5 Things to Keep in Mind Before You Open a Checking Account

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Opening a checking account in the nearest bank may not be in your best interests. Before you go to all that trouble, here are a few things you’ll want to keep in mind.

You can look beyond banks

Look beyond banks. Credit unions like HAPO also offer a range of financial services. You’ll want to check these out to fully explore and understand your options.

You want fewer fees

Banks often charge a ton of fees, with some charging customers as many as 30. Some banks also have contingent fees like overdrafts, says the Investopedia, and will be careful not to say anything about these details until it’s too late. By opening a checking account at a credit union instead of at a big bank, you can look forward to fewer fees. That means more money in your account that you can use.

You want better service

After a challenging work day, the last thing you want is to deal with lousy customer service at the bank. Switching to a credit union gives you the quality and level of customer service you want. If you’re looking for personal, friendly service, start scouting around for credit union options.

You qualify

Some don’t like credit unions because they have limited eligibility. You’ll need to belong to a specific geographic area or belong to an employee group on their list, among other things. But if you qualify, then you won’t have any problems transferring to a credit union.

You want zero balance requirements

A lot of people complain about credit unions offering fewer rewards. Given that many credit unions have zero minimum balance requirements, that’s quite a fair trade-off and something everyone can benefit from. If you’re tired of all the strings attached to every bit of service big banks dish out, then open a checking account in a credit union near you.

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