I still remember the first bad financial decision I ever made. My seven-year-old buddy told me that if I lent him a few dollars, he would pay me back ten a few weeks later. Unfortunately, he forgot all about his debt, and I was left without my allowance. Although it might seem like a silly example, bad financial decisions like that one plague adults everyday. I have had my fair share, and so I decided to create a blog dedicated to helping you to invest your money properly. Before you take your hard-earned money and throw it at a cause, think about the advice on my website to make a great decision.
Putting your money in the bank can be beneficial for many reasons. For one, you know your money is someplace safe, and two, you can build credit. There are approximately 7,500 FDIC insured banks you can put your money in, and each bank offers a variety of different accounts. Those who plan on constantly using their bank accounts and who plan on taking advantage of all that the banks have to offer should consider choosing premium checking accounts. If you're still on the fence, here are 3 questions to think about.
Do You Make ATM Withdrawals Frequently?
One of the main benefits of getting a premium checking account is the fact that you can make as many ATM withdrawals as you'd like without getting charged a fee if you use an ATM owned by the bank. If you rely on the ATM regularly, you could save a significant amount of money by simply switching from a regular checking account to a premium checking account.
Do keep in mind that using a non-bank-owned ATM to make withdrawals will result in a fee. The fee charged will differ based on the ATM owner.
Do You Make Numerous Monthly Transactions?
Most regular checking accounts place a limit on the amount of transactions you can make each month without getting charged a fee. Once again, those who rely heavily on their debit cards or those who make most of their bill payments online may benefit from switching to a premium checking account because they will be paying a significantly less amount of fees.
Not all premium checking accounts offer unlimited monthly transactions. However, while some banks do place a limit to the amount of free monthly transactions allowed to premium checking account holders, most account holders will not exceed the amount.
In addition, most premium checking accounts do not count services like stop payment requests and overdraft balance transfers as a transaction. Account holders may also not have to pay a fee either.
Are You Looking for Added Banking Features and Services?
Premium checking accounts come with numerous perks that you would normally have to pay for. For example, premium checking account holders may get the cost of their security deposit box and check books waived. If you need these services anyways, calculate the total cost of these services if you were to pay for them individually. Figure out what banking features and services are included with getting a premium checking account, and compare the cost of them to the cost of having a premium checking account.
Generally speaking, most banks will waive the fees for having a premium checking account if a minimum balance is kept. You will only be charged a fee if you are unable to meet the minimum balance requirements. As a result, you are essentially getting the services and banking features that you would have paid for free.
Premium accounts may also help you get slightly better loan rates and other perks – especially if you also hold other accounts with the bank. You could also get better credit card promotions, and other offers.
Conclusion
If the services offered by a premium checking account seem like a good fit for you financially, you want to be sure to shop around to compare deals and promotions. Set up a meeting with an advisor at the bank to see if the bank can offer you an even better promotion or deal that could help you save even more money in the long run, and help you pay less fees. Choosing the right bank account could make a huge difference to your finances. For more informaiton on the beneftis of a premium checking account, you can visit titansbanking.com.
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