Saving your hard-earned money in a bank account is one of the best exercises. However, such decisions are not to be randomly taken. There are several competing banks in the market that may try to entice you with schemes and offers for opening a new account with them. You need to be a smart prospective customer and scrutinize certain things before completing the account opening formalities and signing on the dotted line.
Considerations While Opening a Bank Account
Go through the below points in order to find the perfect bank for saving your money.
Bank's Trustworthiness
One of the foremost points to look out for is the bank's trustworthiness. Since you plan to deposit your hard-earned savings with the bank, it is essential to know that your money is safe and secure with the institution you plan to bank with. You need to make a background check of the bank and find out if the bank has all the necessary certifications to work. You may go online and check the Internet database for level of customer satisfaction pertaining to the bank's reliability.
Maintenance of Balance
Whenever you are approached for opening a new account with a bank, check if the bank's policies offer you a facility of zero balance maintenance. It is often noticed that a bank may offer zero balance facility for the first year of holding the bank account only. Subsequently, as your account becomes older, they revert certain rules and expect you to maintain at least a certain minimum amount of dollars in the account. These rules for balance maintenance change from bank to bank as well as for each type of account. At times, these rules change annually as well. As an alert customer, you should get a written set of rules pertaining to balance maintenance before you open your new account. Remember, if you fail to maintain the prescribed account balance, your account might be levied with certain charges
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