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7 Best Tennessee Banks with free Checking

The banking industry is well-developed in Tennessee, a state in the southeast of the United States. The Tennessee Department of Financial Institutions (TDFI), which governs and supervises state-chartered banks and credit unions, regulates the state’s banking industry. 

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This piece looks at Tennessee banks with free checking, and its banking industry in further detail, including its history, present situation, and potential futures.

Tennessee’s banking history

Tennessee’s first bank, the Bank of Tennessee, was founded in 1809, marking the beginning of the state’s banking history. The First National Bank of Memphis, the first national bank to be founded in Tennessee in 1863, was one of many banks that were established in the state over the years.

With the founding of numerous sizable commercial banks, including the First National Bank of Nashville, the Third National Bank of Nashville, and the American National Bank of Nashville, Tennessee’s banking industry had a substantial boom at the beginning of the 20th century.

With its provision of loans and other financial services to individuals and businesses, these banks significantly contributed to the state’s economic expansion.

However, the Great Depression of the 1930s had a significant negative impact on the state’s banking industry, which resulted in the failure of several banks and financial organizations. 

In response, the federal government passed several reforms, including as the Glass-Steagall Act, which distinguished between commercial and investment banking, and the creation of the Federal Deposit Insurance Corporation (FDIC), which protected deposits in member banks.

Current Banking Situation in Tennessee:

Today, Tennessee’s banking industry is prospering, with several financial institutions providing a range of services to both businesses and individuals. 

The TDFI reports that 146 banks are now active in the state, including 57 banks with state charters and 89 banks with federal charters. In addition, the state is home to 154 credit unions that serve more than 3 million members.

First Horizon National Corporation, Pinnacle Financial Partners, and Regions Financial Corporation are the three largest banks in Tennessee in terms of assets. 

These banks provide a wide range of financial services, such as investment banking, wealth management, commercial and consumer banking, and insurance.

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Moreover, Tennessee is home to a number of community banks, which are essential in meeting the requirements of local communities and small companies. 

These financial institutions offer a variety of services, such as personal banking, commercial lending, and mortgage financing, and often have assets under $1 billion.

Outlook for Tennessee Banking:

Tennessee’s banking industry is anticipated to grow and change over the future years as a result of a number of variables, such as the state’s expanding population, strong economy, and technological advancements. Some of the major trends influencing Tennessee’s banking industry’s future include:

Digital Transformation: Like the rest of the banking industry, banks in Tennessee are investing heavily in digital technologies to improve their customer experience and streamline their operations. This covers the use of online banking, mobile banking, and electronic payment methods.

Consolidation: As smaller banks combine with larger ones to acquire economies of scale and boost their competitiveness, the banking industry in Tennessee is anticipated to experience more consolidation in the years to come.

Regulations: Like the rest of the business, Tennessee’s banking sector is subject to a variety of rules designed to protect the stability of the financial system. In the upcoming years, the industry may be affected by changes to these regulations, including added capital requirements and more oversight.

In conclusion, the banking industry in Tennessee is an essential part of the state’s economy because it offers both businesses and consumers essential financial services. 

The industry is well-positioned due to a robust regulatory environment, a wide variety of financial institutions, and a rising population.

Why You Should Have a Checking Account

You may effectively manage your finances with the use of a checking account. It is a bank account that offers you many advantages, like convenience, security, and quick access to your money. We shall go deeper into the advantages of a checking account in this article.

You Can Get Your Money Easily

Easy access to your money is one of the main advantages having a checking account. You can take money out of a checking account whenever you want using a debit card, an ATM, or by writing a check.

You can now access cash anytime you need it and pay bills and make purchases easily. If you don’t have a checking account, you might have to go to a bank branch to get cash, which can be difficult and time-consuming.

Security

You can store your money safely with a checking account. Your funds in a checking account are covered up to $250,000 per account by the Federal Deposit Insurance Corporation (FDIC). 

This implies that your money is safe in the event of bank failure. A checking account also enables you to keep track of your transactions and keep an eye on your account activity, which can help you spot any fraudulent or illegal activity.

