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Switch banks – Research Bank Offers
Ok, this post is for folks that haven’t been in the financial game that long. I am talking about the rookies. That doesn’t mean you shouldn’t read it if you aren’t. Like the title says you may want to switch banks after you read the post.
Most young people don’t know how to research bank offers before opening a checking account. They may choose a bank because it is where their parents bank or because the bank has cool advertising and promos. Forget all that. Use this checklist to make a smart decision.
1) Convenience and hours. Make sure the bank location and business hours work for you. Last thing you want is not being able to handle business. For example, you live across town and the ONLY bank is on the other side of town.
2) Minimum to open. Be good with the minimum opening balance. If you don’t have the cash to open an account it could be a problem, huh?
3) Interest. Does the account pay interest on your balance? Get paid interest if you can.
4) Minimum required. Be good with any minimum checking balance (avoid fees). Minimum balance can be a nightmare for some folks. Be realistic about this one.
5) Electronic service. Bill-pay, ATM, and online account viewing. Make sure this stuff is free if you can get it.
6) Price points. Know about account fees, ATM fees, return checks, statement review charges, etc. If you don’t pay attention to costs you get hosed? Fair enough?
7) Useful services. Link up with savings accounts, overdraft protection, and if they issue debit and credit card.
8) Customer Service. Make sure it is good. Courtesy and support services are big in my book.
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