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Source: moneycrashers.com
Perhaps you’ve found yourself driving across town to locate an ATM in your bank’s network. Or maybe you’ve been hearing about rewards checking accounts with benefits like cash back, which yours doesn’t offer. Oh, yeah. And what about that charge you saw on your last statement for not carrying a high enough balance? It’s pretty easy to feel like the only person on Earth with a checking account that’s just not cutting it.
Robert Farrington, founder of the personal finance website The College Investor, says it’s important to routinely review your checking account to make sure it still meets your needs. âYou might have opened a checking account in high school, college or when you got your first job, and you haven’t looked back,” Farrington says. “But banking has changedâand it’s likely that your needs have as well.”
Given the growing crop of new checking accounts with flexible and appealing features, it’s probably time to take a closer look at your current account offerings: What are they doing for you? Do they align with your current financial situation? What benefits are you missing?
However, with all the options out there, you’re probably thinking, “How do I choose a checking account?” It’s simple, really. Just consider these three needs: no fees, convenience and lifestyle compatibility.
âYou might have opened a checking account in high school, college or when you got your first job, and you haven’t looked back. But banking has changedâand it’s likely that your needs have as well.”
Read on for how to assess your checking account’s performance for each need, and, if it’s lacking, how to select a checking account:
Find out if fees are eating away at your funds
Fees are a big consideration when picking a new checking account. One way to determine whether your current checking account is treating you fairly in regards to fees is to review your statements from the past few months, Farrington says. You may be getting charged for things you aren’t aware of, such as not meeting a minimum balance.
âIf you have an account that requires a minimum balance or a certain number of transactions, then looking at past banking records can help you determine if you’re meeting those requirements,” he says. If keeping a minimum balance seems to be a challenge, you might want to consider alternative options to help you avoid checking account fees.
What else should you keep an eye out for fee-wise on your monthly statements if you’re considering picking a new checking account? How about charges for out-of-network ATM usage? When you withdraw cash out of network because your bank doesn’t have branches or ATMs that are convenient for you, those fees can add up. According to Bankrate’s 2018 checking account and ATM fee study, the average ATM surcharge (the fee from the ATM owner for non-customers) has gone up 19 times in the past 20 years, reaching $3.02, its highest amount at the time the report was published.
A no-fee checking account means no charges for checks, online bill pay, monthly maintenance, replacement debit cards and even insufficient funds. That’s a lot of dough saved by picking a new checking account that comes with no fees.
Online-only banks may offer some of the best deals for no-fee checking, since they don’t operate physical locations and can often pass those savings down to you. For example, Cashback Debit, Discover’s checking account, charges no account-related fees.1
Know what conveniences you need
If you’re like most people on the go, you’ll want to access your checking account fast and at any time. So convenience may be a checking account benefit that ranks high on your list when considering how to select a checking account.
When it comes to how to choose a checking account, understanding what features banks offer to make their checking account convenient is important, says Chane Steiner, the CEO of Crediful, a personal finance and credit blog.
Convenience can come in many formsâfrom easy access to your bank’s services and personnel, to proximity, to mobile features and more. Below is a list of services you should consider if convenience is a premium:
- Customer service that’s available after hours or 24/7.
- A large network of ATMs makes accessing your money quick and easy. So when picking a new checking account, consider the ATM network you’ll be able to use. For example, Discover’s Cashback Debit card can be used at over 60,000 no-fee ATMs nationwide. With a network this vast, you may be able to enjoy the convenience of ATMs located near you without having to pay out-of-network fees.
- Online banking can be “a great alternative to going to a branch if the majority of your transactions can be done online or you use services like direct deposit,” Steiner says. Think of the time you’ll save by banking from your computer or mobile device rather than traveling to a branch location.
- Mobile check deposits can be an important feature when learning how to choose a checking account if you are remote, travel often or need to make a lot of deposits. In many cases, you can use your bank’s app on your mobile phone or tablet to snap a picture of a check you want to deposit and upload the image.
- Branch access could be important to you if you get paid in cashâfor example, if you work in childcare or are a gig worker or freelancerâbecause you may need to visit the physical branch location in order to deposit the cash. In this case, a checking account at a traditional bank could be convenient.
