How to Choose a Bank
Moving to a new apartment is not just about a new place to go home to every night. Depending on how far away you moved, you may be getting a new job, school, doctors, gym and all those other services you need to live your life. Choosing a new bank is not the first thing that comes to many people’s minds but it’s important to pick one that fits your needs. That’s why Apartments.com has assembled this checklist of bank priorities and options. It’s your money, after all, make it work for you!
Bank Basics
FDIC Insured-Always choose an institution that is insured by the Federal Deposit Insurance Corporation. That means that your deposits will be protected for up to $100,000. Stickers advertising this should be displayed in the bank’s windows.
Account Costs-Banks can charge different amounts depending on which account you have. You should evaluate which bank will give you the best deal based on your needs.
Fees, Fees, Fees-Look carefully at the fees associated with the services you use. Here are some fees you may want to inquire about before opening an account:
- ATM fees, for both your bank and foreign bank withdrawals
- Checking account fee, if you don’t maintain a certain minimum balance
- Checking account fee waiver if you have direct deposit from your employer
- Online banking fees, if you plan on using the bank website to pay bills and check your balance
- NOW account (interest-bearing) fees, if you don’t think you’re going to be able to maintain a high minimum balance you should avoid these accounts
- Overdraft fees, some banks may waive one fee per year
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