If you have decided to open a bank account, whether that be a personal account, a savings account, or a florida business checking account – there are more things to consider than you might think. A bank is a business and most often it is a publicly traded company. Therefore, they have a fiduciary responsibility to their shareholders to increase the value of the company stock. They do this by trying to make money in every possible way they can. It is because of this that you need to be careful about which bank you decide to do business with. Remember, when you open a bank account, you are basically entering into a legal contract with the bank.
If you do this without reading all of the fine print on your agreement, you are putting yourself at risk. This article will discuss some important things to consider when looking into basic bank accounts.
1. Fees and Penalties
This is where the banks make a large amount of their annual profits. Basically, if you do not take the time to keep track of how much money you have in your current account at any given time, you are putting yourself at risk of a penalty if you accidentally overdraw your account. Along with the initial penalty for overdrawing your account, the bank will charge you additional fees the longer your account remains overdrawn.
Needless to say, you can dig yourself a big hole if you do not immediately realise you are overdrawn. In today’s Internet world, there is no reason for this to happen. If you have online banking set up with your account, you have 24-hour access to your accounts, so you can always see how much money you have in the bank. There are also banks that charge a fee if you do not maintain a certain minimum balance. Sometimes this will be a one time fee, while other banks will have the fee keep accruing. Read all of the literature your bank gives you so you understand their fee and penalty structure.
2. ATM Availability
When you need cash in a hurry, you need easy access to ATMs that are compatible with your bank. Otherwise, you will be paying an added fee for using a different bank’s ATM. Therefore, you want to choose a bank that has a large number of ATMs in the areas where you work and do your shopping. Additionally, if these ATMs have added security measures, such as robust atm enclosures, to deter theft and security breaches, then this can give you further peace of mind as it could mean that your bank takes that extra step to keep its customers’ money safe.
3. Transaction Limits
Many people believe that they can do anything they want with their money after it is in a bank. That is not the case. Banks will often have limits on transfers, how much money you can take out of an ATM and even how many cheques you can write during a specific time period. Make sure you know what these limits are to make sure they fit your needs.
4. Online Banking
While most banks have 24-hour online banking available for their customers to manage their accounts, there are still a few banks out there that refuse to get with the times. If you do not feel safe accessing your accounts over the Internet, this option will not matter to you. However, if you want online banking, do not simply assume that a bank offers it.