Opening any account is like any other financial decision. You’ll want to do your homework first. Checking accounts involve more contact with the financial institution and tend to have more fees attached than other accounts do, so it’s especially important to do your homework here.

Assess Your Needs

Before you make any comparisons, ask yourself these questions:

• How much will I keep in my account? Do I have enough money to maintain a minimum balance?
• How many checks do I write each month?
• Do I usually bank during business hours or do I prefer to use an ATM on nights and weekends?
• Do I travel a lot, or am I comfortable with normally using only one or a few ATMs?
• Does my employer offer direct deposit of my paycheck? Sometimes using direct deposit lowers or eliminates fees.

Shop Around

Now compare accounts at a number of financial institutions. Don’t forget to look at local credit unions.  For each account, ask these questions:

• Is your money insured? Credit unions should be insured by the NCUSIF, and every credit union in Michigan is. Make sure any bank you consider is FDIC insured.
• What fees are charged for this account? A 1996 Consumer Reports study found 100 different fees that banks charge for checking accounts.
• How comfortable do I feel? Service matters, too. Was the staff helpful and willing to answer my questions? Does the credit union or bank offer other services that you would like to take advantage of? If you’re also opening a savings account, for instance, it’s usually easier to have both in one place.

Use our checklist to compare checking accounts.

Maintain your Checking Account

Checking Account Comparison