There is a good chance that you don’t think about the balance in your bank account on a regular basis. This is because you have bigger things to worry about and you usually know what is going to flow in and out of your bank account. At the same time, where you decide to place your money is going to play a major role in what happens to it. Therefore, you need to make sure that you choose the right bank. If you are looking for a bank, there are a few factors that you need to keep in mind. 

The Monthly Fee at the Bank

One of the first factors that you need to consider is whether or not a checking account has a monthly fee attached to it. There are a lot of things out there that will not charge you any fees to open an account at all. At the same time, there are still plenty of checking accounts that get charged a monthly fee. Even though a monthly fee of $5 doesn’t sound like much, this is $60 per year. Over time, this adds up.

By checking around, you should be able to avoid a fee on your checking account altogether. Usually, these are listed as “free checking” accounts at certain banks. Therefore, check your options and make sure you don’t end up paying a monthly fee. 

The Minimum Balance Requirement

This is the most common reason why people end up getting dinged with a fee. There are lots of accounts that have a minimum balance requirement on the checking account. Those who do not meet this man on balance get charged a fee. While it might sound strange that people who don’t have a lot of money in their checking account get hit with a monthly fee, it is important to note whether or not there is a minimum balance required on the account.

The good news is that there are plenty of great bank accounts that do not have any mountain balance requirements at all. Therefore, users should not have to compromise on the minimum balance. 

Free Access to ATMs

Used to be common that individuals would have to pay a fee in order to withdraw their own money from an ATM. Now, this is no longer the case. Individuals do not want to have to pay a few dollars to pull out their own money from the bank. The good news is that many banks have a large network of ATM that will allow them to withdraw money without paying a fee.

With this in mind, be sure to check out the network of ATMs that the bank owns and operates. The more ATMs there are, the easier it will be to withdraw money without paying a fee. 

Transaction Limits

Finally, before you choose a bank, make sure that there are no limits on the number of transactions you can make on a monthly basis. Your checking account is the hub of all financial transactions that you make. Therefore, it is not unusual for there to be a few dozen transactions moving money into and out of the account on a regular basis.

The bottom line is that you need to make sure that you avoid all checking accounts that have fees tied to transaction activity. You need a checking account that gives you the freedom to move your money around as you see fit. After all, this is your money. It does not belong to the bank. Make sure that you are in control of what happens to your money.