The Different Types of Checking Accounts Bridgewater

15 October, 2014

Checking accounts Bridgewater are the centerpiece of most people’s relationships with their bank. Banks try to maintain options to draw in new customers. They try to maintain options that will keep customers coming back. To attract the maximum amount of customers, most banks offer several types of accounts.

Customers should know several things about themselves before making a choice. They should consider the number of checks they need to write monthly. They should consider what they can afford as a minimum balance. They should consider whether or not they may sometimes bounce checks. They should consider whether they would prefer to conduct transactions online or via ATM instead of working with tellers.

A basic account is a no-interest account. It can be a good option for those who maintain very low balances. Banks may ask that customers arrange for one monthly direct deposit transaction. They may impose check-writing limits.

A free account is the right choice for the majority of customers. There are no monthly fees. There are no limits on check writing. A customer would only be charged a fee if he or she overdraws the account.

An interest-bearing account is usually not the right choice. They require minimum deposits at opening. They require minimum monthly balances. Most of the time, interest rates are not worth meeting the balance requirements.

A joint account is used by two or more customers. Most of these customers are members of the same household. Each has unlimited access to the funds. It is essential that they compare balances frequently. Communication can help them avoid overdraft fees.

An express account is right for people who prefer to bank by ATM. ATM banking is free. Teller transactions are available for a fee. This account usually low balance requirements. This account usually has low monthly fees.

A lifeline account is required to be offered by banks in many states. It is designed for low-income account holders. State laws set monthly fee limits. State laws set minimum balance requirements. Most of these accounts have limited check-writing.

A money-market account yields a higher interest rate. It requires a high minimum opening deposit. It requires high monthly minimum balances. It is right for people who write few checks. It is a good account for people who can afford to keep a high balance.

Customers can choose from many options when opening checking accounts Bridgewater. Some banks allow customers to take an online survey to match them with the best account. Customers should be wary of banks that offer freebies when opening accounts. The free item may cause them to open the wrong kind of account.

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