Opening a new bank account will surely have you asking questions, most especially if you're doing this for the first time. This cannot be helped, after all, because opening a bank account is a serious task that can have an effect on your future. And if you're anyone who has never dealt with banks really, opening a new bank account can be a bit intimidating. To lessen the tension then and help you learn about the basics of banking as soon as possible, do understand that it is alright to ask questions before you open a new bank account. Where questions are answered, you get the clarifications you need, ultimately letting you get a good grasp of how you can use banking to your advantage.
What are your options?
There will be different kinds of banks wherever you are. There will be community banks. There will be regional banks. You can pretty much choose any bank you want when you are opening a new bank account for as long as you are able to meet the requirements of the bank. Banks do not discriminate but they can be strict when it comes to who opens accounts so you're going to have to really follow whatever rules and regulations were set for new accounts. If you are having trouble choosing a bank to open an account in, consider opening a new account in a bank that you do the most transactions with. Why? Intrabank transactions are usually devoid of additional fees so you get to save up when you open an account in the same bank as someone you frequently transact with. Similarly, you can also opt for a bank that is part of the same network as the bank you are looking to transact with. There will be additional fees for interbank transactions but they will be considerably less if you are dealing with member banks.
What are the types of accounts you need?
Keep in mind when opening a new bank account that while each one may offer different banking products, they will more or less offer the same types of accounts. Most people will find that having two types of accounts will take care of their needs generally. A lot of banks understand this and so have devised banking products to combine different accounts so you essentially need just to apply for one universal account. For instance, there are savings accounts that also double as checking accounts as well. Talk to an accounts executive for the details of account types so you can choose accordingly and pick out one what will work best for you.
Where will you get the most convenience?
Convenience when it comes to opening a new bank account is mainly affected by how easy it would be for you to do a transaction. So choose a bank that will offer you the best level of convenience around. For starters, if you must do over-the-counter transactions, going for a bank that you can easily get to from your home or work is ideal. Want to do banking on-the-go? Open an account in a bank that offers an excellent online banking system so you don't have to worry about managing your account wherever you are.
Is your money safe?
You're going to want to be in a hopeful mode when opening a new bank account but you also have to take into consideration that banks do close down. You can help avoid becoming a victim to begin with by opting to open an account in one of the more established banks. The more established a bank, the more knowledgeable they are with banking practices, so the less likely they are to fall prey to banking mishaps. But do look for one as well that is FDIC-insured to ensure that an independent agency will have an active role in protecting your money.
Will your past be a problem?
Opening a new bank account is one of the ways by which you can keep your finances straight. However, if you're someone who had less than a stellar experience with his finances, having to deal with a financial institution can be intimidating. You don't have to worry for the most part because banks will generally approve your application regardless of your finances in the past. However, some banks may find it necessary to check up on your financial history as a means of taking care of their interests as well. Just to be on the safe side then, take stock of your financial situation before opening a new bank account. Do whatever you can to make your credit history as pleasant to look at as possible, but when you feel like there's really not much you can do, find a bank that doesn't do credit checks. There are a lot of banks out there anyway, and a whole lot of them are lenient enough to benefit you.