How to Choose the Bank Account That's Right for YOU

Whether you're opening up a bank account for the first or you've had one for years, there are some things you need to keep in mind to keep yourself from falling into any banking trouble.

Current research shows that the average upkeep of a checking account is around $200 a year! This $200 is collected in a number of ways. ATM usage is key in trying to reduce this $200 “fee.” You will be charged a fee if you use an ATM that does not belong to your bank. So try to find out where your bank's ATMs are and use them as often as possible. Another suggestion is to ask for cash back when you make your daily purchases with your debit card.

Be careful not to write checks without having sufficient funds in your account as this can lead to a heavy overdraft penalty. It is very important to keep track of your expenses and keep informed about the transactions involving your account.

While some banks offer free checks if you meet certain requirements, checks can get expensive if you do not meet their requirements. Consider buying your checks from a check printer instead of directly from your bank as this can save you some money. One such example is Checks Unlimited.

Aside from fees, there are other things you can do to protect yourself.

Find out where your bank's closest branch is, and make an effort to get to know the people. Maintain a friendly but professional relationship with them; you never know when you might need their help.

Banks know that when a student opens a new account, he or she will probably stay with them for a while. But do not be afraid to look around. Just because you have been with a bank for a while, or your parents are with a specific bank, it may not be the best choice for you. Do some research and try to find the bank that best suits your needs.

Whether it is minimum balance requirements, or even interest rates on your savings account, shop around! You may have a checking account in one bank that is working well for you. However, if you have some extra cash you want to invest in a money market or certificate of deposit, for example, compare the rates and services of other institutions.

No matter what your bank says about looking out for your best interests, it is up to you to keep updated and find what is right for you.