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Having a checking account is a rite of passage as an adult, and a necessary piece of the financial puzzle. Most financial institutions offer checking accounts as a way to help individuals manage their income and expenses easily and quickly.
While there are some checking accounts that come with a handful of bells and whistles, the majority of revolving deposit accounts with all the extras cost money to use and maintain. This Dollar Bank Online checking account review is a straightforward description of what you can expect with this account.
- No monthly or overdraft fees
- No minimum balance requirements
- Receive $5 free when you open an account
The Dollar Bank Online checking account, also known as the free checking account, does not offer any interest on deposits held in the account from one statement period to next. However, it does not impose a monthly service fee, no matter the balance, and there are no charges assessed for transfers in or out of the account. Dollar Bank online checking accounts come with a free debit card as well as personalized checks which can be used to withdrawal money at any time. The checks offered with the checking account do cost, however.
As with any new bank account, individuals who want to open the basic, free online checking account with Dollar Bank must first submit an application. This can be accomplished either online or over the phone, so long as the following information is provided:
- Name of account holder and joint account holder, if any
- Residential address and mailing address
- Date of birth
- Social security number
- Employment information
- Driver’s license, state ID card, passport, or military ID number and expiration date
- E-mail address
Once an application is received in good order, Dollar Bank establishes a new account number and provides online access to the primary account holder. No minimum deposit is required, and free electronic statements are provided each month to the account holder’s primary e-mail address.
Dollar Bank offers a variety of benefits to its account holders with an online checking account. In addition to the fee-free nature of the checking account which does not impose fees for maintaining the account, Dollar Bank does not charge a fee for accessing Dollar Bank ATMs. Account holders also have access to unlimited bill pay through Dollar Bank’s online platform, as well as unlimited check writing at no added cost. Account holders are able to reach Dollar Bank for service- and balance-related questions 24 hours a day, seven days a week over the phone should online banking not do the trick.
Dollar Bank online checking account holders also receive a free check card at the time of account opening, and they are automatically signed up for electronic statements which are sent on a monthly basis. There are no minimum balance requirements for the online checking account offered by Dollar Bank, and overdraft protection is available when a corresponding savings account is established and linked to the checking account. Direct deposit is also available to account holders at no cost, and Dollar Bank offers account alerts via text message or e-mail that can be established at any time.
Although the Dollar Bank online checking account is meant to provide a simple, low-cost alternative to other financial institution checking accounts with numerous features and benefits, there are some drawbacks to having this checking account. First, Dollar Bank does not pay interest on any amount held in the online checking account, making it simply a holding place for funds that will be used to pay bills or make everyday purchases. In addition to zero interest, Dollar Bank does require at least a $50 deposit to open the account.
While there is no stated minimum for the online checking account once it is established, debit card fees may apply when the account holder does not maintain a $2,500 monthly average balance in a linked savings account. Also, a foreign transaction fee of $2.50 is assessed when an ATM outside the United States is used to make a transaction or withdraw funds.
While Dollar Bank online checking account holders have access to overdraft protection by linking a Dollar Bank savings account, a fee of $10 per incident is charged when the automatic overdraft transfer takes place. The online checking account does not offer a discount for personalized checks as do other checking account options available through Dollar Bank, and account holders do not qualify for relationship incentives on premium savings accounts or certificates of deposit, nor mortgage or personal loan interest rate discounts. Currently, Dollar Bank online checking accounts are only available to residents of Virginia, Pennsylvania, and Ohio.
Author: Jeff Gitlen