Checking Issues

When starting your search for a check account, my advice is to be practical. For example if you find a bank quit offering appliances as incentives to open checking accounts, ask yourself do you really need a new toaster that badly? Along with that new toaster may come hidden service charges and outrageous fees. The real incentive to open an account with any back should be the terms and services they offer you. Checking accounts can be as different as night and day. Some have free checks, others charge for them. Some offer overdraft protection, and others won’t. You may find some accounts have a monthly service fee, while others are willing to wave this fee if you keep a minimum balance in your account at all times.

Make sense of all of this can be quite daunting.  It simply means that you have to do your homework. Shop around for the best checking accounts for your needs. You may see a lot of ads for free checking accounts. Before you sign up, make sure they are really free. Sit down with a bank representative to discuss all aspects of any account you wish to open. If you can’t find someone to talk to you, that’s your first clue that you may not want to open any savings or checking accounts with that particular bank.

A key issue you should ask about prospective checking accounts, is what they do about bounced check fees. You may not do this very often, but they charge you if you do. This fee can be as high as 35 dollars, and this is good information to have. Ask about monthly service fees, and any penalties if your balance should fall under a minimum amount. You may also find that some checking accounts come with hidden fees in regards to how many checks you write each month. They may offer you an account with no service fee, but if you write more than ten checks a month, you will be charged a fee. Find out if you get any free checks with your account. Some checking accounts will have this for you, and others will not.

If you can't find any local banks near you that can satisfy you, then you may want to look at credit unions. You may not be able to get into one of these if it is not through your work, or through a relative, but if you can, it’s a good way to go. They are often more reasonable than regular banks when it comes to fees and services.

Coming soon ... more key check account issues to consider.