you are looking to open a bank account, it is best to research several
banks prior to committing your finances to one business. When you
start to research banks, you should start with the type of account
you would like to open based on flexibility, fees, accessibility,
and interest rates. All banks require two forms of identification,
and a minimum deposit to open an account. Some have monthly fees
that are taken out of your account on designated dates. Be sure
that the bank that you choose has FDIC (Federal
Deposit Insurance Corporation) which insures deposits up to
$100,000 and helps maintain a stable and sound banking system. Most
banks are electronically active and offer services and account access
over the phone and online via the internet. For more information
on any specific account type, contact your local bank branch. It
may help to have a Priorities
Profile with you when you begin to evaluate which bank and/or
types of bank
accounts may be right for you.
are good for easy access to your funds for withdrawal and deposit.
Most banks offer accounts for students, seniors and children, and
businesses. They usually come in a package with a debit or ATM (Automated
Teller Machine)/credit card and checks. Some checking accounts accrue
interest but most do not. Most checking accounts have a minimum
balance. You can also gain access to overdraft protection which
is available either in credit form or it can come directly from
your savings account in the event that your account should become
this type of account, you can make withdrawals and deposits but
you do not have the easy accessibility that comes through checks
and/or debit cards. This account can be accessed primarily at the
bank where you hold the account. Some savings
accounts have minimum balances, and several options for your
convenience. These options can include, but are not limited to record
books, passbooks, and regular bank statements.
Unions are organizations that, like banks, take deposits and
make loans. The difference is that credit unions are not for profit
and run as a co-operative of the depositors of the credit union.
Typically, credit unions charge less banking fees and they often
offer more competitive interest rates.