Pros: At least you can cancel your account with only a few fees.
Cons: Tons of fees, horrible customer service, low interest.
We opened an account at Fifth Third when we moved to Cincinnati. I'm not a complete banking moron, in fact, I worked in a bank for three years. I'm good about balancing my checkbook, reading the fee schedule, making sure everything is in place. But somehow, Fifth Third managed to swindle over $100 in 2 months before I could close the account.
During the move, my husband and I weren't in the same place at the same time very often, so admittedly it was a bit tricky to keep banking straight. We missed a check in the register, and the balance went negative because of an ATM withdrawal by about $50. Our bad.
The next day, we deposited my husband's paycheck to cover it. But by evening, we still had a notice in the mail saying we owed $87 + various other fees. That's more than we were off. And it was only negative for about 7 hours!
That, to me, is unacceptable. Maybe you have been accustomed to paying fees... but there are other options! The bank I worked at gave 24 hours before charging large overdraft fees. If you had money in by morning, they called it good. You, too, can find a bank that cares.
It's not just this one error that soured me, although I have to admit when the "customer service" (riiiight...) rep. hung up on me, I was less than impressed.
My statements still come in my maiden name. Months ago, I went in with my marriage license, and they claim it's changed. Yet I keep getting things with the wrong name.
When we set up the account, we asked for overdraft. Obviously, there was no overdraft. Now we're told we'll need to pay a fee to set it up.
Totally free checking is a total lie. Buying money orders at the post office is a more cost efficient way to pay your bills. And considering what they pay in interest, you'd be much better keeping your money under your mattress.