There’s also a variety of other features to consider when picking a new checking account. “You just have to define your needs and decide from there,” Steiner says.
For additional help thinking through what features are most important to you, let your lifestyle and financial goals guide you. What comes next are some tips on how to do just that.
Tailor your checking accountâand its perksâto your lifestyle
Maybe you like certain benefits that you’ve learned about in your research for picking a new checking account. “But you need to decide what’s most important to you for your banking needs,” Farrington says. “And those goals may be very different from your neighbor’s based on your banking habits.” If you’ve moved or changed jobs and your branch and ATM locations are no longer convenient, for example, that could be a good reason for seeking a new checking account.
On the other hand, Crediful’s Steiner says, âIf you realize you don’t go to a branch and simply need ATM access, an online checking account may be a great fit. It’s easy to open, convenient and most have all the services that a traditional bank offersâusually at a lower price or fee structure.”
Inevitable things (read: life events) should also be considered when thinking about how to select a checking account. These include getting married (think: combined lives, joint checking account) and having kids (think: convenience, cash in a pinch).
The reasons you first opened your checking account could also be different from why you need one now. Perhaps you used it to pay down a number of credit card bills in the past and regularly held a high balance. Fast forward, and now the cards are paid off and you’re no longer storing as much cash in the account, making you fall below your bank’s minimum balance requirement and causing you to get hit with fees. In that case, picking a new checking account that doesn’t have a minimum balance requirement may be a great choice.
Finding a bank that offers perks that complement your current lifestyle is important to consider when determining how to select a checking account, as it could help you make a final decision. Two benefits to consider:
Say hello to
cash back on debit
card purchases.
No monthly fees.
No balance requirements.
No, really.
Discover Bank, Member FDIC
- Cash back rewards: If you find yourself frequently using your debit card, be sure to maximize that spending by earning rewards. On the money you spend, Discover offers 1% cash back on up to $3,000 in debit card purchases each month.2 To assess the potential value of this benefit, look at your monthly debit card spending and calculate how much you can earn in cash back. If you spend $3,000 every month, that’s an extra $360 a year. What could that extra cash be used for? Chances are, a lot of thingsâfrom a wedding gift to starting an emergency fund. Cha-ching!
- Interest: âSome checking accounts will offer interest,” Steiner says. This allows your money to grow while being held in the account. Consider this if you keep high balances in your checking account.
Once you’ve considered how to choose a checking account and know what checking account you’re going with, the rest is relatively straightforward. It’s just a matter of following the right steps.
âIf you realize you don’t go to a branch and simply need ATM access, an online checking account may be a great fit.”
How to make the switch to a new account
If you’ve decided upgrading is right for you, the next step (after you’ve mastered how to choose a checking account) is to actually make the switch. The good news is that the process is much simpler than the thinking that goes into picking one out.
Here are some quick tips for your new checking life:
- Open the new accountâeither by completing your application online, in the case of an online checking account, or filling out an application at a branch.
- Transfer your funds from your old account to your new one.
- Change any direct deposits from the old account to the new account.
- Set up automatic bill payments from your new account (and cancel them from your old account).
- Close your old account. “It’s suggested you keep your old account open for a month or so to make sure you don’t miss any last transactions that may post,” Farrington says.
Enjoy your new checking outlook
It’s an easy process to switch checking accounts, and Steiner believes the relief you’ll feel once you’ve mastered how to select a checking account will be worth it.
âSpending a few hours to make the right choice is time well-spent and will save you plenty of headaches in the future,” Steiner adds.
You might even enjoy calculating how much you’re saving by comparing your old statements with your new ones and adding up the fees you’re no longer paying. Oh yeah, about being the only person on Earth with a checking account that’s not cutting it? Now that you’ve done the research on how to choose a checking account that will work for your financial goals, it’s pretty simple to finally be more in control of your cash. And it only took the amount of time to read this article to learn.
1 Outgoing wire transfers are subject to a service charge. You may be charged a fee by a non-Discover ATM if it is not part of the 60,000+ ATMs in our no-fee network.
