5 Things You Extremely Need to Know about Banking

Generally, people don’t get extremely excited when it comes to select checking or savings account. However, making the wrong choice is not an option since it can be absolutely expensive. So, what’s the best way to get started now? 
The 5 Things You Absolutely Have to Know about Banking

To get started, there are actually some things to know about banking. By understanding these seven things, you are supposed to prevent outrageous fees and maximize your benefit on banking. So, check this out!

#1 Never Pay Monthly Maintenance for Checking Account

It’s sad but true that monthly maintenance fee can be unexpectedly costly. For your information, it can cost you more than $10 each month. A lot of banks out there have various ways to prevent the fee. One of the common ways is by depositing your salary directly into your account every month.

Another common choice is to keep a minimum balance. In case you don’t have automated deposit, make sure to find a bank which has minimum deposit requirement. You may consider shopping for internet-based banks that typically don’t charge you monthly fee.

#2 Linking Credit Card for Overdraft Protection Can Be Expensive

A lot of banks will encourage linking your credit card to checking account for the sake of overdraft protection. Even though it seems to be cheaper than spending about $35 for overdraft fee, it is actually able to be costly in a way to borrow money.

In this case, your checking account is likely to charge you transfer for the overdraft protection which is usually around $10 - $12. Then, most credit cards that have been linked will treat the transaction you do as a cash advance. It means that it will cost a cash advance fee which is typically about 3%.

#3 Stay Away from Saving Accounts at Bricks and Mortar Banks

The other things to know about banking have something to do with interest rate. In this case, you should know that interest rates charged by traditional banks for their savings account are surprisingly low. Biggest banks are likely to pay 0.01% only on saving accounts especially for entry-level accounts.

At this point, considering an internet bank becomes a good option once again. Nowadays, you can effortlessly earn 1% or higher interest rate when you open a saving account on online or internet bank. It may not sound like a big number, but it makes different on your saving account annually.

#4 Bank Hold Their Own Credit Bureau

It’s no doubt that people are so much familiar with the traditional credit scores and credit bureaus. However, most people don’t really realize that credit bureau for checking account is there too. It will be reviewed every time you want to open a new account. 

For this reason, make sure that you never ignore that annoying bank fees. Unable to pay the fees can make creating other accounts in the future become a lot of pain. 

#5 Debit Cards Are Different to Credit Cards

Well, there is nothing new about this, but you need to know that the legal protections of debit cards are actually different to credit cards. In this case, debit card is more likely to get the pin codes stolen and the legal protection level of this card is not in the same level with credit card.

As a result, when you utilize debit card, you must avoid making use of the pin wherever possible. Then, when you need to withdraw cash, only use your own bank’s ATM which comes with security cameras.

Final Words

Those are the things to know about banking. Make sure that you learn about everything here before you decide on opening your next banking account. Have a nice day!

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