Finding the Right Checking Account for Your Needs

With some banks offering multiple types of personal checking accounts, the choices may seem overwhelming. There are some things, however, to look for to make sure your money is working for you.

• Look closely at the fees listed. What do you need to do reduce the maintenance fees if there are any? It may be a simple step like signing up for e-statements or maintaining a minimum balance each month. Even if the fees are only $5 a month, fulfilling the requirements to avoid the fee keeps that money in your account.
• You may want a checking account that comes with checks just in case. Ask how often you can receive checks for free.
• If you need to store important items or documents, does the bank offer safe deposit boxes? You may find they offer a checking account that comes with a discount on the safe deposit box rental.
• Even if you don’t plan to overdraw your account, you may want to find out the cost of overdrawing and how overdrafts are handled.  Many banks offer overdraft services or other alternatives for covering overdrafts.  Does the bank withdraw funds automatically to cover an expense or do you need to sign up for the protection? Don’t be afraid to ask your local banker questions about overdraft protection options and associated fees if you find the information confusing or unclear.
• Are there any transaction limits? Does the account allow unlimited debit card usage and check writing privileges at no cost? Would any limits change the way you bank?
• Your account should come standard with online and mobile banking capabilities. Make sure you use a strong password to protect your online accounts.