bank and federal advisories for customers

The Federal Deposit Insurance Corporation (FDIC) and the National Credit Union Association (NCUA) have temporarily extended unlimited insurance. Thanks to the CARES Act, your bank and credit union deposits are wholly insured through Dec. 31, 2020. Typically, an individual is covered up to $250,000 per account type, with increased FDIC insurance for joint ownership or beneficiaries. This temporary extension means you don’t have to worry about losing any of your money in a checking, savings, CD or money market account in the event of a bank or credit union failure.

The Federal Reserve has temporarily amended Regulation D to allow for more than six withdrawals from savings accounts. One way that Regulation D differentiates savings accounts from checking accounts is by limiting savings accounts to six “convenient” transfers per month. This includes pre-authorized and automatic transfers; telephone transfers; and withdrawals and transfers made by check, debit card or a similar method. For now, you don’t have to worry about this limitation.

Less “convenient” transfers which are not included in that otherwise limited category are those made in person at the bank, by mail, at an ATM or over the phone when you receive the withdrawal via a check in the mail.

Typically, going over the “convenient” transfers limit would result in an excessive transaction fee charged by the bank. With the Fed’s latest change, your bank may also waive their excessive transaction fees as further COVID-19 relief.

Many institutions are warning customers about keeping their information and money safe from fraudsters. Unfortunately, scams and phishing attempts are cropping up to take advantage of this crisis. Be wary of phone calls, emails and texts from suspicious senders who ask for personal or account information, and avoid clicking on links in emails and texts. When in doubt, head to your institution’s official website to verify your bank’s contact information, or log into your account to access its secure messaging system.

Government relief and the Coronavirus Aid, Relief, and Economic Security (CARES) Act

American taxpayers and business owners may also get some relief from the U.S. government’s $2 trillion financial relief package, the Coronavirus Aid, Relief, and Economic Security (CARES) Act, signed into law in late March.
Find out how you can benefit from the relief package below.

One-time stimulus checks

Taxpayers’ long-awaited direct payments, or recovery rebates, will be determined by their most recent tax return. For many, this will be your 2019 tax return, since we have yet to file taxes for 2020. If you have not yet filed your 2019 tax return, the government will turn to your 2018 return instead.

How much you’ll get: For individuals, the plan will provide one-time direct payments of $1,200 ($2,400 for joint returns) to those with an annual income of $75,000 or less. Payments will decrease incrementally for those who made more than $75,000 and will stop altogether for individuals who earned more than $99,000. Individuals will also receive an additional $500 per child. You can use our stimulus check calculator to determine your payment amount.

What to do to get your stimulus check: For most taxpayers, there’s no need to sign up. All you need is a valid Social Security number to receive these relief rebates. Depending on what you requested on your tax return, the IRS will send the payment either via direct deposit or a paper check.

  • If you receive Social Security retirement, Social Security Disability Insurance or Railroad Retirement benefits, the IRS will use the information on your 1099 Social Security forms (Form SSA-1099 or Form RRB-1099) to determine your payments. Individuals who qualify with these forms will only receive additional payments for dependents at this time if they registered their dependents via the IRS’ Non-Filers: Enter Payment Info tool by April 22, 2020. Otherwise, the additional $500 payment per eligible dependent will be paid in association with your tax filing for tax year 2020.
  • Other eligible U.S. citizens or permanent residents may use the IRS’ Non-Filers: Enter Payment Info tool. You can use this tool to submit your most recent banking information to the IRS for faster payment. You are eligible to use this tool if you had a gross income of $12,200 or less ($24,400 for married couples) for 2019 and were not required to file, nor planned to file, a federal income tax return for 2019. You will have to submit your current mailing address, an email address and valid Social Security number, in addition to other personal and identifying information.
  • Supplemental Security Income (SSI) recipients and veterans who receive veterans disability compensation, pension or survivor benefits from the Department of Veterans Affairs, and who did not file a tax return for either 2018 or 2019, may also use the Non-Filers: Enter Payment Info tool, as these groups are not yet automatically eligible for economic impact payments.

When the stimulus checks will arrive: The IRS began sending out payments the week of April 13, 2020. You can expect your payment to come sooner if you have direct deposit set up on your tax return or submitted your bank account information via the Non-Filers: Enter Payment Info tool.

You can track your payment with the IRS Get My Payment tool. This tool indicates the status of your payment, including the date your payment is scheduled to be direct deposited or mailed. Get My Payment will also provide eligible individuals a chance to submit their bank account information for direct deposit. If your check has already been scheduled for delivery, this feature will not work, so it’s best to take advantage of it as soon as possible

Fastest ways to get your stimulus check: The fastest way to get your stimulus check is via direct deposit to your bank account from the IRS. If your address or bank account information has changed since 2018, file your 2019 tax return as soon as possible, if you haven’t already.

