How to Keep a Cheap Checking Account

For people who live from paycheck to paycheck, having a bank account is a big goal. When you have cash set aside, you would feel at ease that whatever emergency comes your way, there is something that could get you rescued when the need arises. There are some people though who kind of fear saving on banks for the fear of possible bankruptcy. This is a reality but checking on a bank’s background can spare you from this scene- check whether the bank you’re considering of opening an account with is a member of insured banks association.

When you opt for a checking account, you should remind yourself of the high cost you might be paying for maintaining the account. This means though that you already can’t have a checking account. Below are simple yet effective ways to cut down the cost of your checking account.

Try to look around for the best bank. Finding the right bank that can help you save more needs an investment of time. Don’t just go for the very first bank that you come across with. Banks offer different minimum balance fee, annual fee and initial deposit. If you hate going from one bank to another, waiting on the cue to talk to the accounts manager, there are online bank that you can go to. Make a comparison and see what perfectly fits for you. A lower fee with a high interest is what you have to look on.

When choosing a checking account, the interest rate is an important thing but this should not be the very first thing that you have to look on. Before you even worry on that part, see first whether your choice of bank can cater to all your banking needs. A good candidate is one that allows you to write or issue enough checks on a month for you to enjoy your purchases.

Buying cheap checks is also a sure way to save on your account. It would be expected that a consumer would choose an account that will allow him to write or issue as many checks in a given month.

In relation to this, one’s buying or shopping attitude is a big factor- be a wise shopper. But if you just can’t resist heading your way to the shopping mall, make sure that you keep a record of your account so you can track a record of your balance. A bounced check would let you pay a high charge- not a good way to save money for you pay for the bank and the person you issued your check to.

Always make sure to maintain a very good back-up account. To be sure, consider applying for an overdraft protection. This will allow a withdrawal of money or payment to a secondary or back-up savings account to avoid cash shortage of your checking account. An overdraft happen when the withdrawal amount exceeded the available balance.

You could possibly exceed the limit of number of transactions that you can make in a certain period of time, try to double-up by applying for a cash back when you make a debit card purchase. An out-of-network ATM will also be avoided when you do this.

Fees could be waived by banks with minimum balances when your paycheck is directly deposited into your checking account. That’s not a very hard thing to do, right?

So there, with the tips that had been simply presented on this article there should be no more way for a consumer to keep maintaining a checking account that lets you pay high charges with low interest rates.