Picking the right bank for all your banking needs can be difficult. Here are some key features to consider when looking for a new bank.
For many, both a physical branch and a fee-free ATM near work or home is a must. Making immediate deposits or withdrawals in person at a local branch is convenient. Plus, you can have any of your questions answered while there.
Also, if you need to withdrawal cash after business hours, a fee-free ATM nearby can be a life-saver.
Checks vs. Debit Cards
In the past, standard checking accounts came with checks to pay with the funds in the account. Now, debit cards have taken the place of checks. Debit cards make purchases at local stores fast and secure.
They can also be used to make online purchases just like a regular credit card. Do you have a preference for checks or debit cards? Or would you like an account with both features? Before opening a new account, it is important to ask about related fees and protections.
Overdraft Protection – Do You Need It?
Most banks offer overdraft protection, which is a service that lets you temporarily make purchases with your debit card even if you don’t have enough money in your checking account to cover them. But, this service usually comes at a hefty price. Each time your account is overdrawn, the bank can charge you an overdraft fee of up to $35.
Some banks will reduce the overdraft fee if your checking account is linked to a savings account that has enough funds to cover the purchase. It definitely pays to shop around for this one!On the other hand, overdraft protection may not be necessary. Instead, you can have your debit card declined when your account is too low to cover a purchase. You can do this by opting out of your bank’s overdraft protection. Then, you’ll never have to worry about overdraft fees again.
Establishing a good relationship with your local bank can make obtaining a loan easier. If you have a question about a loan, you can visit your local branch. You can also check to see if you qualify for a loan before putting in a formal application. Compare local banks now, before you open your new account.
Doing so can save you headaches when you go to apply for your new car, home, or personal loan.With so many banks and account features to choose from, picking the right bank can be hard. If you’ve recently moved or your current bank account doesn’t make the cut, stop by a few of your local banks. You can compare features and any potential fees to other local banks by using their brochures.