Two Ways to Avoid a Rough Bank Relationship

Sep

12

Two Ways to Avoid a Rough Bank Relationship

Unlike romantic relationships it’s good to have more than one with a bank.  It’s common to have an account at more than one financial institution.  It makes it easier to cut ties with one if you’re unhappy with their service or cost of fees.

If you’re in the market for a new checking account here are two things to keep in mind for a better future with your money.

Read The Fine Print

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Try not to be attracted by the bright lights of new account bonuses.  Some banks will offer you hundreds in sign up bonuses for you to open a new account.  It’s always best to read the fine print because banks will often make you jump through hoops before rewarding you with a payout.  If the special is just too good to pass up, make sure there are no hidden fees before you open the new account.

Banks are starting to charge for more services according to the BBB, so keep an eye out for those extra fees.  Consider what kinds of fees you are going to be charged before actually opening a new account.

The best way to find out is by asking to see a fee schedule upfront.  It will show you the exact cost for certain bank fees.

Ask For a Fee Schedule

As more banks offer online banking services to consumers beware of possible fees.  Ask what charges if any are associated with services like online bill pay, mobile check deposit, and mobile app usage.  It is becoming more common for banks to charge a fee of $4 to $6 for these services.  It’s only a matter of time before it becomes common among all banks.

You have the right to switch banks at any time to help your financial future.  If you see an increase in fees or other negative changes at your bank it may be a perfect time to shop around.

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