Few financial tools are as important in modern life as checking accounts. They make it possible to put money to use quickly while also keeping it secure until needed. Finding the right checking account financial solution for you, though, can be a little challenging. Take a look at what you should know about checking accounts before selecting one.
Although free checking accounts are fairly common, that's not quite the same as an account being fee-free. There's a good chance an account will include an overdraft fee, a charge for any payment made that isn't covered by cash already in the account. Likewise, there is usually a fee for printed checks. You might also have to pay a fee for the replacement of your card.
Some accounts require minimum balances. This is especially the case when an account includes interest. Most accounts that are interest-free don't have minimums, but some banks will close those accounts if they're drawn down to zero.
3. Online and Mobile Banking Systems
Although it's still wise to maintain a handwritten ledger of what you're putting into or taking out of your account, you're probably going to want to have digital access to your balance. It's a good idea to ask around about the online and mobile banking options that each institution uses. While few people will adore their online banking setup, it's still a good idea to listen to folks who've had major problems with their banks' systems. If you plan to have additional accounts, especially savings accounts, ask about how they can be connected to your checking.
Notably, many banks now have automated payment systems tied to their checking accounts. These can be very handy for people who need to keep bill payments simple. Ask about the service your bank uses for bill payment, and make sure whoever you'll be paying is able to use it, too.
The typical checking account now includes a debit card. This is a zero-fee credit card that's backed by the balance in your account. Most debit cards used in the U.S. are issued by either Visa or Mastercard. Both are highly dependable, and they're accepted at most businesses across the world.
It is still possible to get an ATM-only card for your account. However, if you want this option, you'll probably have to directly ask for it. You'll have to do the same if you don't want a card at all and wish to either use electronic transfers or written checks.Share
10 July 2020
When I started thinking about my life, I realized that I was spending a lot more money than I should be every month on little extras. I wanted to streamline things, so I decided to start focusing on getting my finances in order. I started looking around my house, and I was pleased to discover that there were more than a few things I could sell for a little extra cash. I put them online, and I was amazed to see how quickly they sold. After selling some things, I was able to get my finances in order, which was a huge relief. This blog is all about getting your finances in order.