What Type of a Bank Account Should I Use?
“These days you have specially made accounts as per your needs and aspirations. So, whether you are a casual user or an extensive one, you are sure to get the best deal.”
These days there are a lot more alternatives for customers in the banking sector as compared to the facilities a couple of decades ago. This is mostly due to stiff competition and the changing face of our economy. Whatever the reason this is in interest of the common man.
These days you don’t have to worry about the type of accounts that you may want to deal in. You have specially made accounts as per your needs and aspirations. So, whether you are a casual user or an extensive one, you are sure to get the best deal.
The first such benefit is the Free Checking Accounts. These accounts no doubt have their benefits but you ought to be cautious because although free these accounts mostly require the maintenance of a minimum monthly balance.
In the absence of such a balance, you may be liable for some kind of penalty. This penalty, usually small, is a source of annoyance for people who don’t see behind the word ‘free’.
Similarly, online bill pay and banking are the other services that are in vogue today. These have tremendous benefit for the customers because now they can operate their accounts from the most far-off places too. Such services are available for a very nominal price too.
Another benefit in store for customers is the ‘Overdraft Accounts’. As the name suggests, such accounts are provided so that your check should not bounce. In such type of accounts, one account is attached to another account, say, a savings account with the checking account.
So, even if you don’t have sufficient balance in your savings account, your check wouldn’t bounce, as the funds would routinely be taken from the second account, i.e. the checking account. Such types of overdraft accounts usually charge a fee but are much liked by the aware customers.
All this does not mean that you have to blindly follow what the bank people say. Do proper research regarding various facilities and compare the fees with different banks. It’s your right to strike the precise bargain and so don’t be hesitant while asking questions that may arise in your mind from time to time.
Author - DeeKay
Tags - Finance, Economy
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