Did you know you could be charged if you don’t keep a certain amount of money in your checking account? At some banks, you can! Make sure you ask about minimum balances and what the fees are if you go below that balance.
Ask if there are fees if you don’t have a certain amount of deposits each month or a certain amount of debit transactions per month.
Make sure you ask about ATM networks. Getting money out of your bank’s network ATMs are free, but they sometimes charge to use out of network ATMS. Before opening the account make sure you know how much they will charge you besides what the ATM owner charges. If you want to avoid ATM fees, altogether you can always go into a store like Wal-Mart and get cash back. They don’t charge a fee.
Make sure you ask what they charge for overdraft and if you have any overdraft protection. You don’t want to have a budget failure and then be slapped with a bunch of fees, so make sure you know what to expect when and if it ever happens.
Make sure you ask what the interest rates are for checking and savings accounts. Also, ask about these interest rate on other accounts. You may not be ready to invest right not, but at least, you will be informed and know when you are ready.
Do they offer online banking? Do they have a mobile app? Is their app compatible with your phone? A lot of people no longer have the banking relationship that once was the norm. Now everything is online and accessible anytime you need it.
Ask them about a free checking account. With a free checking account, you will not have any monthly service fees. You also won’t have any fees for not meeting a minimum balance, for surpassing a certain number of transactions, or for depositing, withdrawing, or transferring money.