Banco Popular has done the impossible, it has opened a free checking account with absolutely no monthly fees. And that’s not all, there are some pretty good features that would mean absolute savings for those who transact often. Here is what comes with Banco Popular’s Totally Free Checking Account:

* FREE Access to AllPoint ATMs nationwide. That’s 35,000 ATMs that won’t charge you
* Unlimited check writing for FREE
* No monthly service charge
* No direct deposit required
* No minimum balance required

The Totally Free checking account also allows you to enjoy online and telephone banking, automatic fund transfers, combined statements, images of paid checks and a MasterCard debit card. If all this sounds too good to be true, there just has to be some fine print. And indeed there is.

If the account has fewer than five transactions every month for three months, then the banks get the liberty to convert the account into a Flat Free Checking account. This will allow the banks to charge you with a monthly fee. These transactions can be made in bank or via electronic or online transactions. People who are used to online banking may be able to meet these requirements much easier.

If you find yourself comfortable with the 5 monthly transactions, then this checking account may be good deal for you. Every checking account opening with Banco Popular is also rewarded with $125 plus a free gift. To avail of these, this is what is required:

* Bring in your old debit card and unused checks from another institution and they will pay you $25
* Deposit $100 or more to the ACH account within 60 days of opening to receive the $50 bonus
* Another $50 cash payment will be received once the first bill is paid with the Bill Service within 60 days of account opening

It’s possible to get the Totally Free Checking and enjoy the benefits, plus you can also get an extra $125. But to do that, there is some form of effort required. So basically, it’s like Banco Popular is giving you a checking account in exchange for your efforts.

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