5 questions you need to ask when opening a bank account

If you are planning to open your first bank account or just create a new one, you must read this article. Here you will find out the top questions you should when opening a bank account. Keep reading to discover all about it!

If you are planning to open your first bank account or just create a new one, you must read this article. Here you will find out the top questions you should when opening a bank account. Keep reading to discover all about it!

What looks on paper like a no-fee or low-cost account may not actually be the one that’s best suited to your needs. Here are 5 questions to ask to help figure out if your account is right for you.

What looks on paper like a no-fee or low-cost account may not actually be the one that’s best suited to your needs.

1- Can I access my account information online?

You may be able to check balances, transfer money, receive statements and pay bills online. If you don’t have easy access to a branch, online banking can be very valuable. Make sure you know your online banking responsibilities and guarantees in the event someone fraudulently removes your funds through online services.

2- Is mobile banking available?

Some banks have mobile apps for convenient banking on the go. For example, you may be able to deposit checks by taking pictures of them with your phone. You may want to read reviews of your bank’s app to see what specific services are offered, since they can vary.

3- Will it cost me to transfer money?

Many banks don’t charge you to pay bills directly from your checking account. If you’re sending money to friends or family, you generally won’t be charged if your bank offers a person-to-person transfer service within the mobile app or online banking. However, if you need to wire money outside the bank to a person or business, you may be charged a fee.

4- Do I have to pay for checks or replacement cards?

At many banks your first book of checks is free, but you’ll likely pay for additional ones. Some banks also charge you to replace lost or stolen debit cards. What’s more, some banks limit the number of checks you can write from your account each month, and charge a fee if you exceed that number.

At many banks your first book of checks is free

5- Does the account pay me interest?

Generally, if checking accounts pay interest, the rate is very low. High-yield checking accounts offer higher interest but typically require higher balances. Savings accounts offer higher rates, but because the accounts are intended for saving, they’re subject to different rules. 

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