For both individual and business customers, the primary objective when electing a bank is to save money. Therefore, knowing exactly what a bank is going to charge to upfront can help you select the account that works best for you. During this process, pay attention to the fine print, which often reveals hidden charges and fees. For example, if you opt for a free checking account at a smaller bank with limited ATM's, you may actually pay more in ATM fees throughout the month than you would have on monthly fees with a checking account at a larger bank with many local ATM's.
You should pay close attention to the fees that will affect you most. At most banks, the fees that will affect most customers include:
- ATM fees
- Debt card fees
- Stop payment fees
- Check printing fees
- Overdraft fees
- Bounced Check fees
- Checking Account fees
- Check writing fees
- Balance inquiry fees
- Wire transfer fees
Choosing the right bank is an important financial decision. Be sure that you fully understand all of your banking options, products and services, and ultimately what your costs will be before you open an account.