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TrueFees

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LAST UPDATED: February 3rd, 2020

TrueFees believes a checking account shouldn’t cost money. It should help people save money instead. So TrueFees created a network of banks and credit unions that offer truly low-cost accounts.

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The Good

  • Simple Process
  • Informational Blog

Simple Process

TrueFees is neither owned nor operated by any financial institutions but allows users to compare U.S. financial institutions by the retail deposit account fees. 

To use TrueFees services, users will need to enter some general information such as their state and zip code. Users will also need to select a fee type to search; the fee types are as follows:

  • Overdraft Fee
  • Extended Overdraft Fee
  • Domestic Wire Fee
  • Foreign Wire Fee
  • Monthly Service Fee
  • ATM Fee
  • Chargeback Fee
  • Stop Payment Fee
  • Cashiers Check Fee
  • Overdraft Transfer Fee

Once the information is added, users can quickly and efficiently scroll through the list of banks and credit unions. TrueFees even provide all fee information upfront, so users don’t have to search through the bank or credit union’s website. 

Informational Blog

TrueFees offers a relatively extensive and thorough blog. There are a number of articles about how to manage and save money with a debit card, how to avoid high ATM fees, and reasons why people should switch from a bank to a credit union. While the blog may or may not be a deal-breaker for most users, it does show that the company is knowledgeable in the industry and is a great resource for those who want to learn more about the industry.

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The Bad

  • Reward Amount May Vary
  • No Guarantees

Reward Amount May Vary

Users may be confused by TrueFees $25 reward for opening a new account. However, the company states that the reward is up to $25, and the fine print says that the award amount will vary on the institution. 

Additionally, the reward is only for users who successfully open, fund, and keep the account in good standing for 30 days. The award is a one-time offer per new account opened and funded by the primary account signer. TrueFees also limits users to two rewards per individual each calendar year. 

No Guarantees

Since TrueFees is neither owned nor operated by any financial institutions, so the company is not liable for any inaccurate fee information. TrueFees explains that the company provides financial data for information purposes, and users should not take it as professional accounting or investment advice. While the company attempts to keep the information on the site up-to-date and accurate, TrueFees is not responsible if something on the website is wrong. 

We recommend that potential customers call the bank or credit union and ask for specific details regarding opening a new account.before signing up through Truefees. Although this adds an extra step to the process, it can help prevent users from opening accounts and being blindsided by unexpected fees or costs. 

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The Bottom Line

Finding an affordable checking account is extremely simple with TrueFees as users only have to enter their state, zip code, and a fee type. TrueFees is a fantastic resource for people who want to easily compare and find low-cost checking accounts but who also don’t want to leave the comfort of their home. Although the company does its best to keep the information up-to-date, TrueFees is not liable for any wrong information. We recommend that before signing up with any of the suggested banks or credit unions that consumers call and speak with a company representative to find out if the information on TrueFees is correct. 

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