2 ATM transactions, the purchase of money orders or other cash equivalents, cash over portions of point-of-sale transactions, Peer-to-Peer (P2P) payments (such as Apple Pay Cash), and loan payments or account funding made with your debit card are not eligible for cash back rewards. In addition, purchases made using third-party payment accounts (services such as Venmo® and PayPal
, who also provide P2P payments) may not be eligible for cash back rewards. Apple, the Apple logo and Apple Pay are trademarks of Apple Inc., registered in the U.S. and other countries.
The post What You Need to Know to Pick a New Checking Account appeared first on Discover Bank - Banking Topics Blog.
Source: discover.com
Stuck in ChexSystems? Find out what ChexSystems is, what's on your report, and how long it takes to get out.
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Are you looking for your Citibank routing number? It’s quite easy and simple. Below is how to find it.
If youâre sending or receiving money to friends and family members using your Citibank account, you need to make sure youâre having the right routing number.
CIT Bank Savings Rates: How Much Can You Earn
What is my Citibank routing number?
In brief, the Citibank routing number is a nine-digit number that the bank uses to identify themselves. Citibank routing number is sometimes known as ABA numbers, check routing numbers or routing transit numbers.
You need your routing numbers for several reasons. For instance, you need it for:
- To set up direct deposit
- For ACH payments;
- To transfer funds between accounts at different banks;
- For bill payments;
- To receive government benefits;
- To receive tax refunds;
- For wire transfers;
- To have payments like paycheck deposited into your account.
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| CIT Bank Money Market | 1.00% APY | Review |
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Citibank Routing Number For Each State
Citibank routing number is different for each state. So, itâs important to know it. But your Citibank routing number is associated in the state you opened your bank account.
So, if you have moved to Illinois for example, but you had opened Citibank account in New York, your routing number is associated in New York.
It is as simple as that.
Here is a table of the Citibank routing number by each state:
| State | Citibank Routing Number |
|---|---|
| Citibank Northern California (CA) | 321171184 |
| Citibank Delaware | 31100209 |
| Citibank Illinois (IL) | 271070801 |
| Citibank Nevada | 322271724/ 322271779/ 321070007 |
| Citibank New York (NY) | 21000089 |
| Citibank Texas (TX) | 113193532 |
| Citibank Washington DC | 254070116 |
| Citibank Connecticut | 221172610 |
| Citibank Florida | 266086554 |
| Citibank Maryland | 52002166 |
| Citibank New Jersey (NJ) | 21272655 |
| Citibank South Dakota | 21000089 |
| Citibank Virginia | 254070116 |
| Citibank California, Southern | 322271724 |
Citibank routing number to make ACH Transfers
To make an ACH transfer, youâre going to have to choose the Citibank routing number for your particular state.
For example, if you live in Florida, then you will use the Citibank routing number for Florida which is 266086554. If you live in another state, look at the ACH routing number for your particular state in the table above.
Citibank routing numbers for Wire Transfers
Wire transfers are a quicker way to send money than an ACH transfer. However, there is going to be a fee.
If youâre making a domestic wire transfer, however, you will need to use the routing number in your state, see the table above.
To make domestic wire transfers, and in addition to the routing number, you will also need the following:
- The name of of the person whom youâre making the transfer to;
- The name and address of the personâs bank;
- The personâs account number as well as the routing number.
For international wire transfers, you will need both the Citibank routing number in your state and a SWIFT Code: CITIUS33. SWIFT stands for Society for Worldwide Interbank Financial Telecommunication.
In addition, you will need the following to make an international wire transfer:
- The name of of the person whom youâre making the transfer to;
- The name and address of the personâs bank;
- The personâs account number
- Purpose of the payment; and
- The currency being sent
Where to find your routing number?
So, you want to know where to get your routing number from Citibank? Hereâs where to get it:
Your Citibank personal check
You can find your Citibank routing number on the bottom left-corner of a check. However, note the routing number on your check might be different than the routing number for a wire transfer. So, before youâre making a transaction, make sure you check with your bank to get the accurate routing number.
Learn How to Write A Check.
Citibank routing number on this page
We have listed the routing numbers for each state on the table above for ACH transfers. We have also listed the routing number for domestic and international wire transfers.
Your Bank statements
You can find your routing number as well on your monthly bank statements.
Citibank online
Your can find your routing number online by simply going into online banking.
On the Federal Reserve website
You can look up your routing number on the Federal Reserve website.
