Archive for June, 2016

Tips For Opening Your First bank Account

Saturday, June 25th, 2016

Open bank accountOpening your first bank account is a big step towards your bright and successful future. It’s also a step towards you being an adult and responsible. You would be thinking that opening your first bank account would be easy and yes it is easy. But need to have adequate knowledge as you are new to this field and might make mistake while opening your first bank account. When you are new in any field you might make mistakes are you are short of knowledge, experience and guidance so is the case with opening your first bank account. You must consider few points while opening your first bank account which will help you throughout your transactions of banking. Here are some of the important tips for opening your first bank account.

  • Know your account types

There are many types of bank account. Thus while you go for opening your first bank account, you must check out for all bank account types. Make proper research and explore all your options and then make any decision as to which type of banking account to opt for. Compare all your options while opening your first bank account and check which one offers you with maximum benefits with low cost. Also see to it whether you want a checking account or a savings account. You have a total right to know each and every detail about every types of account as it is related to your money.

  • Learn how to maintain your account

Just opening your first banking account is not enough; you need to learn as to how to maintain it also. There are several banks which have some or the other policies relating to deposits. Thus while opening your first bank account, you must check whether there are any of these policies or not. There are several banks which also have requirement of maintaining minimum balance in the account. Thus check for these criteria of minimum balance requirement while opening your first bank account. If that minimum balance is not maintained then you might be charged some fees or even you get restricted from having access to your account which might not be the thing you want to experience with your bank account. You can even be restricted from suing your ATM card.

  • Ask about the fees

This is one of the most important tips to be considered while opening your first bank account. There are many banks which have fees to be paid but they will not tell you up front and hide from you. Thus you have to be smart enough and ask by yourself whether you have any fees to be paid while opening your first bank account. The fees which bank charges and they don’t tell you are ATM fees, overdraft fees, minimum balance requirement fees, annual fees for the account, activity fees or minimum usage fees. These are the fees which you might not be aware of but still you will get charged for this.