Understanding Financing Terms

What Customers Should Demand From A Checking Account

A checking account is an essential part of living in the modern world for many people. Though it is something so important, many folks aren't quite sure what they should expect from their accounts. This guide will help you to understand what you should demand from a bank when you sign up.

The Lowest Possible Fees

Simply put, there shouldn't be a lot of fees associated with your account. The free checking account is a standard of the industry, and free had better mean free. While you understand that a bank might want to assess an overdraft charge, they shouldn't be hitting you with ridiculous things like maintenance fees. Even if you only have two dollars in the account and barely use it for anything besides cashing checks, you deserve to not be slammed by fees.

No Minimums

Minimums should only be expected of you if you get something in return. A free checking account probably isn't going to pay interest, and that means you're not getting anything in turn for leaving, for example, $2,000 in there. There's no reason to put in a significant amount of your money if the bank isn't paying you to do so.

Bill Pay

It's the 21st century, and being able to arrange automated online payments should be a default for any checking account. Talk with your bank about what options they offer because many have specific arrangements with particular payment processors. It's also wise to talk with the various folks you'll be paying bills to about which methods they use. Try to find a checking account with bill pay features that line up with your needs.

Mobile Banking

There's an app for everything these days, and there had better be an app for you to bank on the go, too. Most banks have developed mobile apps or have set up their systems to work with particular apps. It's wise to ask what operating systems the app will work on because you don't want to be stuck in an Android-only world if you're on an iPhone or vice versa.

ATM Locations and Bank Branches

Even the most tech-savvy people are going to need cold, hard cash every now and then. ATM locations and bank branches should be located in all the places you plan to go to. This will minimize the risk that you may end up paying fees for using out-of-network ATMs.

For more information, contact an institution like FCCU - First Community Credit Union.