Bank On It
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So, you want to open a bank account? There’s a lot to consider when shopping around. When comparing banks, ask yourself the following questions:
- Does the bank have locations near my home, school or work?
- How many ATMs does the bank own and are the locations convenient for me?
- What are the bank's hours of operation?
- Are my funds FDIC insured?
- What types of accounts are available?
- Is online banking an option? Is it free?
- What types of fees does the bank charge?
- Will my accounts earn interest?
- Does the bank offer clear explanations of all fees?
Different banks and credit unions have different policies for account requirements, charges and fees, like the ones listed below.
Minimum balances.
Some institutions may require you to keep a minimum amount in your account. If your balance falls below this amount, the bank can charge a fee or close your account within a certain time period.
Monthly or annual fees.
Some institutions may charge you a fee for the privilege of having an account with them. If possible, find a bank that doesn’t charge these fees. Ask if your bank has free student checking accounts.
ATM fees.
If you use an ATM that’s owned by your bank or credit union, there may be no cost. However if you choose to use a “foreign” ATM – one that’s owned by another financial institution – you may be charged a fee. You may also be charged an additional fee by your bank for using a machine that’s outside the network.