Customer service
Lastly, you can always call customer service at 800-374-9700: to get your routing number. Itâs available 24 hour a day, 7 days a week. However, note that you will have to provide some details to identify yourself.
Which routing number to use?
Depending on your financial transactions, you will need to use different routing numbers.
Domestic ACH Transfer
For domestic transfers, use the ABA routing number from your state (see the table above).
For Domestic Wire Transfer
Use the Citibank domestic wire transfer number in your state in the table above.
For international wire transfers
Use your state routing number: and the SWIFT code: CITIUS33
Citibank routing number: bottom lime
In conclusion, if you have a Citibank account, youâll likely need to your routing number. You will need to set up direct deposit, to set up automatic payments, or to wire transfer. So, itâs important to know it and keep it handy. Also, make sure you verify the number before you make a transaction. If you miss one digit or get one digit wrong, your money can go somewhere else.
Related:
- Wells Fargo Routing Number
- How to Find Your Well Fargo Routing Number for Texas
Speak with the Right Financial Advisor
- If you have questions about your finances, you can talk to a financial advisor who can review your finances and help you reach your goals (whether it is making more money, paying off debt, investing, buying a house, planning for retirement, saving, etc).
- Find one who meets your needs with SmartAssetâs free financial advisor matching service. You answer a few questions and they match you with up to three financial advisors in your area. So, if you want help developing a plan to reach your financial goals, get started now.
| *TOP CIT BANK PROMOTIONS* | ||
|---|---|---|
| PROMOTIONAL LINK | OFFER | REVIEW |
| CIT Bank Money Market | 1.00% APY | Review |
| CIT Bank Savings Builder | 0.95% APY | Review |
| CIT Bank CDs | 0.75% APY 1 Year CD Term | Review |
| CIT Bank No Penalty CD | 0.75% APY | Review |
The post How to Find My Citibank Routing Number appeared first on GrowthRapidly.
Source: growthrapidly.com
Discover CD rates are some of the highest at any bank and come with plenty of flexible term options and high rates regardless of your investment size.
Source: thesimpledollar.com
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It takes two minutes to see if you qualify for up to ,000 online. You do need to give AmOne a real phone number in order to qualify, but donât worry â they wonât spam you with phone calls.
The benefit? Youâll be left with one bill to pay each month. And because personal loans have lower interest rates (AmOne rates start at 3.49% APR), youâll get out of debt that much faster. Plus: No credit card payment this month.
Rates start at just a month. The peace of mind knowing your family is taken care of is priceless.
Blunder No. 1: Not Getting Free Gift Cards When You Shop
Plus, when you use the link above, Stash will give you a sign-up bonus once you deposit into your account.* But if you work for a living and donât happen to have millions of dollars lying around, that can sound totally out of reach. But maybe youâre just looking for a place to safely stash it away â but still earn money. Under your mattress or in a safe will get you nothing. And a typical savings account wonât do you much better. (Ahem, 0.05% is nothing these days.) When you download the app, use the code PENNY to automatically earn 2,000 points when you scan your first receipt. Then start snapping photos of your recent receipts to see how many points you can earn without a single trip to the store! Thatâs right â you can invest in pieces of well-known companies, such as Amazon, Google, Apple and more for as little as . The best part? If these companies profit, so can you. Some companies even send you a check every quarter for your share of the profits, called dividends.1Blunder No. 2: Not Earning Anything On Your Savings
But a debit card called Aspiration lets you earn up to 5% cash back and up to 20 times the average interest on the money in your account. But a free app called Fetch Rewards will turn them into gift cards. It partners with tons of brands to give you points for every grocery receipt you share. Then you can exchange them for gift cards to places like Amazon, Walmart, Chipotle and dozens of other retailers. A website called Insure.com makes it super easy to compare car insurance prices. All you have to do is enter your ZIP code and your age, and itâll show you your options. For Securities priced over ,000, purchase of fractional shares starts at If you owe your credit card companies ,000 or less, AmOne will match you with a low-interest loan you can use to pay off every single one of your balances.Blunder No. 3: Paying Too Much Interest To Credit Card Companies
