Are you planning to open a checking account? Or, do you already have an existing checking account but you do not know if you have chosen the right checking account? You will be surprised (sometimes, confused) that different banks offer different types of checking account options with various fees.
Most banks offer checking accounts similar to the following:
- Premium checking account
- Easy checking account
- Student checking account
- Silver checking account
- Gold checking account
- Platinum checking account
Premium Checking Account
When you open a Premium Checking Account or a similar account, the bank offers all or some of the following benefits:
- Free checks (with the bank's logo printed) as long as you maintain the account or 50% off for all other personal check styles
- Free bank VISA check card or debit card
- Free traveler's checks, money orders, and cashier's checks
- Free notary service for your documents
- Free ATM transactions at ATM machines owned by the bank
- Free email and text alerts on your bank account
- Free Internet banking with bill payment
- 50% discount on new annual safe deposit box rental fee
- Variable interest rate on the bank balance subject to change anytime at the discretion of the bank
You can waive the payment of monthly maintenance fees ($10.95 or $12.95) if you meet one of the 2 conditions: (1) if you are more than 64 years old or (2) if your average daily account balance is $5,000 or higher.
Easy Checking Account
When you choose an Easy Checking Account, the bank offers some or all of the following benefits:
- Free bank VISA check card or debit card
- Free notary service for your documents
- Free ATM transactions at ATM machines owned by the bank
- Free email and text alerts on your bank account
- Free Internet banking with bill payment
You can waive the payment of monthly maintenance fees ($6.95 or $8.95) if you meet one of the 2 conditions: (1) if you make a monthly combined direct deposits amounting to $500 or more or (2) if your average daily account balance is $1,500 or higher.
Student Checking Account
When you choose a Student Checking Account, the bank offers some or all of the following benefits:
- Free first order of checks (with the bank's logo printed)
- Free bank VISA check card or debit card
- Free notary service for your documents
- Free ATM transactions at ATM machines owned by the bank
- Four free ATM transactions at ATM machines not owned by the bank per monthly statement cycle
- Free email and text alerts on your bank account
- Free Internet banking with bill payment
- Free online monthly statements
The benefits of the Silver, Gold and Platinum Checking Accounts are discussed in Choose the Right Checking Account - Part II.
Tips
1. Open a bank checking account with a minimum balance of $500 or less to avoid paying monthly maintenance fees.
2. Once you receive your bank's VISA check card or debit card, photocopy the front and back side of the card and keep the photocopy in a secured place. In case you lost or misplace the card, you can show the photocopy to the bank for card replacement.
3. When you access your bank account online, see to it that the address bar appearing on your computer screen shows the symbol "https", (example: https://www.yourbank.com) which means that you are entering a secured website.
Please read Choose the Right Checking Account - Part II to know the benefits of Silver, Gold and Platinum Checking Accounts.
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