Compare Banks & Financial InstitutionsIt is very important not to assume that just because a particular financial institution or bank is a household name in business circles that it will provide the best terms for you. Get information about various banks and financial institutions and make comparisons before making the final decision. This way you will definitely make an informed choice which will definitely suit you needs.
Fees or Free?Get as much information as you can before signing up. It is becoming more difficult to find a free checking account that doesn’t charge some kind of fees for this and that. Some will charge a monthly maintenance fees, a low minimum balance fee or provide some fee waivers.
Some banks have no overdraft charges, no ATM charges and no monthly fees while others will charge heftily for such services. Therefore it is always important to ask about all the fees pertaining to the account you are opening with whatever institution in order to avoid getting shocked when you notice an unfamiliar fee crop in your statement.
Keep The Opening Amount LowNever channel every penny you have into your checking account and have that huge opening balance until you are certain that the account fully suits your banking needs. Ensure that you are actually happy with the institution before you begin making huge deposits.
Counter-Check Your Account InformationYou definitely don’t want to be charged later or incur an unplanned expense just because the spelling of your name wasn’t right or your Social Security number missed a digit or because some other personal information wasn’t right. Make sure you triple-check everything before signing the papers to open the account. All your personal information should be correct.
Do They Pay Interest?Most checking account holders don’t know that they are supposed to receive an interest whenever they deposit money in their accounts. Look for banks that pay interest to account holders who deposit money on a regular basis. Some interest checking accounts with certain banks charge 1% or more for every certain amount of cash deposited. The interest might not be a lot but every single penny would do with the current difficult economic times.
An Online Presence?With the current digital age, why should you sign up with a bank that doesn’t have an online presence? You should be able to check your balance and carry out transactions online. Give a wide berth to the institutions that lack any kind of online presence.
A bank without an online presence is definitely not a good sign, how else are you going to know if its customers are satisfied with the services offered. Many online platforms provide useful information to any potential checking account holders.
Local Credit Unions vs. Corporate BankingYou can choose either depending on your needs. Are you a businessman or are you simply opening a personal checking account. That local credit union might sound better depending on your financial needs or that large national bank might be the ideal choice too. Of course depending on what each banking option offers, choose the one best meets your needs. Establish what your needs are first.
ATM LocationsYou don’t want to open a checking account with a bank that has few ATM locations. You definitely don’t need to make a journey to the next town to access one. Find a convenient bank with multiple ATM locations because you don’t want to spend more as a result of ATM surcharges. With many ATM locations you will not have to stop at their competitor’s ATM machine when you desperately need that cash.
With the above tips you will definitely open your account mindfully by putting your interests firsts.