3 Questions To Ask Before Signing Up For A Checking Account

You've decided you need a checking account, but before you sign up, you should know the answers to these three essential questions. Whether you're new to banking or just opening a new account, these questions will help you decide what is best for your financial needs.

Are There Any Fees You Should Know About?

Most banks offer checking accounts with monthly fees associated with them, so ask about any fees that may come with your account. These fees could be either flat rates or based on factors such as how frequently you use the account.

Make sure to ask about any other fees, such as those for overdrafts or out-of-network ATM withdrawals. Overdraft fees are those charges that are assessed when you do not have enough money in your account to cover the purchase cost.

Out-of-network ATM fees refer to the extra charges you incur if you withdraw money from an ATM that's not part of your bank's network. These fees can quickly add up, so make sure to ask about them.

You'll also want to know if there is a required minimum balance. Some banks may require a certain amount of money in your account at all times, and if you don't keep that balance, they will charge you a fee. Make sure you understand exactly what fees are involved and how they might affect your bottom line.

Can You Get Overdraft Protection?

Nobody likes overdraft fees, so it's important to find out if your bank offers overdraft protection on your account. Some banks offer an overdraft protection plan if you maintain a certain balance in the account.

Others offer more traditional overdraft protection services like linking your savings or credit card to cover any shortfall in the event of an emergency withdrawal. This type of protection is especially useful if you're worried about overdrawing your account, as it provides an extra layer of security.

Are There Any Other Benefits?

Some banks offer additional benefits such as rewards programs for customers who use their debit cards frequently or discounts on other services like car loans and insurance coverage. Others even offer free online banking and mobile apps to make managing your finances easier.

If these types of benefits are important to you, be sure to ask about them before signing up for an account at any particular institution. Ask about any additional perks or services you might be eligible for, and make sure to get all the details so that you know exactly what you're getting. 

Contact a company like Bellco Credit Union to learn more.