These days, it is almost impossible to do business without a bank account. Whether you are shopping at your favorite store, making a purchase online or attempting to get money to someone in need quickly, the ability to do so with cash is becoming increasingly difficult.
However, finding a bank account that fits your needs may be difficult, especially in this financial climate. Here are a couple of tips for finding the bank account that is right for you.
First, consider what your banking needs are. If you are someone who travels a great deal, you should probably consider banking with one of the bigger corporate banks, such as Chase with JP Morgan, Bank of America, or US Bank.
These will have locations across the United States, creating convenience for you and saving you money at the ATM. However, if you mostly work locally, you should consider setting up a bank account with a regional bank. These will usually be very friendly locations, and may provide you with better terms than what the corporate banks can.
Second, you should take your credit score into consideration. Many banks are going to look at your credit rating before they are willing to open up a bank account for you. This does not mean you need perfect credit to open up an account. However, it does mean you should be prepared to have to pay monthly service fees.
This is the bank’s way of protecting themselves if you overdraft and never pay. Has that happened to you in the past? Consider second chance banking. Offered at a variety of banks across the United States, especially online, these banks will not look into your records with the Chex system, which gives you a chance to restore your credit while having access to banking resources.
Finally, think about what kind of services you need from your bank. A lot of the time, when you go to open a bank account, the banker working with you is going to try to entice you with all kinds of extras and perks.
Offers will include things like special credit cards you can earn rewards with, or cash back rewards if you sign up for auto-bill pay. However, not all of these are good choices for every person.
If you don’t have a lot of cash flow, an automatic deduction could put you in the red, and for many of us, that is not something we can afford. Read the fine print before you agree to anything with your bank account.
Having a bank account certainly has its perks. If you can find the right bank for you, it is absolutely worth it. Before you sign up, though, you should weigh your options carefully.
Does this bank account meet your banking needs? Do I have a good enough credit score for this kind of bank account? Does this bank give me the right kind of services? If the answer to all of these questions is yes, then it looks like you will have found your match.