If you use a checking account, you probably think of it as a tool: a way to pay bills, deposit checks and generally keep track of your finances. But this article is here to tell you that checking accounts are actually living, breathing creatures. And they want the best for you—it’s just that sometimes you don’t realize what that means. So, firstly, always go for a high interest checking account.
Get The Large Fees Waived
Whether you’re a new customer or not, there are ways to avoid the monthly fees.
- Get paperless statements, which will waive your fee if you set them up as part of a package that includes online bill pay and e-statements.
- If you use direct deposit or electronic funds transfer, it might be possible for the bank to waive your fee.
- Ask about fee waivers for students and members of military families (or veterans).
Sign Up For Direct Deposit
- Sign up for a direct deposit. If your employer offers direct deposit, it’s a good idea to sign up when you’re offered the option. It can save you money in fees and help you save time, as well as help the environment by reducing paper waste from checks. SoFi professionals say, “You’ll earn competitive rates on accounts after you set up direct deposit.”
Never Write A Check
The check is a holdover from the days of pen and paper when it was one of the only ways to transfer funds between people. But in this digital age, a check is really no better than writing someone an email or text message with your bank details. Checks are not secure—they can be intercepted, forged, stolen, lost or destroyed by mistake. So if you want to send money to someone (or pay for something), use electronic forms of payment like Venmo or PayPal instead!
Do Your Shopping With A Debit Card
Your debit card is a safe and convenient way to pay for purchases. You can use it anywhere that accepts debit cards, including major retailers such as Target and Walmart, as well as local businesses.
When you use your card at an ATM to withdraw cash, however, you’ll be charged an additional fee by the bank that issued your card—and sometimes even by the ATM itself. If you don’t need cash immediately and can wait until payday (or when your next paycheck arrives), avoid using ATMs; stick with credit cards instead.
Avoid using other banks’ ATMs
Avoid using other banks’ ATMs. Unlike your bank, most other banks charge you a fee to use their ATMs. This can add up quickly and cost you more money than you would have spent if you had used a different bank’s ATM or even gone into the bank itself to make your deposit.
Avoiding this common mistake can save you hundreds of dollars each year!
Here are some things to keep in mind if you’re looking for a checking account. First, the best checking accounts have low fees and no minimum balance requirements. It would help if you also looked for an account offering free online bill pay and direct deposit perks.