The average person does not spend much time at their local bank due to the changes in technology. Gone are the days of waiting in long lines every Friday on payday. Most banking is done online with the help of a computer or smart phone. But not all banks and credit unions will meet the needs of all consumers. There is a perfect bank to meet personal or small business needs. Here are a few tips for finding the best checking account.
Deciding the most important feature of a checking account ahead of time is important. Busy professionals or students who commute daily may want the flexibility to save on ATM fees. There may be unexpected reasons for needing to withdraw extra cash throughout the work week. Servers in restaurants, bar tenders, or workers in the gig economy may receive tips throughout the day. Keeping cash on hand until the end of the week is not always possible. Having access to an ATM where a deposit can be made safely could be a deciding factor on where to obtain a new checking account. Some banks will offer all or a portion of ATM fees back each month as a credit.
If depositing checks through an app is important, see if that feature is available with the checking account. Students and individuals on fixed income may enjoy the flexibility offered by a free checking account. The account may be free if a certain amount is deposited every month. This minimum amount may be reachable by those who work part time or have a modest monthly deposit. The money saved from the monthly fee can be spent on any area of the budget. Always check if there is a requirement to keep a specific balance in the account.
In order to stay relevant and competitive, banks have many perks available to their members. There may be a cash back option for shopping with certain local retailers or discounts for online orders. Review the interest rate for the account and different types of free checking accounts available. There may be multiple account types that offer different rates of interest. NSF or non-sufficient fund fees may be applied per transaction or have one charge for all transactions that go through the account that day. Traditional checks may be necessary for some types of business transactions, so you should inquire about free or low-cost paper checks. Take time to apply for a new, free checking account today.