There are many things to know about checks and checking accounts that not everyone thinks about prior to opening an account. We’ll try to cover a few in this article today.
The first thing to think about when exploring checking accounts is that you are not only dealing on a checking account with an institution, but are also likely dealing with that institution on a number of other endeavors, so it is wise to make sure that you like the bank you are “getting into bed with”. Some of the other potential areas you may become involved with your bank in include:
-Mortgages and Personal Financings
Now each of these different types of financings or accounts each are going to have some different offerings and requirements from you as a consumer – it is important to make sure you identify each of the most crucial characteristics to prevent ending up in a situation that is less than ideal. As an example, most savings accounts will pay interest, but how much? Does this matter to you? Are you going to need to have a number of different accounts? If you link checking and savings accounts are you able to avoid fees? What about direct deposit? Does your bank either allow or require it?
These are just some of the questions that you should be asking yourself when you begin to explore your relationship with a financial institution.
If you find yourself at a loss for conversation topics among the branches that you stop by, then consider focusing on three of the most important areas. The first is that of fees. Fees are by far the biggest headache around, next only to getting lines of credit established. Finding and limiting fees at the onset is one way to make your life easier. The second is perks. Each bank offers perks to new and existing account members, so make sure that you get your fair share. Everything from money to toasters, make sure you are maximizing your reward for doing business. Finally, ensure that any opportunity to bundle is explored early on in the conversation. People are always shocked at what kind of leverage they can get in a conversation when opening a checking and a savings account, as opposed to just one or the other.
In summary, there are many topics to consider when exploring a bank that is the right fit for you – make sure you take the time to figure out which one it is!