It takes two minutes to sign up, and itâs totally secure. With Stash, all your investments are protected by the Securities Investor Protection Corporation (SIPC) â thatâs industry talk for, âYour moneyâs safe.â2 Enter your email address here to get a free Aspiration Spend and Save account. After you confirm your email, securely link your bank account so they can start helping you get extra cash. Your money is FDIC insured and they use a military-grade encryption which is nerd talk for âthis is totally safe.â But with an app called Stash, it doesnât have to be. It lets you be a part of something thatâs normally exclusive to the richest of the rich â on Stash you can buy pieces of other companies for as little as . So when you start to think youâre worse off than your parents, or your nephew, or your friends, remember that all 20-somethings have made mistakes that can cost them big time. AmOne keeps your information confidential and secure, which is probably why after 20 years in business, it still has an A+ rating with the Better Business Bureau. 2To note, SIPC coverage does not insure against the potential loss of market value.Blunder No. 4: Paying Too Much For Car Insurance
The Penny Hoarder is a Paid Affiliate/partner of Stash. Youâre probably thinking: I donât have the time or money for that. But your application can take minutes â and you could leave your family up to million with a company called Bestow. You should shop your options every six months or so â it could save you some serious money. Letâs be real, though. Itâs probably not the first thing you think about when you wake up. But it doesnât have to be. This was originally published on The Penny Hoarder, which helps millions of readers worldwide earn and save money by sharing unique job opportunities, personal stories, freebies and more. The Inc. 5000 ranked The Penny Hoarder as the fastest-growing private media company in the U.S. in 2017. Nobody is perfect when it comes to their finances â even millionaires slip up sometimes.Blunder No. 5: Thinking You Donât Have Enough Money To Invest
Take a look at the Forbes Richest People list, and youâll notice almost all the billionaires have one thing in common â they own another company. 1Not all stocks pay out dividends, and there is no guarantee that dividends will be paid each year. What do you usually do with your receipts? You check out, they hand you a mile-long piece of paper, and you frantically stuff it to the bottom of a grocery bag. Pretty worthless. If you have credit card debt, you know. The anxiety, the interest rates, the fear youâre never going to escape⦠Investment advisory services offered by Stash Investments LLC, an SEC registered investment adviser. This material has been distributed for informational and educational purposes only, and is not intended as investment, legal, accounting, or tax advice. Investing involves risk. But if youâre guilty of making some of these blunders, donât fret. You can still redeem yourself! Here are some of the worst blunders you can make, and tips to help dig you out of the hole.Blunder No. 6: Assuming Life Insurance Is Expensive And Time Consuming
Not too shabby! If youâre under the age of 54 and want to get a fast life insurance quote without a medical exam or even getting up from the couch, get a free quote from Bestow. And the truth is, your credit card company doesnât really care. Itâs just getting rich by ripping you off with high interest rates. But a website called AmOne wants to help. Not so bad for a useless receipt, right? Yup. That could be 0 back in your pocket just for taking a few minutes to look at your options. Have you thought about how your family would manage without your income after youâre gone? How theyâll pay the bills? Send the kids through school? Nowâs a good time to start planning for the future by looking into a term life insurance policy. And itâs perfect for those of us who donât want to put a ton of work into this. All you have to do is send Fetch a photo of your receipt, and it does everything for you. No scanning barcodes or searching for offers â and you can use it with any grocery receipt. Using Insure.com, people have saved an average of 0 a year. *Offer is subject to Promotion Terms and Conditions. To be eligible to participate in this Promotion and receive the bonus, you must successfully open an individual brokerage account in good standing, link a funding account to your Invest account AND deposit .00 into your Invest account. Youâve probably heard the best way to grow your money is to stick it in a savings account and leave it there for, well, ever. Thatâs bad advice. Source: thepennyhoarder.comWhenâs the last time you checked car insurance prices?
Sponsored Post-All images provided courtesy of Polinger Management Company
Apartment Community Spotlight: Aura Pentagon City
Aura at Pentagon City is the destination address that proves you donât have to live in the District of Columbia to be a true resident of the nationâs capital. Your new address is the center of the DC Metro area, including all commuter routes and, of course, the areaâs parks, shopping, dining, and nightlife options. A quick walk–just blocks from either the Pentagon City or Crystal City Metro and youâre home!
