Choosing your first bank account is an exciting decision. When looking for a bank to entrust with your money; choose wisely. Consider accounts that offer services like remote check deposits, mobile apps, and online bill-pay. Here are a few more important things to consider when choosing your first account.
Avoid paying unexpected fees. Take a closer look when accounts are presented as “free.” Few accounts charge no fees at all. Does your bank charge monthly fees? Many require minimum balances or regular direct deposit to avoid monthly fees.
What about out-of-network ATM fees, overdraft fees, fees to use your debit card, and fees for services like online bill-pay?
Knowing if fees are going to be charged can save you hundreds of dollars in fees every year. Overdrafts can cost more than $30 each. That’s a lot of money given away.
What is an overdraft fee, and how can I avoid them?
When you spend more money than you have in your account, your bank will charge you an overdraft fee. A $5 crispy chicken sandwich can end up costing you $35 or more. Some banks charge multiple overdraft fees in a single day. A bank may even charge you more if your account remains overdrawn for a certain amount of time. Those fees add up fast! To avoid paying overdraft fees, monitor your accounts carefully, and consider choosing an account that does not allow overdrafts. PERIOD.
Get Your Money Faster
3. Sign up for direct deposit as soon as possible. Signing up for direct deposit saves you the inconvenience of having to take your paycheck to the bank and deposit it. When you get paid, your money is automatically deposited into your checking account. Once your checking and saving accounts are open, you will receive a debit card and order checks if you choose to. Check out how to write a personal check here.