Monday, March 16, 2020

How to Pick the Best Personal Checking Account for Your Needs



When it comes to keeping your money in a safe place, a bank is the best solution. With the help of their checking accounts, you can easily deposit and withdraw your money as you wish. Here are some must-dos when looking for a personal checking account that will fit your needs the best.

No Minimum Balance Required


One fairly newer addition for some banks is to require patrons to have a minimum balance in their checking account. Anytime a patron goes below this minimum balance, they’re charged a fee. You don’t want to be charged for using money that is yours. So, ensure that any personal checking account you’re looking for doesn’t require any sort of minimum balance.


No Monthly Maintenance Fees


Another fairly new fee that is being tacked onto many checking accounts is a monthly maintenance fee. The bank will charge you a small amount of money, usually $5 to $10, each month. 



Their reasoning is that they have to handle all the record-keeping for your account and other maintenance tasks. Not all banks charge this and you shouldn’t have to pay to have an account. After all, most banks make money by using your money to lend and invest.

ATM Fee Reimbursement


If you’re like most individuals, you use your ATM card to get cash when you need it. Each bank works with a specific network of ATM providers. Traditionally, if you went to an ATM that wasn’t a specific provider of your bank, then you would be charged a fee to withdraw cash. 

Now, banks are seeing how important it is for people to have access to ATMs without needing to pay fees. Therefore, many are offering ATM fee reimbursement. Any time you use an ATM that is not from your bank’s specific provider, a good bank will reimburse you the ATM fee that you were charged. So look for checking accounts that offer ATM fee reimbursement.

Ease of Check Cashing


In the digital world, people may tend to forget about check cashing until they’re written one. Since most people get direct deposit, they don’t consider checks when it comes to setting up a checking account, especially at an online provider. While a mobile deposit is possible for some, it’s not always accurate. 

Having a banking provider that is within your local area where you can physically cash a check is ideal. If you opt for an online checking provider, they’ll require you to mail the physical check. This could take up to a week to get to the bank and get you the money you need.

The best personal checking account will be different for everyone. Understanding some key factors to consider when choosing the right type of account is a necessity. The above factors should help you to narrow down your list of checking account providers.

Brooke Chaplan is a freelance writer and blogger. She lives and works out of her home in Los Lunas, New Mexico. She loves the outdoors and spends most of her time hiking, biking, and gardening. For more information, contact Brooke via Facebook at facebook.com/brooke.chaplan or Twitter @BrookeChaplan



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