Opening a checking account is almost a basic process for everyone nowadays. It is a very simple process that can be completed through the financial institution’s website or its physical office. People open checking accounts for various reason, including keeping their money in a safer place, making it easier to make payments, or to build their credit score. A checking account is very liquid, and it allows you to deposit or withdraw money easily using ATMs, electronic debits, and checks, among other means. But even though it may seem very easy to open a checking account, there are several things you should know before opening it. Some of them are discussed below.
What you should know before opening a checking account
1. The type of checking account to open
There are different types of checking accounts including a basic checking account, free checking account, NOW accounts, super NOW accounts, interest-bearing accounts, joint-checking account, express checking account, lifeline checking account, and student checking account, among others. You should analyze the features of these types of checking accounts and select the one that suits your needs. You have to select an account based on the amount you intend to save and the kind of transactions you will be doing.
2. Fees charged
Each checking account has different fees for various services. For example, some accounts have monthly maintenance fee while others are free. Be sure to check all charges including overdraft and service fees. Shop around to find an account that offers …