Choosing the Right Checking Account - Video

 

Summary: Sometimes finding the right checking account for you is a frustrating process and daunting because of all the different choices available. If you just keep in mind the few simple guidelines and facts in this video, you shouldn't have any problem opening up that account!

The following is the transcript of the video:

These days' checking accounts are like toothpaste. You walk into a bank and there are many similar products that all just differ slightly from each other. The key to finding the right checking account for you is to narrow down your options by bank and then by your needs.

You don't need to check out every bank for every checking option. You should narrow down your banking options geographically, by desired customer service level, or the variety of services they offer. Once you do that then you can start looking at your different checking options. Ask yourself: what do you really need in a checking account? Do you need overdraft protection? Saving options? Interest checking? High interest accounts? Accounts attached to lines of credit? Determine your financial priorities and ask the bank representatives about the best account match for you.

One of the biggest services to look for in an account, one that many if not most people could use, is overdraft protection. Two typical features in this regard are overdraft transfer and an overdraft line of credit. Both can be excellent options depending on what your needs.

Overdraft transfer works for people who had a linked savings account, transferring money into the checking account for a small fee whenever the account goes negative. The line of credit approach is for people who have more overdrafts more but could still pay the bank eventually. Both approaches are attractive alternatives to the pricy over draft fees. Look at your spending habits and consider what kind of financial security nets you could use.

The kind of checking account you need could also be dependent upon your work or lifestyle. If you have a family, you might want to look into checking accounts that have savings account deals attached. If you have a high balance account you could investigate interest checking or other saving options.

It's also worth it to look into the different packages and plans that eliminate other fees. One of the best ways to figure out what is best for you is to talk to either a teller or a personal financial representative at the bank. It's their job to find the best fit for your financial needs and they know their bank's products best.

While finding the right checking account may be initially daunting, it doesn't have to stay that way. If you simply do your homework and integrate that with what you know about your financial needs, then you'll have no problem getting the perfect account set up just for you!

For a longer tip related to this subject, see Choosing the Right Checking Account

More Money Tips

Teaching Teens about Checking Accounts

Teaching teens about checking accounts is a great way to see if they are really ready for some of what life can throw at ...

Discover More

Teaching Children about Checking Accounts

It should be the goal of any good parent to teach their children how to survive and thrive in the world, and that includes ...

Discover More

Choosing the Right Checking Account

Sometimes finding the right checking account for you is a frustrating process and daunting because of all the different ...

Discover More
Comments

If you would like to add an image to your comment (not an avatar, but an image to help in making the point of your comment), include the characters [{fig}] in your comment text. You’ll be prompted to upload your image when you submit the comment. Images larger than 600px wide or 1000px tall will be reduced. Up to three images may be included in a comment. All images are subject to review. Commenting privileges may be curtailed if inappropriate images are posted.

What is three more than 8?

There are currently no comments for this tip. (Be the first to leave your comment—just use the simple form above!)


Videos

Subscribe to the Tips.Net channel:

Visit the Tips.Net channel on YouTube