Choosing the right checking account can make your banking experience more convenient, more secure, and even help you save money. The best place to open an account can be decided by reading through fees and charges, signup bonuses, whether you need regular access to a brick-and-mortar location, and how many accounts you need to work with. Here's a closer look at each of these considerations.
Charges and Fees
No matter what your checking account will be used for, you can save some money and help keep better track of the money coming in and out of your account by looking at what fees and charges you may incur with your checking account.
For example, depending on where you open an account, your account may be subjected to a monthly fee if you have under a certain amount of money in the account, or if you don't have direct deposit payments set up. This can impact you if you don't plan to keep much money in the account or if the way you are paid doesn't count as direct deposit.
How an account handles overdrafts is also important. If a payment is taken out of the account that exceeds the available balance, the bank will cover the difference, but may also impose a fee; there may also be additional fees for every day the account is overdrawn. If you expect to use your checking account for frequent purchases, or if you're concerned that these fees may be too much, consider alternative options like credit unions or online banks, many of which either have added protections or no fees.
Rewards or Incentives
Some banks may offer perks or incentives to get you to sign up. For example, a bank may offer you a cash bonus upfront if you open a new account with them and immediately deposit a minimum amount into it. How much you need to deposit in order to qualify for the bonus may be at least several thousand dollars, but if you're planning a big move, this could help be a deciding factor.
What's important here is making sure the bonus is worth it and that it won't end up going to fees. If you qualify for the bonus, but then risk incurring fees for not using direct deposit or keeping a minimum amount in your account, you may end up losing that bonus and more. Shop around to see what banks are offering what bonuses, and read the qualification terms carefully.
Location and Convenience
Despite so much banking being available online, there are still many reasons the location of your bank can be important. One factor that can influence this might be your job or how you're paid; if you're still paid with a paper check and can't use a mobile deposit function, having a bank that's closer to work or home can be much more convenient. If you need to visit a branch often, making sure there's one near you is worth it.
It also helps to know where your potential bank's ATMs are. If your bank doesn't have many, but you need to withdraw or deposit money regularly, this could result in ATM fees of up to several dollars per transaction that can add up quickly. Depending on your needs, location can either be a convenience or a total dealbreaker.
Managing Multiple Accounts
If you have existing credit card accounts, you may benefit from opening a checking account through the same bank. Convenience is a big factor, but it can also save you money and time. If you need to transfer money between different banks, there may be days of processing time, and you may also need to pay a transfer fee.
Depending on what you need your checking account for, opening a checking account with a bank you have a preexisting account of a different kind with can add a convenience factor to your banking. Contact services like FCCU - First Community Credit Union to learn more.
Hello, my name is Sigmond Jenner. Welcome. I am here to talk to you all about acquiring personal loans for emergency expenses. Although everyone should have an emergency fund in a savings account, there are many barriers to achieving that goal. In the meantime, you can look into acquiring a loan to cover emergency expenses that may come up. You should be prepared ahead of time, so you can act fast when unexpected financial expenses arise. I will provide information you can use to prepare yourself for this process. Please come back again anytime to learn more about acquiring loans as needed.