Taxpayers with prepaid accounts can also receive the government COVID-19 stimulus checks, thanks to the Consumer Financial Protection Bureau (CFPB) relaxing rules around the Electronic Fund Transfer Act (EFTA), which typically prohibits individuals from opening new accounts to receive government benefits. So if you have a prepaid account, you may want to provide the IRS with your account information via the Non-Filers: Enter Payment Info tool as soon as possible so you can receive your stimulus payment faster.

What to know about taxes and stimulus checks: These recovery rebates are considered advanced tax credits for 2020 and should not be taxed for most. Since the payment amounts are determined based on your previous tax returns, however, the payments could be subject to adjustment if you earned more or less this year compared to prior years.

For example, if you received too large of a rebate proportionate to your most recent income, you could end up owing back the excess. However, it is so far expected that taxpayers will not have to return or pay tax on any portion of these rebates, regardless of income changes. If you receive a payment that is too low, you also may be able to receive a tax credit from your 2020 taxes to make up the difference.

Expanded unemployment benefits

For starters, individuals who have found themselves unable to work as a result of COVID-19, including those who are sick, quarantined or taking care of family members, will be able to collect unemployment, extending those benefits beyond those who were fired or laid off.

The CARES Act has also included self-employed individuals under this provision, meaning freelancers, gig workers and contractors may also collect unemployment during this time. Also included are people seeking part-time work; workers whose unemployment benefits have run out already; clergy and employees of religious organizations; and individuals whose work history would not typically be sufficient.

The stimulus bill will also add $600 on top of existing unemployment benefits (currently averaging about $300 a week) for four months and extend unemployment insurance by 13 weeks. The bill will also ensure that workers maintain their full salaries if they lose their job due to the coronavirus pandemic.

This additional funding will come from the federal government rather than from states and employers, who typically fund unemployment benefits. Unemployment benefits are still taxable under current law, which the stimulus bill does not account for. So if you are able, you may want to elect for tax withholding now, so you don’t get hit with a big bill at tax time.

How to file for unemployment: Unemployment insurance is done by state, so you will file for unemployment in the state where you last worked. If you worked in multiple states, you can apply in any one of those states. You can check your state’s benefits and eligibility requirements here.

The fastest and safest way to apply for unemployment at this time is via your state’s unemployment website or over the phone. However, given that millions of Americans have recently found themselves unemployed, you may face unusually long wait times when contacting unemployment offices. Perhaps visit your state’s website during off hours.

When you file for unemployment, you’ll have to provide your personal information, including your name, contact information, Social Security number and bank account information, if you have one, for direct deposits. You will also have to provide information about your last place of employment, including your past employer’s name and contact information, the last date you worked, the reason you’re not working anymore and your previous earnings.

Some states may require you to “certify for benefits” on a weekly or bi-weekly basis, which requires you to prove your continued eligibility for unemployment benefits. This often includes showing that you are willing and able to work and that you are actively looking for employment. Some states may waive this requirement during this time.

Eased penalties around retirement account withdrawals

The bill also allows those affected by COVID-19 to withdraw up to $100,000 from qualified retirement accounts, including your 401(k) and IRAs, without facing the 10% early withdrawal penalty that typically applies when you make withdrawals when you are under the age of 59 ½. You will still have to pay income taxes on your withdrawals, though these taxes will now be due over the course of three years instead of immediately. Additionally, the bill waives required minimum distributions (RMDs) for select retirement plans for this year.

Qualified individuals include those who are diagnosed with COVID-19 or have a spouse or dependent who has been diagnosed with COVID-19, as well as those who have been laid off, quarantined, furloughed or faced reduced hours due to the pandemic. This applies through Dec. 31, 2020.

Even though the bill allows it, withdrawing from your retirement accounts before you’ve actually hit retirement is generally not the best plan — especially if you’re already close to retiring. By doing so, you run the high risk of hurting the nest egg that you’ve worked hard to build for retirement. Still, this may be the only source of money available to many right now.

Small business relief

The stimulus plan includes $425 billion for the Federal Reserve to leverage for emergency loans to distressed companies and $75 billion for industry-specific loans. Despite previous claims from President Trump that he alone would choose which businesses received aid, this lending system will fall under oversight by an inspector general and a congressionally-appointed panel.

The spending package also provides $350 billion that will go toward lending programs for small businesses, but only those that keep their payrolls steady through the crisis. There is also a reward for small businesses that keep their workers in the form of federally-guaranteed loans that will be forgiven if the employer continues to pay its workers throughout this time of crisis.

Additionally, the plan allocates $130 billion for hospitals and $150 billion for state and local governments.

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