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Overdraft Protection

Overdraft protection is a feature that many checking accounts offer that lets you prevent overdraft fees and returned checks. Your checking account is connected to a savings account or a line of credit to provide overdraft protection.

The bank will transfer funds from your linked account to cover a transaction if there are not enough funds in your checking account to cover it. You can avoid awkward situations and save money on fees by doing this.

Banking online

The majority of checking accounts have online banking, which enables you to manage your account at home or at work. You may view your account balance, transaction history, and other account information through online banking. 

Also, you can transfer money online, pay bills, and set up automatic payments. This can help you save time and simplify money management.

Money Transfer

You can also get your pay, government benefits, or other money deposited directly into a checking account. With direct deposit, you don’t need to go to a bank branch or make a check deposit because your money is immediately placed into your checking account on payday. If you are out of town or unable to visit a bank location, direct deposit is also practical.

Rewards

Many banks give customers who use their checking accounts cashback or reward points as a thank-you. By making purchases using your debit card, paying bills online, or fulfilling certain account conditions, you can receive these incentives. Rewards can quickly stack up and give you more money or advantages.

In conclusion, having a checking account offers you a number of advantages that can make handling your money simpler and more practical.

It provides simple money management, safety, overdraft protection, internet banking, direct deposit, and rewards. If you don’t have a checking account, consider opening one today to take advantage of these benefits.

The List of Tennessee Banks with free Checking

The state of Tennessee is situated in the southeast of the United States of America. It is renowned for having a diverse economy that includes manufacturing, tourism, and agriculture.

As a result, Tennessee has a wide range of banking options, including institutions that provide cost-free checking accounts. In this article, we will explore some of the best Tennessee banks that offer free checking accounts.

 

First Horizon Bank:

One of Tennessee’s biggest banks, First Horizon Bank has more than 180 locations across the state. It provides a cost-free checking account known as the Simply Free Checking account, which has no minimum balance requirements or monthly maintenance fees. Customers can also benefit from free bill payment, mobile banking, and online banking.

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Regions Bank:

Tennessee is one of the states in the Southeastern United States where Regions Bank has operations. It provides a cost-free checking account known as the LifeGreen Checking account that has no minimum balance requirements and no monthly maintenance fees. Additionally, customers have access to free bill payment, mobile banking, and online banking.

Pinnacle Financial Partners:

Regional bank Pinnacle Financial Partners has over 115 branches spread out across Tennessee and is headquartered in Nashville, Tennessee. There are no minimum balance requirements or monthly maintenance fees for the Pinnacle Standard Checking account, which is a free checking account offered by the company. Customers can also benefit from free bill payment, mobile banking, and online banking.

SunTrust Bank:

Regional bank SunTrust Bank serves Tennessee and the rest of the Southeastern United States. It provides a cost-free checking account known as the Essential Checking account that has no minimum balance requirements and no monthly maintenance fees. Additionally, customers have access to free bill payment, mobile banking, and online banking.

Bank of America:

Tennessee is a major market for the national bank Bank of America. It provides a cost-free checking account known as the Advantage SafeBalance Banking account that has no minimum balance requirements and no monthly maintenance fees. Additionally, customers have access to free bill payment, mobile banking, and online banking.

Fifth Third Bank:

Regional bank Fifth Third Bank serves Tennessee as well as other states in the Midwest and Southeast. It provides a cost-free checking account known as the Essential Checking account that has no minimum balance requirements and no monthly maintenance fees. Customers can also benefit from free bill payment, mobile banking, and online banking.

Ally Bank:

Tennessee is one of the states where Tennessee-based Ally Bank, an online-only bank, operates. It provides a cost-free checking account known as the Interest Checking account that has no minimum balance requirements and no monthly maintenance fees. Customers can also take advantage of free bill payment, online banking, mobile banking, and interest on their balances.

In conclusion, Tennessee provides a range of banking options, including financial institutions that provide cost-free checking accounts. These financial institutions include Fifth Third Bank, First Horizon Bank, Regions Bank, SunTrust Bank, Pinnacle Financial Partners, and Ally Bank.

These banks are suitable for various types of customers because they each offer distinctive features and advantages. In order to choose the best bank for your unique financial needs, it is crucial to compare the features and costs of each institution.

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