Checking accounts usually come with checks. This is just one of the benefits that checking accounts offer consumers. Checks are not going to go away; they are the foundation on which checking account services have been created. A full-service checking account covers mobile banking, bill pay, direct deposit, debit card, and checks. Given below are some tips on how you can optimize your checking account.
Add-on services
Besides basic services, checking account holders also get other add-on services along with some financial services. These include prepaid cards, cashier’s checks, foreign currency exchange, remittances, and safe deposit boxes. Remittances involve sending money and foreign currency.
Some banks offer only checking account services online while others may offer it at a location where the person has to access the services in person. Although going online is one way to gain access to an account, the other is by visiting the branch.
Relationship banking
Premium accounts have additional services for select customers of checking accounts whose needs may be more complex. Their benefits may include certificates of deposit, higher rates for savings accounts, bonus points for credit cards, discount rates on equity loans, and line of credit. You give them more business and they give you more bonuses. They also offer an interest rate bonus for customers who maintain a high balance and complete set of transactions each month.
Shop around
Consumers can go online to find out what the banks have to offer. Banks also have telephone support. Customers can inquire about opening balance requirements, ATM charges, monthly service charges, check charges, etc. Checking account can be demarcated into three groups: money management, money out, and money in:
“Money in” includes mobile check deposits that are used on smartphone apps that can scan the check for deposit into the checking account, direct deposits, and paper check deposits.
“Money out” includes person-to-person payments, mobile payments, ATM withdrawals, debit card swipes, paper check payments. Smartphones can be used to make mobile payments by just a wave at various establishments. You can send money person to person via the mobile and to other people through the mobile number and email address. The account number of the checking account is not required.
“Money management” includes bank alerts like emails, messages, or texts that you have received money or depleted the account of a certain balance. This includes alerts and budgeting features.
No transfer limit
There are no limits to transfer money from a checking account into a savings account. The amount in the checking account is just a transaction while the amount in the savings account remains for a longer time. Transferring between accounts inside a bank also costs a fee.
Go paperless if you are receiving paper statements every month, as you will be charged. You can print the statement yourself. You can also link your various accounts to waive the checking account fees, as the combined balance will exceed the limit.
