Open Your First Bank Account: 3 Tips

Having an open bank account is necessary in today’s world. Opening a bank account can be easy and can give you peace of mind. Here are some simple tips to follow to open the best bank account for your needs.

1 - Check the Fees
Most banks now offer free checking. If you only need a simple account with few check writing privileges and mostly ATM access, then you can find a free account. Many banks now limit the number of times you can visit a local branch with the free accounts. If you think you may need to visit a teller several times a week or month, be sure you sign up with the correct account because most banks require additional fees for teller service. Many banks also charge extra fees after a certain amount of deposits or transactions every month. Before you start shopping for a bank account, keep additional surcharges in mind. Take the time to sit down and estimate what your usage will be. Evaluate whether you receive direct deposit from one employer, or if you have payments coming in from several different sources. Consider the amount of checks you write each month and whether you do most of your banking online or from an ATM. Once you have these things in mind you can find an account that works for you.

2 - Minimum Deposit Requirements
Most larger banks will have manageable minimum deposit requirements. Not only should you find out how much money you will need up front for opening a bank account, but you should also know how much the bank expects you to keep in the account to maintain the account. Many banks will either close the account or charge fee’s for every month your balance drops below the required amount. The larger banks have started to figure out that most people will not want a huge amount just for account maintenance. Others still require a minimum balance of $500 or $1000 to keep the accounts open and fee free. This can be a hassle if you live paycheck to paycheck.

3 - Account Types
A business account will have different requirements from a student account.  A business account is suitable for business needs and may have more fees than a student account that is geared to college students, without disposable income. You will also find interest bearing checking and saving account combination accounts with overdraft protection and limited accounts. Each account will have different requirements and different fees or conditions attached. Make sure you are asking questions, researching the accounts, and finding the best account for your needs. Meet with a bank representative and explain to them what you are looking for to be clued into their account types that best fit your needs.

Opening your first checking account is an important step in assimilating in to the business world. It provides your money protection and makes many things in life much easier.

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