6 Basic Features of a Checking Account

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Checking accounts allow you to access your money using a credit or debit card among other services. They also double as a safe place to store your money. Not only do these accounts allow unlimited deposits and withdrawals, they are also very liquid and as such, its account holders can comfortably withdraw their money at any time with no penalties. Here are 6 basic features of a checking account:

1. No Monthly Fees

If you are looking to open an account with waived monthly fees, then you are looking into the right type of bank account. Avoiding these fees can be a huge relief to you as an account holder, especially considering the fact that monthly fees typically cost a couple hundreds of dollars per year.

While this is a feature that most account holders enjoy, it is worth noting that some bank accounts do come with annual fees.

2. Online Banking

According to research, bank customers visit their branches an average of only three times per year. It, therefore, goes without saying that most account holders look for convenience when searching for a financial institution. With online banking, you can easily pay your bills, transfer funds, and review your purchases without having to visit your local branch. This feature guarantees you a simple and fun banking experience.

3. Free Debit Card

Debit cards are a convenient way to make your purchases and bill payments. When linked to your account, a debit card will grant you access to your personal account whenever you need it. You should always find out if they offer free debit cards before opening an account, especially since some banks charge for it.

4. Free Checks

This is an important feature if you use paper checks to conduct your businesses every now and then. As a new account holder, you are guaranteed free starter checks. Unlike other banks where you might spend about $20 every couple of months on paper checks, their account holders have free access to the service. However, most banks do not offer free checks on a continual basis.

5. Direct Deposits

One of the most appealing features has to be direct deposit. With this feature, your paycheck can be electronically deposited into your bank account at your request. You will have to submit a consent sheet in order to activate the electronic transfer after which you will have your money sitting in your account in no time.

6. Automatic Transfers

At one time or the other, you may unintentionally spend more money than you have in your bank account. With these accounts, automatic transfers shield you from any such issue. The funds will be automatically transferred from your savings account, granted you have already opened one.

If you are looking to effectively manage your finances, you will find a checking account necessary. Online banking, direct deposits, and automatic transfers alone should be enough to convince you to open an account. Remember that not all accounts offer the same features. Therefore, you should conduct an extensive research based on your needs before settling on a specific account.

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