How to get a Bank Account that is Just Right for You
The first thing you need to do is decide whether you want a checking account, a savings account, or both. Then you should investigate banks with locations that are convenient to your home or work. Once you have several possibilities, it is time to research the different types of accounts each offers, since every bank has a variety of checking and savings programs to choose from. Much information can be found on the bank’s website. Following are some suggestions on how to get a bank account that fits your needs.
Questions to ask about checking accounts
• Is there a monthly service charge?
• If the account is a free checking account, must I maintain a minimum balance?
• For an account with a minimum balance requirement, what happens if my balance drops below that point?
• Will I incur additional fees if I exceed a certain number of transactions?
• Is a debit or ATM card included, and is there a monthly fee for it?
• Does it cost anything to use my ATM or debit card?
• Do I have to buy my own supply of checks and deposit tickets?
• Do statements include copies of the checks I have written?
• Is there an online site where I can monitor account activity and balance?
• What are the requirements for an interest bearing account?
• Are the banking hours convenient for my schedule?
Questions to ask about savings accounts
• Is interest determined by my average daily balance or my account balance on the day interest is calculated?
• Is there a limit to the number of withdrawals I can make each month?
• Can I get a debit or ATM card that is tied to the savings account?
• What is the cost to use my debit or ATM card?
• Can I make direct deposits to my savings account?
• Can I set up ACH drafts, or automatic drafts, with my savings account?
• Must I maintain a minimum balance?
• Does the bank issue free money orders or cashier’s checks if I need them?
Questions to ask if you plan to have both types of accounts at the same bank
• If I overdraw my checking account, will the bank automatically transfer funds from savings so that my checks are not returned?
• Can I transfer funds from one account to another by telephone?
• Can I transfer funds from one account to another online?
• How long does it take for funds transfers to be posted?
• Can I have separate ATM or debit cards for each account?
What you should take with you to open a bank account in person
• Two types of ID, one of which should be a picture ID. Suggestions are a driver’s license or state ID card, a passport, the badge issued by your employer, your Social Security card, or a credit card with your name on it.
• If the address on your license is outdated, take along proof of your current address. Recommended choices include credit card or utility bills, the statement that came with your government benefits payment, or correspondence from the IRS or a state agency.
• Most banks will also require the name of your employer and the company’s address and telephone number.
• You will need an initial deposit, which can be cash or, for example, a payroll check.
A recap of how to get a bank account to suit your needs
• Research multiple banks and all the different types of accounts each offers.
• Choose the best combination of features to fit your situation.
• Take your documentation and initial deposit with you to open an account in person.
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