Opening your first bank account can be a huge step in your future as a bright, successful and independent adult! You might think that opening your first bank account might be easy, and it is. But, there are a few things to consider, and that’s why you need to know tips for opening your first bank account! Knowledge is power, so the more you know, the more in control you will be. These tips for opening your first bank account will have you confident and ready to take the plunge!
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1. Know Your Account Types
When you go to open your first bank account, know your account types. Do you want a checking account or a savings account? Or maybe you want one of each! Whatever you decide on, ask questions and learn the benefits and disadvantages of both types of accounts. You deserve to know when it comes to your money!
2. Learn to Maintain Your Account
Some banks have policies concerning deposits. You may not have direct access to funds for a few days until the deposit clears. This is something to ask about! Many banks also have a “minimum balance” requirement. If your balance falls below that requirement, you may be charged a fee or be denied access to your account via ATM or card usage.
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3. Ask about Fees
Here’s a tip for opening your first bank account to make sure you consider. Some banks will have fees they don’t tell you about up front. Some fees to watch for are ATM fees, checking fees, overdraft fees, minimum balance requirement fees, minimum usage or activity fees, and monthly or annual fees for the account. Make sure to find about these fees so they don’t surprise you when you receive a bill.
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To avoid unexpected charges, meticulously scrutinize the banking agreement. Don't hesitate to quiz the bank representative on all possible fees. In particular, inquire about conditions that trigger these fees and ask for clarity on ways to avoid them. Sometimes, maintaining a certain monthly balance or linking a direct deposit can waive some charges. Always remember, being forearmed with information is the key to a worry-free banking experience.
4. Don’t Settle
When opening your first bank account, don’t feel like you have to settle for the first bank you look into. Go around, and gather information from a few different banks. Also, consider checking out a bank that a relative or friend has been using for a while. Chances are, the bank will give you some extra benefits if a long-time customer has referred you!
5. Check for Online Banking
One of the handiest tools these days is online banking. Most banks will offer it, but there may be a few who don’t. Make sure you ask right up front about this tool. Online banking offers tons of benefits, including online bill pay and options to transfer money from other accounts. Online banking can be super when it comes to crunched schedules and busy days. Be in charge of your account even when you don’t have time to stop by your bank everyday!
6. Consider the Benefits
Here’s an important tips for opening your first bank account. Be sure to ask about the benefits a bank has to offer. Some banks will have free checking or savings accounts, no ATM fees, fee debit cards, free checks, and paperless billing among other things. Find out what the bank you’re looking at has to offer before signing on!
7. Be in Control of Your Account
There’s nothing worse that having a bank account and not being in control of it. Remember, as a young adult you have to take responsibility. Do the math, and learn to balance your checkbook. If you use a debit card, balance it in your checkbook as well. Always be in charge and in the know about how much money you have in your account.
Armed with these tips for opening your first bank account, you will be set and ready to go! Remember that part of the reason for having a bank account is to save money, so always consider purchases, and avoid impulse buying. Does anyone have any tips for opening your first bank account to share? Please comment below and share your thoughts with us! Thanks for reading!
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