Most of them will have requirements like you must have direct deposit setup with them, and you must do a minimum
number of debit card transactions from the account per month.
Further, the Consumer Financial Protection Bureau (CFPB) found that the median
size of debit card transactions that led to an overdraft fee was $ 24, and the median fee assessed was $ 34; more than half of consumers repay the debt within three days.
Also, if you use a high yield checking account, you have to do a lot of tasks to get your high interest — like sign up for direct deposit, and make a certain
number of debit card transactions each month.
In addition, your available balance may not reflect
all of your debit card transactions.
These are rewards checking accounts, not credit cards — we receive 4 % for meeting various rules (direct deposit, a certain number
of debit card transactions, and not receiving a paper statement).
As such we don't require these funds to be fully liquid, but would still like to remain free of as much risk as possible — however I realize we are unlikely to find anything near our rewards checking accounts (4 % APY interest for meeting various rules: direct deposit, a certain number
of debit card transactions, and not receiving a paper statement), but would hope we can get at least half of that.
No requirements on number
of debit card transactions, no hidden fees, and unlimited check writing.
However, in order to earn interest, there are some requirements that you may have to meet such as making a certain number
of debit card transactions and enrolling in eStatements.