4 Common Mistakes To Avoid When Opening A Checking Account
Whether you're looking to switch banks or are even planning on opening up a checking account for the first time, the fact remains that you have a lot of options available to you. No matter where you live, online banking makes it possible for you to open a checking account with one of dozens of banks. Before you open an account with just any bank, however, there are some important mistakes you'll want to avoid.
Choosing a Bank That Doesn't Waive ATM Fees
These days, no reputable bank should be charging you an ATM fee when you use your bank card to withdraw money from an ATM. If your bank won't waive these fees or, at the very least, reimburse you for them at the end of your statement month, then it's time to look for a different bank. Keep in mind that individual ATM providers (such as those found inside your local convenience stores) can still charge you fees, however.
Going With a Bank That Doesn't Have Online Account Access
Another important thing to look for in the bank where you wish to open a checking account is easy online account access. It's difficult to find a bank these days that doesn't have online account access, but not all platforms are easy to use or very robust in terms of their features. Ideally, you'll want to find a bank that offers online bill pay, money transfer, and similar features. Bonus points if they have a free app you can download so you don't have to log-in every time.
Choosing an Account With Monthly Balance/Deposit Requirements
Some banks will have requirements and minimums when it comes to how much money you need to deposit into your checking account each month and how much of a balance you need to maintain in order to keep your free checking or avoid service fees. Avoid this hassle and open an account with one of the dozens of banks that don't impose these kinds of minimums.
Failing to Consider ATM and Branch Location Convenience
Finally, though you may be able to find checking accounts with excellent terms online, you'll also want to make sure you can find a local branch in the event that you need one-on-one help with your account or wish to take out a large sum of money from your account. Specifically, look for banks with locations close to your place of employment and your home.