Wednesday, July 17, 2024

Top 7 Questions to Ask When Opening a Bank Account

It is hard to imagine a person who does not have a bank account and a credit card. These days people tend to pay using their banking cards rather than cash. No wonder, it is fast, safe and very convenient. All you have to do is to choose a reliable bank, complete a couple of steps to open an account and get your card.

These days banking experience gets even more pleasant when there is a mobile banking app that any client can easily install and use for completing financial operations. Many banks know how to create an online bank and why it is beneficial to do this, and many clients appreciate the presence of such a solution.

It seems as easy as ABC to become a bank client and open an account. And yet some of us still experience difficulties and do not know what questions to ask to understand if this or that bank is a perfect choice. Therefore, it was necessary to create a short list of common questions that can help any person to make the right decision. Let’s proceed to all of the questions right away!

What banking account would be the best option?

Most of the banks offer five main types of banking accounts:

  • Checking account that can be used for money transactions;
  • Savings account for saving money and earning interest;
  • Certificate of deposit used to save money for a certain period of time;
  • Individual retirement accounts to make safe deposits;
  • Money market accounts with higher interest rates.

So depending on the client goals the bank should suggest the most suitable account and explain what benefits it can offer.

Are there any mandatory monthly fees?

It is not a secret that many banks charge monthly fees for maintenance of checking or savings accounts. However, the good news is that there are certain exceptions that every bank sets for its clients. For example, if you are a student or your monthly deposit includes a certain sum of money, you may be qualified to be a fee-free client. You can check information about fees on the bank website or ask about it directly when you attend a branch.

Is it possible to manage a banking account and transactions online?

Needless to tell how important it is for a bank to have a reliable website and mobile application. The clients get more demanding each year, and in 2021 they would prefer going with the bank that has an online banking app and a website that works like a charm.

However, it is not enough to have a banking app. It should be custom and native, smart and full of useful features. GBKSOFT team is an expert in the development of such solutions, and it shared some tips on what features any online banking should have. Among those features there are:

  • Budget and savings tracker;
  • Voice and image recognition options;
  • AI-powered chatbot to provide quick support;
  • Geolocation;
  • Notifications;
  • Peer-to-peer payment system.

So while choosing a bank and considering opening an account, take a look at the online banking app offered by a financial institution of your choice.

Are there any rewards or cashbacks?

What bank client would not appreciate such loyalty bonuses as great cashbacks and various rewards? Any possible rewards can help people get the most out of their checking accounts. So while asking about cashbacks and rewards,try to delve into this topic and discover as many details as possible (i.e. how the cashback is accumulated, when and how the rewards can be used, etc.).

Which ATMs can be used?

Every bank lets its clients use its own ATM for free. But sometimes it may not be convenient for a client to approach that ATM. So it is necessary to find out beforehand if there are any other options to withdraw money using another out-of-network ATM. Sometimes the charges of such ATMs may be surprisingly high.

Is there any 24/7 support team that will render assistance?

Whatever bank clients choose, they want to be sure that in case of emergency they will be able to get in touch with someone able to explain everything or offer quick help. Some banks offer help in their branches, others have AI-powered chatbots addressing clients’ questions anytime and anywhere. There are also online-only banks that offer emails, phone numbers and website sections where clients can get help.

Is there a certain amount of money that should always be on the bank account?

To open a bank account clients need to make an initial deposit, but what’s more important some banks require their clients to maintain an average balance on their account. If the balance is lower than it is required, then the client can be charged a fee. This may take anyone by surprise, so it is better to initially discuss these matters. In most cases the information about mandatory balance can be found on the bank website.

In 2021 it is not hard to open a bank account, after all there are so many banks that offer great conditions to their clients. They are ready to provide all necessary information, offer great loyalty bonuses and cashbacks, high interest rates and many more other perks. And the only thing a client should do is compare services of several banks and choose the best one to entrust it with their money.

The most important things that any bank client should look for would be a wide range of services, acceptable fees, user-friendly mobile and web applications.

Lindsey Ertz
Lindsey Ertz
Lindsey, a curious soul from NY, is a technical, business writer, and journalist. Her passion lies in crafting well-researched, data-driven content that delivers authentic information to global audiences, fostering curiosity and inspiration.

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