Tips for Getting the Most out of Your Checking Account

The Federal Deposit Insurance Corporation (FDIC) Consumer News Summer 2016 has just been released, and your BBB® would like to pass on some of the tips it contains on choosing and using the right bank account.

The FDIC article offers these tips before you open an account:

Think about how you handle your money:

• Are you on a fixed income or does the amount and frequency of your income vary?
• Do you pay for purchases with cash, credit cards, debit cards, checks, or online?
• Are you concerned about overdraft fees?

Compare bank products and services:

• What fees do they charge?
• What interest rates do they offer?
• Do they have a minimum balance requirement?
• Are there monthly maintenance fees?

According to the FDIC article, federal rules require certain information to be disclosed to consumers before opening an account. Read the bank account’s terms and conditions carefully to make sure you understand potential fees and when they may be assessed.

For additional tips, click here.