January 28, 2021
6 Questions When Opening a New Account
Banks have many different accounts to choose from. Choosing the best one is something that takes time and a little research. Make sure to get all the information before you open a new account.
1. Is the ATM free?
The ATM is a fast and easy way to retrieve your money. Most banks have free ATMs. Others charge a fee when you withdraw money. Some banks charge an extra fee if you use an ATM that doesn’t belong to the bank. Find out which accounts and banks will charge this fee.
2. What happens if you overdraft your account?
Overdrafts sometimes happen. It is important to know if there is a large fee in the event that you overdraw your account. Some banks forgive the first offense. Other banks will charge a hefty fee or fine for an overdraft. Most banks offer an overdraft protection plan that you can enroll in. This protection allows you to cover the overdraft amount with another account. You may still have to pay a fee with overdraft protection.
3. What are the monthly fees?
Most banks charge a monthly fee for bank accounts. Some offer free banking if you have more than one account. Some also offer free checking with monthly direct deposits. Ask if you can draw interest on your account. Most savings accounts give you the ability to draw interest on the money deposited. Also, check to see if there is a fee to order your debit card or checks. Most banks withdraw the money straight from your account. There may also be a charge to transfer money to family and friends.
4. Does my account need to carry a certain balance?
You must have an initial deposit to open the account. Some banks will also charge a fee if you don’t keep a certain amount of money in the account at all times. Some banks also let you withdraw from your savings. It is important to remember that they may charge a fee for this. Most savings accounts need a higher amount of money to open. Some banks automatically transfer money to your savings account for you.
5. Where can I use my debit card?
You may travel a lot for work or take different vacations throughout the year. Find out if your debit card is accessible across the United States. If you travel across seas, then make sure you can use your card in that country. Some banks may charge a fee for international use. Some banks also require notification if you are traveling outside your state. This helps prevent fraudulent charges on your account.
6. Do you offer online and mobile banking?
Find out if the bank offers online banking. Online banking makes paying bills and keeping your account organized easier. Find out if mobile banking is accessible for your Android or Apple phone to use as well. Mobile banking makes depositing checks faster and easier by taking a picture of it. Online banking also makes it easy to watch your account for fraudulent charges and identity theft.
Finding the best account can seem overwhelming. Look at different banks to find the one that is right for you. It is also a good idea to look at reviews online. This may be your first account, or you may think it is time for an upgrade. Now you have the questions to ask. Your next step is to do some research and open your account.