One of the most crucial factors to take into account when opening a new checking account is the variety of included banking options. According to research, banking and financial management in general are being replaced by technology. Nearly 50% of mobile phone owners with bank accounts in 2017 reported using mobile banking services in the year before the study, according to a Federal Reserve survey.
6 Must-Have Banking Features
If you want easy access to your money as well as the capacity to pay bills, send money fast, and maintain your balances, some bank account features are essential. When opening a new bank account, the following are some crucial items to consider:
One debit card
You can make purchases without carrying cash while using a debit card. You can use the ATM or obtain cash back at the register if you really need a few dollars. In a Federal Reserve survey, 30% of customers said debit was their favorite method of payment. Make sure a debit card is offered when creating a new bank account, and find out whether there is a price associated with having one.
Banking via mobile and online
If you want to keep a tight eye on your finances, having the ability to check your balance from your smartphone or laptop is useful. That is especially crucial if you wish to prevent paying high overdraft fees. Overdraft and non-sufficient funds (NSF) fees were collected by banks with assets exceeding $1 billion in 2017, according to the Federal Deposit Insurance Corporation (FDIC). You can avoid losing money to fees by being aware of your inventory and spending.
Check Deposit through Mobile
You can avoid the inconvenience of making a trip to the bank by using mobile check deposit. You only need to use your smartphone to take a picture of your check, and then a few button presses will deposit it for you without the need to visit a teller window or even an ATM. Just be aware that some banks require a lengthier check hold period for deposits made using a mobile device.
Bill Payment Online
If you’re sick of writing checks, another feature you should seek for in a primary bank is online bill payment. According to data from the Federal Reserve, 80% of consumers who had paper checks on hand in 2017 didn’t even use them once, while 75% utilized internet banking instead. Avoid the headache of writing cheques and sending them by paying bills online. Even better, you can automate your monthly payments to eliminate the risk of forgetting to make a payment.
Text and Email Alerts
You should set up text and email alerts for your accounts at the same time as you schedule your automated bill payments. For instance, you may configure an alert to warn you each time a new transaction posts to your account or when your balance falls below a predetermined level. If you’re worried that a hacker will take your account information and use it to make unauthorized purchases, that knowledge could be very helpful.
Identity theft is a serious issue. Make important to enquire about the security precautions a specific bank has in place when comparing bank accounts. Take precautions to make your card transactions secure, such as finding out if your debit and credit cards have fraud monitoring and an on/off button.
The Bottom Line
The account’s insurance status is one last consideration while looking for a primary bank or credit union account. Up to $250,000 per deposit account is offered by the Federal Deposit Insurance Corporation and the National Credit Union Administration, respectively, at banks and credit unions. However, they are not required to carry this insurance. Check the insurance status of banks and credit unions while comparing them to make sure your money is secure.