Long gone are the days when a bank customer had to visit the local branch to find out about checking account offers and other financial products. Today, there are multiple resources online, including the bank’s website to give the consumer all the information they need.
Compare Easily
Look for bank account rates and charges online, and the response is likely to be several comparison websites listing every major banking institution in the nation. The list will compare checking and savings interest rates, common fees, and minimum balance requirements. Loyal customers can go directly to their personal banking website to research their offers as well.
There are many published lists of ‘best checking accounts’ each year, but contact the banking institution directly to make sure the information is valid. Some checking accounts will even pay the customer to sign up, so search carefully before making a decision.
// Hm.. Nowaday there’s many good resource to find the best bank..
What to Look For
What matters most in a checking service? Several factors to consider are rates of return, access to free checking, free replacement check offers, and access to non-surcharging ATM’s. Other considerations are the annual percentage of interest earned, and the minimum required balance in order to avoid administrative or maintenance fees.
Several features of modern checking have become standard. Unless there is an exceptional reason, it is wise to avoid banks without direct deposit, the issuance of a Visa or Mastercard debit card, and complete online access. Other attributes which are now ingrained in modern banking are e-statements and online bill paying capabilities.
Arbitrarily signing up for an account is not recommended until the fine print is analyzed. Read the details of the service to uncover any additional fees you may incur over the course of regular banking activity. An extra two to three dollars for the errant administrative fee can add up on your monthly statement.
Special Offers
To entice new customers to open accounts at their bank, many businesses offer cash incentives or special savings plans. For example, one bank will reward customers for going ‘paperless,’ and receiving all of their statements online or in an e-mail. Another rewards customers with a points system for combining multiple accounts at their bank.
Two of the largest banks in the country will pay each new checking account member $100 and $25 for every referral. In fact, banks will go to great lengths to bring new customers in and grow their business. For every dollar deposited in their accounts, they are permitted by federal law to loan out ten times this amount.
Most banks are not in the business of paying high interest returns on their accounts, but there are a few who offer reasonable annual percentage rates. One lender offers over five percent on a checking account with a balance of at least $10,000 and half of this for amounts under $10,000. While it still does not beat the average rate of inflation, it comes close to matching it; certainly it is higher than the majority of banks offer.
With a little research, the best checking account offers will be uncovered, and you might make some extra cash for your efforts.
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