By Richard Cox:
Frequently these days we see new banks popping up offering different types of checking and savings accounts. Sifting through all the important information and fine print can seem like a daunting task, but if we keep some key strategies in mind the entire process becomes much easier. It should always be remembered that all of these banks are competing with one another for your business. So, you don’t need to feel as though your hands are tied with only a few banking options. Here, we look at some things you should always consider when choosing a new checking account.
Avoiding Unnecessary Fees
One of the trickiest ways that banks look for pad their profits is by charging user fees that are largely unnecessary. Specifically, this will often take the form of a monthly fee for the bank account or for added fees taken out when withdrawing money from an ATM. Not all banks will take out the same fees in both of these areas but since there are so many user options for bank accounts, there is really no reason to settle for a bank that will charge you for these unnecessary fees.
Many newer banks have opted to do away with these extra charges, so there is really nothing wrong with choosing a newer bank that is more eager to attract your business. There are many introductory offers that are available for bank users that have never opened an account before, so keep your eyes open to capitalize on these offers as they arise. If you are not happy later with the bank services, you can always close the account and move elsewhere.
Avoiding User Account Limitations
Another way that many traditional banks will inconvenience its customers is to enforce minimum monthly balance requirements or to place limitations on the number of transactions that a bank user must conduct within a given amount of time. At this stage of the game, there is really no reason to settle for a banking agreement that will place limitations like these, so if your bank is not willing to lift these requirements you should probably move on to another bank that will.
Both of these types of limitations can wind up costing you money in the long run, so if you need to take more time to research a better banking arrangement the added work will probably pay dividends for you at a later date. Now that banking has become more digital, it is always a good idea to look for bank accounts with good online banking access and a 24/hour customer service center that can be accessed via live chat.
If you ever have any questions about whether your bank is placing any of these limitations on your account, you can always go online and ask. Remember, you are the customer and banks are always looking for ways to take your business away from the competition. So always feel free to stand your ground and demand certain aspects in your banking agreement.