Comparing Checking Accounts

Anyone who needs to hold their money in a safe place will need to open up a personal checking account. This is a convenience that is used by many to keep their money safe and to pay their bills easily and quickly. Imagine how difficult and dangerous it would be to carry around large amount of cash in our pockets or at home?

The checking account is a source of income for every bank because they offer deposits with little to no interest cost. It is for this reason that banks are constantly competing with each other and providing their customers with features that they will not want to pass up. This makes it very difficult for us to decide what bank we should be working with. When comparing them you need to evaluate each of the features they will offer.

  • First you will want to write down the names of each bank that you are considering. Underneath each one you will leave enough space to list what scores you have rated them with based upon what features they have to offer.
  • The first thing you should be looking for are monthly charges. There are many banks that will charge a small fee just for using their accounts. Try to find a bank that will only do this if you have a savings account.
  • You need to know about how much you will be keeping in the account and compare it to the banks minimum balance requirement. There are some checking accounts that will require you to keep this balance everyday or every month. When you fall underneath this you will be charged a small fee.
  • Will you be writing checks? It’s hard to find someone who still writes checks – but it is always a possibility. Try to determine how many checks you will write in a month and if it will cost you. Find a bank that gives you an unlimited amount of checks to write each month without any fees.
  • Any bank that is going to give you something for free needs to be considered. There are some that will give you your first checks for free.
  • Find a bank that will allow you to se a debit cars without any annual fees. There are even some that will give you a free purchase when you use the card to buy something.
  • Online banking is a trend that many are catching on to. It is great because it gives you a way to check the status of your accounts no matter time or day it is. Find a bank that offers this feature.
  • The last thing you should consider is how much you will be charged when or if you overdraft. This is something that many of us will do at least once in our life. When you work with the wrong bank this could cost you a lot of money.