Choose a beautiful studio, one or two-bedroom apartment home thatâs designed just the way you like it, with just enough space for your needs. Apartment homes range in size from 519 square feet to 1,243 square feet and with nearly 20 options to choose from, youâre sure to find a floorplan that suits your life. And our favorite feature; they’re pet-friendly!Â
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Ready to find your next apartment?
Aura Pentagon City truly makes residents feel at home. They treat residents with high-end customer service, regardless of the situation. In addition to the wonderful team at Aura Pentagon City, the community amenities are top-notch. Whether you value underground parking, outdoor space, a business center, valet dry cleaning, rooftop pools and sundecks, on-site maintenance, fitness center, and even a dog park for your four-legged friend, they have it all â and more. Two resort-style pools, a fully equipped fitness center, and concierge are our favorites! Additionally, there is on-site parking, trash and recycling, and on-site dry cleaning. Can you think of anything missing from this community, because we can’t!
All in all, Aura Pentagon City is our community of choice when it comes to the Pentagon City neighborhood. The lux amenities, stellar service, and its central location are our main reasons why we love it. If you are looking into making Arlington, Virginia your home, Aura Pentagon City should be at the top of your list â we promise youâll love it!
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Read Apartment Highlights: Aura Pentagon City on Apartminty.
Source: blog.apartminty.com
Do you owe more on your home than its worth? This is known as being underwater. Here's what you should do about your mortgage.
Source: moneycrashers.com
You’ve probably had a checking account for most of your life and never gave it much thought. It’s just there to store your everyday cash, right? Not necessarily.
If you’re considering questions about checking accounts as you take a closer look at your current setup and explore opening a new one, it’s important to note that checking accounts are designed with different and unique features. Some may even be more beneficial to you than you realize.
For starters, most checking accounts offer a host of conveniences, providing customers the ability to set up automatic payments for routine bills, schedule electronic transfers and make all deposits and transfers via a smartphone app. Some accounts even allow you to earn cash back on your debit card purchases.
âA checking account can have a long-term impact on your financial well-being, so it’s worth taking the time to figure everything out,” says Jeff Kreisler, money expert and author of the personal finance book “Dollars and Sense.”
At this point, you might be thinking, “What questions should I ask before opening a checking account?” To help you decide which account is right for you, here are four key questions to ask yourself:
1. What types of checking accounts should I consider?
Before you open a new checking account, do a little homework to learn about the different types of checking accounts offered by banks, Kreisler says. There’s the standard personal checking account that allows you to write checks and make payments with your debit card or electronically. But when thinking about questions to ask when opening a checking account, go beyond the basic features to find an account that best fits your lifestyle and financial goals. Here are some examples:
- Online checking account: Ready to bypass the teller lines with the benefits of an online bank? Then this is the checking account for you. Doing your banking from any computer or mobile device is sweetâand since online banks don’t have brick-and-mortar locations, they can often pass their savings from overhead down to you. Just verify that the online bank or credit union supplying the checking account is backed by the FDIC or the National Credit Union Administration.
- Rewards checking account: One question to ask before choosing a checking account is if you can earn rewards or incentives for certain activity. Discover Cashback Debit, for example, lets you earn 1% cash back on up to $3,000 in debit card purchases each month.1 That means your monthly cashback earnings could yield $360 in total rewards each year (finally, dinner and drinks at that new French bistro in town!). Some banks may also offer a checking account bonus just for opening a new account, while others have a variety of reward options based on certain qualifying purchases. A rewards checking account works for almost anyone looking to maximize their debit spend or a balance they regularly hold in their checking account.
Say hello to
cash back on debit
card purchases.
No monthly fees.
No balance requirements.
No, really.
Discover Bank, Member FDIC
- Joint checking account: Most checking accounts can be opened as a joint checking account, which is an account held by two or more people. This can be a convenient solution for couples, minors and their parents and even seniors and their caregivers who are trying to manage a household budget. It does require good record keeping and communication, so make sure you understand the ins and outs of joint accounts before choosing this option.
The above checking accounts are the most standard and usually have appealing benefits. But if you have more questions about checking accounts, there are options that can cater to more specific needs. However, they often have less flexibility. For instance:
- Interest-bearing checking accounts are available for those who want to earn some money while their cash is parked in the account. The rate of return is usually low and minimum balance requirements high.
