What items should be considered when choosing a checking account?

Expert Solution

A checking account also known as a demand account refers to a bank account held by an individual that facilitates withdrawal and deposit of cash.Some of the things to consider while selecting a checking account are the following.Online Access:Online access refers to the online presence the bank has.The online banking options banks provide will allow their users access to their accounts 24*7 and thereby facilitates fund transfers and online bill payments.Other factor to consider would be the Fees levied by the bank.This maybe in the form of ATM fee,fees incurred to maintain the account with the bank,debit card / credit card charges etc.Another item to consider while opening a checking account is the interest rate that the bank is willing to offer.A bank that offers higher interest rate would be an ideal one.Another factor to consider is the overdraft facility.Banks offer customers overdraft facility which allows them to withdraw funds even when their respective accounts do not have the required amount.The fees levied on overdraft needs to be considered.Another item to consider while choosing a checking account is the limits on transaction amount as well as the number of transactions.Some banks may impose certain limit on the amount one can withdraw on a given day or the number of transactions during a given period.These are the various factors one must consider before selecting a checking account.

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