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3 Major Factors To Consider When Choosing A Personal Checking Account

February 16, 2018

For many people with a limited budget, finding the right checking account is quite the challenge. Personal checking accounts vary greatly at different community banks, and knowing what makes a checking account high quality is the key to choosing a Palm Beach bank personal checking account that meets your needs. Here are just a few key indicators of high-quality personal checking accounts.

No Annual Fees

It may seem surprising, but it’s true — many banks will charge an annual service or administration fee to all of its personal checking accounts’ members. This is often hidden deep in the contract in hopes that members will gloss over or forget the information altogether. If you’re unsure of annual fees, just ask. You don’t need to settle for a bank that charges you money just to hold onto it for you.

No ATM Fees

It may not be easy to find a bank that doesn’t charge ridiculous ATM fees, but it can be done. Many people simply don’t realize how much money they’re giving away just by withdrawing a few $20 bills for food or drinks at a bar or restaurant. Sure, this can also be avoided by keeping enough cash on hand at all times, but why waste time and resources worrying about that when your money should be easily accessible to you at any time? Don’t let a bank take advantage of your immediate need for cash by allowing them to charge you ridiculous or exorbitant ATM fees.

Optimized Mobile Banking

Mobile banking services are a major convenience for those using smartphones or other digital devices, which is practically everybody in this day and age. Users should be able to reap the benefits of a streamlined mobile banking system — one which allows them to perform basic functions like view account balances, transfer money between accounts, send money to those with the same bank, and ideally, cashing a check through the mobile system as well. These conveniences are twofold: not only do they allow customers to have more immediate control of their funds, but they also limit the number of people who visit the bank, which keeps the lines less congested.

Ultimately, $1.4 trillion of new mortgages were issued in 2008, and having a personal checking account with your best interests in mind is the key to saving enough to get one of your own someday. For more information about personal checking accounts, contact First Bank of the Palm Beaches.