Understanding Financial Problems

Understanding Financial Problems

Three Ways To Choose The Best Checking Account For You

by Letitia Moreno

There can be plenty to think about when opening a new checking account, but there are several ways you can make the process easier and ensure you get the best one for you. It helps to consider banks you already use for other accounts, see what fee waivers you qualify for, and make sure your new account will meet your specific needs. 

Check Banks You Have Credit Cards With

If you're an existing customer with a bank and have a credit card with them, this can make your decision that much easier. There are several advantages to having a checking and credit account with the same bank. For example, making payments on your credit card can be easier to manage when you can do it all from the same account page, and payments may post more quickly than if your accounts were with two separate banks. It is also easier for customer service to assist you when both of your accounts are with one bank, as this can prevent you from needing to contact multiple institutions to clear up any issues.

Banks you have credit cards with may also give you offers to sweeten the deal, such as offering a cash bonus if you sign up with a checking account. If you're looking at multiple places to open an account and one comes up with an offer like this, this could make all the difference, so take the time to see what your current banks may be able to offer.

Research Fees and Fee Waivers

Banks have a variety of fees, some of which may apply to you and some that may not. Some include overdraft fees, ATM fees, service fees, and paper statement fees. Knowing about these fees and how much they are is important, as well as how you might incur them, but it's also important to know how you might be able to avoid them. For example, a monthly service fee might seem like a dealbreaker, but you might be able to have it waived if you make at least one direct deposit into your account each month. If you're eyeing a particular bank and are uncertain about the fees, reach out to customer support to express your concerns and see if they have options for you.

Think About Specific Needs

This is a good time to think about things that you personally need from your bank that you may not be able to find in a feature-to-feature comparison. For example, location is one important factor. If you regularly make in-person deposits and withdrawals, you might need a bank in your home or work's immediate vicinity. If you're a frequent traveler, or if you make frequent purchases or sales overseas, you might need to look for a checking account that doesn't charge for foreign transactions.

This might add to the list of factors you need to consider when looking at checking accounts, but making certain you've got everything you need will absolutely benefit you in the long run.

Contact your bank to learn more about checking accounts.


About Me

Understanding Financial Problems

When it comes to keeping your business afloat, there aren't many things more important than looking after your finances. If you aren't careful, financial problems can get out of hand quickly, which can affect your ability to stay in business at all. I run a small business out of my home, and I can tell you that careful attention to your books can make a world of difference. Check out this website for more information about financial considerations, spending, and monitoring your bottom line. I'm not a professional accountant or anything, but by making a few moves in the right direction, you can solidify your business and avoid financial disaster.