- Student checking accounts are often low-cost, but they could come with limitations. Whether or not a student account is available may be a good question to ask before choosing a checking account if you’re looking for a starter account for yourself or your child.
- Second-chance checking accounts could be a fit for those who may not be able to get a standard checking account due to their banking or credit history; however, they often have higher fees.
“A checking account can have a long-term impact on your financial well-being, so it’s worth taking the time to figure everything out.”
2. Are there fees associated with the checking account?
This is one of the most commonly asked questions about checking accounts. Before choosing a checking account, be sure to research its fees, says Marc Bernstein, financial planner and strategist for MWealth Advisors. Types of fees and fee amounts can vary greatly from bank to bank, and even among accounts at the same bank.
A question to ask when opening a checking account is if the account charges fees for ATM use, automatic bill pay, monthly maintenance, ordering checks, replacing a debit card or ordering official bank checks. Banks may charge any combination of these feesâor none. Discover Cashback Debit comes with no fees. Period.2 That means you won’t be charged a fee for any of these services.
Along with including the fee topic on your list of questions to ask before choosing a checking account, you should also consider obtaining “a document outlining the fees you’ll be paying, in case you have any questions, and check the fine print,” Bernstein says. You can also typically find a list of fees (if any) on the bank’s website or in the account agreement.
3. Is there a minimum balance requirement?
According to Bernstein, among the questions to ask when opening a checking account is if it requires an initial minimum balance to open. You’ll also want to know if a minimum balance needs to be maintained to avoid a fee.
Bernstein suggests looking for an account with no minimum balance requirement if you tend to keep less than $1,000 in your account or like to have flexibility when making large withdrawals.
If you’ve asked this question about checking accounts and are still comparing accounts that have a minimum balance requirement, realistically determine how much you can keep in your account per month and what you will be charged if you can’t keep that balance.
Even if your account falls below a minimum requirement, there could be a way to save on fees. If you have multiple accounts at one bank, the bank may allow you to combine the balances to waive checking fees.
The total average cost of withdrawing cash from an out-of-network ATM is $4.68. That’s 36 percent higher than it was 10 years prior, with no signs of decreasing.
4. What ATM fees could I incur?
If you frequent the ATM to take out cash, a good question to ask before choosing a checking account is: Where are the bank’s ATMs located in relation to your home and work?
Availability of ATMs is an important question to ask when opening a checking account that can really affect your wallet. For instance, if you decide to withdraw money from an ATM that’s not in your bank’s network, you can get hit with two separate charges: a surcharge from the ATM owner (since you’re not a customer) and a fee from your own bank.
And those fees can really add up. According to Bankrate’s 2018 checking account and ATM fee study, the total average cost of withdrawing cash from an out-of-network ATM is $4.68. That’s 36 percent higher than it was 10 years prior, with no signs of decreasing.
One way to get cash without paying an ATM fee is to use your own bank’s ATMs. The more ATM locations that your bank offers that are conveniently located, the less likely you are to use one that’s out-of-network and rack up unnecessary charges. If you can’t always use your own bank’s ATM, one of the questions to ask when opening a checking account is whether your bank allows you to use a broader ATM network for no-fee transactions.
Find the best checking account for you
Opening a new checking account is an important step toward establishing, or rebuilding, your financial foundation.
Now that you can ask the right questions about checking accounts, you’re one step closer to choosing an account that fits your individual needs. And that feels like money in the bank.
1 ATM transactions, the purchase of money orders or other cash equivalents, cash over portions of point-of-sale transactions, Peer-to-Peer (P2P) payments (such as Apple Pay Cash), and loan payments or account funding made with your debit card are not eligible for cash back rewards. In addition, purchases made using third-party payment accounts (services such as Venmo® and PayPal
, which also provide P2P payments) may not be eligible for cash back rewards. Apple, the Apple logo and Apple Pay are trademarks of Apple Inc., registered in the U.S. and other countries.
2 Outgoing wire transfers are subject to a service charge. You may be charged a fee by a non-Discover ATM if it is not part of the 60,000+ ATMs in our no-fee network.
The post 4 Questions to Ask Before Choosing a Checking Account appeared first on Discover Bank - Banking Topics Blog.
Source: discover.com