Choosing a checking account can be stressful! When deciding, it is important to explore the variety of amenities that different banks or credit unions offer. In order to weigh the pros and cons of different checking accounts it is essential to know what to look for in a company. What are factors to consider when choosing a checking account?


Be Aware of Fees

It is so important to research what fees may be on your checking accounts. Some of these include…

  • Overdraft fees: If you accidentally spend over what money resides in your checking account an overdraft fee may be charged. In order to avoid this, look for a bank that has overdraft protection. With overdraft protection your bank oftentimes will automatically transfer money from your savings to cover the charge.
  • Maintenance fees: Some checking accounts will have a monthly maintenance fee to keep your account open.
  • Minimum Balance fees: Some checking accounts have a baseline minimum balance. If you go below the minimum, you will be charged for not meeting the requirements.
  • Inactivity fees: This fee may be charged if your checking account sits for long periods of time unused. If you aren’t a big spender, it is important to make sure your bank or credit union won’t charge an inactivity fee!


Be Aware of Interest Rates

Not all banks or credit unions pay interest on checking accounts. If you are anticipating putting large amounts of deposits in your checking account, it is important to research whether a company pays interest on that money! This could benefit you in the long run of your finances!


Do They Offer Mobile Online Services?

In this day and age mobile banking services are essential! Online bill pay, deposits, and withdrawals through apps or websites make your life so much easier. Just a click of a button keeps your accounts simple and easy to manage.


By considering the factors above, you will be well equipped to compare and contrast banking companies and other services! The final over looming question is…” Where should I open my checking account?” There is a plethora of banking options, some include large banks, local banks, and online banks. Another option for opening a checking account is at a credit union.


Large banks can be national or regional and tend to have a wide system of ATM networks. However, these banks are less likely to offer deals on interest rates and fees. Local banks tend to have better deals than large ones, but don’t give you the convenience of ATM networks around the state or even country. Online banks are fully online which can be hard for some clients to navigate, however they offer good deals on low fees and high interest!


Credit unions are typically community based which helps the customer feel at ease as their money is handled with care. They tend to offer low fees and have good deals, but like local banks don’t have a large ATM network. Luckily many credit unions include online banking options which helps expand the options for the customer!


These tools are helpful to keep in mind as you choose where to open a checking account! Make sure to look out for fees, be aware of interest rates, and check for online banking services or apps!


Cincinnati Credit Union – Presidents Federal Credit Union (FCU) is federally insured and backed by the full faith and credit of the United States government for all accounts up to $250,000.00. We have over 60 years experience and offer the best values with friendly customer service.

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