Bank Accounts: Choosing The Best Bank To Fit Your Needs

Banking has become easier than ever with online banking access

. You can have direct access to paying bills and transferring money without having to drive to the bank. When you are in the process of choosing a bank, you will want one that provides online access.

Once you do choose a bank, you will want to understand the policies behind the types of accounts you will be setting up. Be aware that what were once free services for certain types of accounts, banks are now have charges.

Checking accounts are an important part of many working budgets. Paychecks are usually deposited into them and bills are paid out electronically or through a paper check. When choosing a bank, find out about check service fees. The days of free checking accounts are gone unless you meet the criteria to qualify for the free service. Many banks will require that you maintain a certain balance and/or have your paycheck directly deposited into your account. Find out if you can meet the criteria for free checking accounts.

Most often, checking accounts do not earn you any interest on your money, so it is also good to have a savings account. Most banks will offer some sort of overdraft protection between your savings and checking accounts. This protection will keep your checking account from overdraft fees if your payments go beyond your checking balance. There is usually some sort of monthly fee for this service as well. Find out if there are any criteria to dismiss this fee. Some banks may not charge a fee for this service, but may charge one down the road if this service is used over a set limit which is allotted each month.

Some banks will provide a service for you to receive text or email alerts if your checking account gets below a selected amount. This notice makes you aware that your account is getting too low on funds.

Automatic Teller Machine (ATM) cards are used to withdraw money from your account. This service operates 24/7 and you can get free service when you use machines which are affiliated with your bank. These cards may also be used similar to credit cards when the card has a MasterCard or Visa logo on them. You will have a Personal Identification Number (PIN) which you will use to process the transaction. The money will be deducted directly from your account. Protect your PIN by memorizing the number instead of writing it down. You will never have to verbally use your PIN for legitimate transactions. Even though these cards can be used like credit cards, fraudulent use is not protected in the same manner. If you are planning on using your debit card, know what to do if you suspect that the security of it has been tampered with.

So much banking is done online; you will still want to sign up with a bank who is conveniently located near you. Meet with the banker and find out what services are offered.

Good information to know when choosing a bank:

*Quality of customer service

*Any consequences involved in falling below required minimums

*Savings account interest rates

*Fees or criteria for free checking account

*ATM policies and access information

*Online banking opportunities

*Overdraft charges or fee for overdraft protection

Opening a bank account is simple. You will need a social security number, a license or other qualified photo identification card, and money to make an initial cash deposit. The hard part is taking the time to decide which bank fits your personal needs.

by: Malinda Starner

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