Checking Account Options

checking account, money transfer internationally, 5 Mistakes To Avoid When Opening A Business Checking Account, business cash advance companies, Capital one, chase open checking, checking accounts, Checking accounts no check system, Domestic money transfer online, open online bank account, View bank account, wv state and fed taxs, business checking accounts, business checking accounts online, business checks, order business checks, How Can You Cut IT Costs For Your Small Business?, invoice factoring rates, electronic payment systems, merchant cash advance, merchant account payment gateway, business cash advance, factoring company, merchant cash advance service, invoice factoring companies, factoring companies,

There are different types of checking accounts that can help you maximize customer satisfaction while also limiting the amount of service fees you have to pay. There are different types of checking accounts, and you have to make the right choice before stepping into the bank, as this will relieve you of the challenge of choosing from a wide range of options. Indeed, individuals without a checking account won’t know the difficulty in making a right choice or choosing a checking account that suits their need.

You need to know the different account options and how they work, so here’s a guideline of different account options to choose from to satisfy your banking needs:

Basic Checking Account

This type of account is basically for people who don’t use checking accounts often.

This type of account is used to pay bills and daily expenses. Most banks do not charge fees for the use of this account because the account holder keeps a minimum balance. This account option is not suitable for an individual who keeps a large balance or those carry out heavy transactions each month. Most banks charge little fees for ATM withdrawals, the bank does not pay interest on this type of account.

Free Checking Account

This is a very popular account, to begin with because no fee is incurred while using it. The account holder is required to keep and maintain a minimum balance. The account holder might accrue charges when the individual does not keep a minimum balance or bounce a check. This is good account type for teenagers.

Interest Bearing Checking Account

These accounts require a minimum amount to open and a high balance to avoid service charges. A bank might charge, for instance, $50 to open an interest-bearing account, and will pay 1% of interest on a monthly basis, but you have to maintain a $2000 balance. Failure to maintain the $2000 balance each month will incur a $5 service fee. This checking account is often avoided due to the fact that its considered not worth maintaining the account since the service fee is higher than the interest.

Joint Checking Account

This is an account that allows two or more people, usually living together, to hold expenses or into a joint business to have equal access to the funds deposited in them. They are commonly used by couples or by a teen and a parent, so that the parent can keep an eye on the expenses and know how the money is spent by the teen.

Express Checking Account

This account is ideal for people who prefer ATM banking or online banking to real-time banking. This account is often used by students who do not want to take the hassle of going to the bank. It offers customers low balance requirement and full-scale check writings, but it will attract service fees for using bank tellers more than once or twice a month depending on the bank.

Senior and Student Checking Account

This type of account does not need a minimum balance. It attracts no fee as it is an account for senior citizens and students who are low on income. Many banks offer free checking, ATM use, free traveler’s checks and low rates on credits cards and loans.

Money Market Checking

This checking option is exclusively for wealthy individuals, people who can maintain a high balance and do not have to write up to five checks every month. Going above the count for writing checks each month will attract a service fee. The interest rate is often higher than the basic savings or checking accounts.

Featured Image: twitter