HONOLULU (KHON) — Everyone needs a checking account. So, what should you look for when shopping around for a checking account?
First, not all checking accounts are the same. Explore what different checking accounts at financial institutions offer and figure out what matters to you. It helps to focus on how you use your money day to day. The most important things to look for are:
- Fees and how to avoid them: Compare the monthly service fees and look for ways to waive them, such as meeting minimum balance requirements or setting up direct deposits. Make sure the minimum balance fits comfortably with your cash flow so you’re not stressed about dipping below it.
- Overdraft fees and NSF fees: Find online/mobile solutions that will alert you for low balances to avoid fees or look for no-fee overdraft protection options.
- ATM fees: Check if the bank’s ATMs are convenient for you and whether the checking account comes with ATM fee rebates in case you have to use another bank’s ATM.
“Access and convenience are always important. Whether you value in-person service at branches or if you’re comfortable with online-only banking, compare what the bank has to offer,” said Nohonani Leslie, Aina Haina branch manager of First Hawaiian Bank. “If ATMs are important to you, look at the number of ATMs they have and if they’re conveniently located where you work or live. Check to see if there is a fee reimbursement for out-of-network ATMs.”
Online and mobile banking are also making everyday money management easier…