Opening a bank account may not necessarily seem like a challenging task. Instead, it may seem like an annoying task. Who wants to meet with a banker for an hour, share private information, and listen to nonsense you care to know nothing about? Although this sounds less than fun, there are certain questions you can prepare to ask the bank that will not only help you understand the account better but also make you feel better about the account you just set up.
Five Questions to Ask When Opening a Bank Account
Are there ATM charges?
An ATM allows you to withdraw cash from your account without having to make a visit to your bank. Oftentimes, banks provide their own ATMs for clients and non-clients. Those that are clients usually do not have to pay a fee, but those who are not may incur a fee. Ask about certain fees you might incur depending on the ATMs you use.
What are the fees?
Some checking and savings accounts that clients choose to open may have a fee. For instance, this could mean a $25 deposit to open the account. All banks are different, so it is important to know all the costs involved. This also means understanding other fees, such as the cost of checks, the cost of transferring money, or the cost of receiving paper statements. Before signing up, make sure you understand all the fees, so you are not surprised later.
Is there online/mobile banking?
Nowadays, this has become a more important question. People like the idea of handling their money from sitting on the couch and checking their statements over their phone. If this is something you would like, make sure the bank has online and/or mobile banking so you are able to check your bank account anytime, anywhere.
Is there a minimum amount that needs to be in my account?
Before your account is active, make sure to ask the question regarding if a minimum amount is required to remain in the account. For instance, let’s say you just made a big purchase, and only have $5.00 left in your account- is this amount substantial enough? Learn about the bank’s procedures regarding this, so you can prepare for this in the future.
Does the account pay interest?
Depending on the type of account you are opening could determine if the account will pay interest. If you are planning to open a checking account, you will likely find that this type of account doesn’t pay any interest or very low interest. However, if you are opening a savings account, you will find that this usually does pay interest. Why is this? A checkings account is used for daily withdrawals and deposits, meaning you will be making many exchanges with this account. The savings account is used for the purpose of saving money, and usually only allows you to withdraw money a certain amount of times each month.
Although there are many more questions you may come across, these are five questions that sometimes are forgotten, yet are still very important to ask when opening a bank account.