Has there been a moment where youβre just too busy to calculate and check how much balance you have left in the bank? You might have only withdrawn or paid for stuff using your card without thought.
When applying for banks, they usually have an overdraft protection service, which may mean that an overdraft fee is charged. What are overdraft fees first? These fees are charged when a withdrawal from your bank account exceeds the available balance, and your bank covered the transaction for you.
In simpler terms, the bank pays for the amount that you couldnβt cover with your available balance and an added fee because of it; hence, overdraft fees. On average, an individual pays around $34, and if theyβre frequently overdrafts, they can pay almost $450.
Suppose youβre looking for a bank without overdraft fees, then below are the things you have to consider when choosing a bank:
Make Sure It’s Secure
At some point in oneβs life, everyone has to pick a bank to store their money. Thus, ensure that the bank of your choice is insured by the Federal Deposit Insurance Corporation and, for credit unions, the National Credit Union Association. One way of making sure that your money is safe with the bank of your choice, make sure they have these protections.
Find Out What The Fees Are!
Making sure that the bank of your choice has no fees is essential. You wouldnβt want to open an account in a bank where they charge you for basic account transactions, right? The examples of expenses you want to avoid are monthly fees, fees for account assistance (talking with a representative), and per-check fees.
Since youβre here to read about how to find banks with no overdraft fees, make sure to ask this before opening an account. Finding the best bank account that satisfies your every need might seem laborious, but itβs worth it. Make sure to ask for assistance because you will be using it, so make sure you know every crucial information.
Easy Access To Direct DepositΒ
Direct deposits are evident nowadays, but occasionally some people need to deposit checks or cash. Ensure that even when your bank does not have a physical location near you, they still offer mobile deposit services. It is to make sure that you, as the customer, have a hassle-free experience. Think about how often youβre going to deposit cash and how you prefer that to happen.
Look Out For ATM Fees
If you are a person that shops frequently, then itβs possible that you use your ATM often. Ensuring that the bank of your choice does not charge you for ATM usage is a must. Even if you donβt use your ATM frequently, why settle on a bank that charges you for that? Hence, be prudent when it comes to transaction fees.
Make Sure It’s Nearby
Numerous banks normally have several branches strategically established in different areas, assess your needs, and want if youβre comfortable with not having a physical location near you. Although, having a branch near you has proven to have its value. Imagine this. Youβre having trouble with your account.
Online Banking Features
Who doesnβt like online banking features? Itβs the easiest way of paying for your bills without stepping outside of your home. In this pandemic, paying for your accounts through the use of online banking is the safest way without risking your health. Additionally, itβs one of the hassle-free ways to pay for online shopping.
If you prefer to have this option, make sure to choose a bank where it is free. If you are the type of person that regularly sends money to other people, make sure that the bank of your choice is equipped to process the transaction promptly and smoothly.
A Reliable Customer Service
Customer service is a service or support that the bank offers the customers. Before you open an account and may have problems with the bank, you are to speak with customer service. Some individuals base their decisions on how the clerks communicate with the customers and their excellent support.
One way banks retain and make their bank grow is by having fantastic customer service. Ask your friends what bank they found friendly and entertaining.
Takeaway
The adventure of finding the best bank account for you may seem hard. You have things you need to remember when opening one, but always remember that it is the place where you will store your funds. You have to be confident that your money is safe with it, and it wonβt charge you with things you deem unnecessary.
Above are eight ways to make sure that you find the right bank for you. Remember that the hassle is all worth it in the end.
