Ask These Vital Questions Before Opening A New Checking Account
Whether you recently started your first job in high school or have been a member of the same bank for years, opening a new checking account in a new bank can be downright confusing. With all the different terms, applications, rates, and features, finding a checking account that meets your needs can be very difficult. Before you sign on the dotted line with a new bank or credit union, ask these vital questions about opening a checking account.
What Are the Minimum Deposit and Balance Required?
Many banks require their customers to deposit a certain amount to open an account and to maintain a certain balance. Often, a fee is charged if the balance is not maintained, or a certain amount in deposits is not made per month. The fees will vary depending on the bank. You can ask if there are options for teenagers or first-time customers, including waiving the balance requirements.
What Features Do They Offer?
Modern banks have several features that allow you to protect your money and better understand your spending. Ask about what perks and special features the bank offers. For example, many banks have mobile banking, which allows you to connect an app on your smartphone to your account and monitor your deposits and withdrawals.
Other banks offer cash-back bonuses and credit card offers. Because there are so many banks available, you can shop around for an institution with the best offers.
Is There a Branch and ATM Near You?
Many people choose to completely bank online, which includes depositing checks on their smartphones and having all their bills on autopayment. Others prefer to do their banking face-to-face. If you want a bank with a physical location nearby, this is a consideration. Also, ask about the availability of ATMs in your area.
Depending on the bank, they might not charge fees, if you use their ATM. Other banks will charge a fee if you use an ATM that is owned and operated by another bank or institution. Ask about these fees to determine if it is the right bank for you.
Do They Offer Free Checking?
Finally, many banks offer free checking to their new clients. This is a great feature for anyone of any age, especially for teenagers and young people who are just starting out.
From the offer of free checking to the availability of ATMs and any fees associated with owning the account, there are several questions you need to ask a bank before you open a new checking account.
For more information about checking accounts, contact a local bank or credit union.