Choosing where to open a checking account can be affected by all sorts of factors, ranging from where you live and where you currently have different banking accounts open. Choosing the right account will make managing your money more convenient, and can even save you some money.
Ease of Access
Access is important in several different ways, and there are several things to keep in mind when looking for where to open a checking account.
First, physical location. If you need to cash paper checks, make deposits, or take care of other business at a branch, having one nearby in a convenient location is important.
Second, ATM location. If your business can be taken care of without going to an actual branch, you can make do with ATMs. ATMs that aren't directly supported by your bank or credit union could lead you to incur fees if you use them, so make sure ones you can use without fees are nearby.
Third, online and mobile access. Look over a bank's website and see if they offer any apps or mobile experiences before you make a final decision, especially if you do plenty of online banking. If you want extra features, like mobile deposits, check for those as well before signing up.
Where Your Other Accounts Are
Signing up for a checking account with a bank or credit union at which you already have an existing account can make some things much easier. For example, if you need to do any direct money transfers between accounts like savings and checking, having both accounts with the same bank makes this process much faster, and can help you avoid fees. It also makes it easier to make payments on credit cards and can cut out much of the signup process.
By itself, this isn't necessarily a deal-breaker, especially if a branch you're considering is out of your way. But the convenience and potential savings can make exploring this option worthwhile, so see what your current account providers are offering. Depending on the bank, they may even offer incentives for you to sign up for a checking account with them if you already have an existing account.
Fees
With different options available, you can save yourself some trouble by taking a close look at the different fees that different banks may charge. Some of the main types of fees are overdraft, ATM, and monthly balance fees. For example, in some accounts, if you don't keep a balance in your checking account over a certain amount, you risk paying a monthly fee until you either increase your balance or meet another requirement like a monthly direct deposit.
Not all fees are alike, and not all locations will charge the same amount, so it helps to look for banks and credit unions that don't charge fees you might be worried about. Some fees can also be waived if you open a specific type of checking account. For example, if you're a student, many banks offer checking accounts that don't charge these fees as long as you're in school, so see what kind of checking accounts you may qualify for, and from where.
For more information about opening a free checking account, for example, contact a local bank, like FCCU - First Community Credit Union.
Share5 October 2020
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