There are virtually thousands of choices you face when choosing a bank. It’s important to go into your relationship with your bank as you would a personal relationship; know your deal-breakers and nonnegotiable’s. Your personal finance goals should remain number one, and your bank of choice should not get in the way of those. Here are some of the most important questions to ask when you go to choose a bank:
1. What fees are there?: A lot of banks have fees for simply using a savings or checking out. Figure out what those fees are.
2. What are the account requirements?: Some banks have minimum requirements for opening a new account.
3. Where are the ATMS located?: There’s nothing worse than choosing a bank and realizing there are no ATMs near you. Avoid paying the fees for using a different bank’s ATM by checking the location of ATMs.
4. Are there withdrawal or transfer limits?: Some banks only allow a certain amount of transfers from savings accounts per month. Make sure that limit doesn’t affect you negatively.
5. When is interest paid?: Most banks pay interest monthly, but some do it quarterly.
6. Are there penalties for closing the account?: Check what the penalties for closing the account are.
7. Can I write checks and is there a debit card?: These services make it easier to access your money, so check them out!
