Cash, Loans, Debts, and Promises

Young Adults & Banking: Lesson 1

Questions to ask when opening a bank account

  • To help you open the best bank account for you, you need to ask some questions.
  • Are there bank branches or Automatic Teller Machines I can easily get to?
  • Is there a minimum balance required on this account?
    • If you don’t keep the minimum amount of money in the account, the bank can close it.
  • Can I earn interest on this account?
    • The bank will add a tiny bit of money to your account if it earns interest.
  • Are there fees that will take money out of my account every month?
    • Be careful! Fees can bring your balance to below the minimum required, or can cause checks to bounce!
  • Are there fees to use the Automatic Teller Machine (ATM)?
  • Are cancelled checks (checks you wrote on the account that were cashed by the person you wrote it to) returned to me, or kept at the bank?
  • Does the bank have online banking? ARE THERE FEES?
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