When opening a personal checking account, the last thing you want to do is open an account with the first bank you come across. It is best to do your research to ensure you are not surprised by any fees or lack of features. Use the following guide to determine what you need to look for in a personal checking account.
No Monthly Fees
If you are on a budget or trying to save money, monthly fees can be a nightmare. It is worse when you are not expecting to pay monthly fees for a checking account. There are many banks that allow you to open a personal checking account without any monthly fees, and this is a feature you may want to look for in your own checking account.
No Minimum Balance Requirement
Personal checking accounts with a minimum balance requirement can be an inconvenience. You never know when you are going to go through a financial change, and the last thing you want is a hassle from your bank on top of a stressful situation. When you open a checking account, you can avoid the fees by making sure there is not a minimum balance requirement.
No Transaction Limit or Minimum
A transaction limit can be just as stressful as a minimum balance requirement. The freedom to make a transaction when necessary is important for shopping and paying bills. Luckily, there are many banks that do not put a limit on how many transactions you can make per month. You also want to find a bank that does not put a required minimum on your monthly transactions.
Free ATM Access
You can expect to pay a fee when you withdraw money from an ATM that is not a part of your bank. However, you may not expect to pay a fee when withdrawing money from an ATM that is a part of your bank. This is why you want to make sure the bank you are doing business with offers free ATM access. You should not have to pay a fee to withdraw your own money from your personal checking account.
It is important to make a list of the features you should look for when opening a personal checking account. This way, you can save money and avoid the fees. If you take the time to ensure your personal checking account has the features you need, you are sure to have a good experience with your bank.