There are so many options for bank accounts today, how do you choose? It can be especially daunting if you have had issues with a bank account before and your options are more limited. In order to choose the right bank account that works for you (& doesn’t negatively impact your wallet), be sure to ask these 4 crucial questions below:
1. What's Your Minimum Monthly Balance & What Happens If My Account Drops Below That?
- There can be high fees for falling below the monthly minimum. It’s best to find an account that doesn’t have one. If it does, that will require extra diligence throughout the month to ensure you don’t fall under and accrue fees.
2. What's the Monthly Maintenance Fee & is There Any Way to Reduce the Fee?
- Many banks have fees associated with checking accounts. The lower the monthly maintenance fee, the more money of your money you will be keep. Many banks lower this amount if you utilize direct deposit.
3. What Are Your Overdraft Fees & Can I Opt Out of Overdraft Protection?
- This allows the bank to charge you a fee to spend money beyond what is in your account. The fees for overdrafts (NSF fees) are often quite high and add up quickly. We recommend opting out of overdraft protection if you don’t track your spending on a regular basis.
4. Do You Have An App &, If So, How Do I Set It Up?
- Having your bank account app on your phone makes it really easy to track your spending and monitor your account balance on a regular basis. No surprises, no overdrafts!
These are crucial questions to answer before committing to a bank account. You can find most of this info online or connect with a representative at the branch. As you’re on the hunt for the right bank account, you may also want to check out what incentives are out there. Throughout the year financial institutions will provide special offers where you can get up to $300 for opening a new account!