Most banks are pretty much the same, but the customers aren't. Find out your banking personality, and you’ll be able to find the perfect bank for you.
1. Are you getting a home mortgage or car loan? Then consider opening your checking and savings accounts at whatever bank holds the loan. You’ll likely be entitled to benefits such as free checks, no minimum balance requirements, or low-interest credit cards.
2. If you live paycheck-to-paycheck and don’t plan on taking out a mortgage, only settle for a checking account with a low or no-minimum balance to avoid racking up fees.
3. Do you constantly get charged ATM fees? If the answer is yes, then you’ll want a bank with its own ATMs located where you’ll need them most to dodge that $1-2 drubbing for using another bank’s ATM. (Little-known fact: Your bank may also be charging you $1-2 on top of that, which could amount to four whole bucks down the drain every time you withdraw that lousy $40.)
4. Do you tend to bounce checks? This blunder will hit you with a $27 penalty on average from a bank. So you’ll want an account with overdraft protection, which will cover overdrawn debits. Danger: The service basically turns your debit card into a credit card, complete with killer interest.
5. If you’re in charge of paying the bills, find a bank that allows you pay them online for free. Banks offering this perk include HSBC, Citibank, and Bank of America.
[Nestperts] Michael Rubin, author of Beyond Paycheck to Paycheck; Janet Bodnar, author of Kiplinger’s Money Smart Women; Laura Bruce, senior reporter for bankrate.com
by Judy Dutton
7/1/08
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