Traditionally, when you wanted to open a new checking account, you would find a local bank or credit union, go to the branch in person, and open an account. But, thanks to the Internet, you can now open accounts with a number of financial institutions, including those who may not even have branches in your local area. This gives you access to a greater number of financial institutions, which ultimately allows you to find the institution with the best checking account for your needs. Here are a few of the factors that you should consider when you are selecting a company to open a checking account with.
How Much the Checking Account Fees Are
One of the factors that you need to consider when you are looking to open a new checking account is how much the checking account costs per month, including fees. Some companies may charge you a monthly maintenance fee if you do not have a savings account linked to your checking account, if you do not use direct deposit, or if you do not have a certain balance in your account at all times. You should also look at all the other fees associated with the account, including how much it costs if you need to use an ATM out of network, if you bounce a check, or if you need to put a stop pay on a check.
How Long It Takes for a Deposit to Show in Your Account
Another factor to look at and consider when you are opening a new checking account is how long it takes for a deposit to show in your account. If your employer direct deposits your money, it may show up in your account on the same day if the transaction is completed before five, or it may take some banks a few days. Also, ask how long checks are held before the funds are deposited in your account to learn when you will have access to your money.
What Perks the Financial Institution Offers
Finally, take the time to consider what perks the financial institution offers. If you have an active checking account, you may get free credit monitoring, lower interest car or home loans, or you may have access to online bill pay. Learn what perks a financial institution offers and look for perks that most appeal to you.
Not every checking account is the same. Taking the time to consider each of these factors will help you to home in on the financial institution that offers the checking account that best meets your needs.
