Starting up a Bank Account: Things to Keep in Mind
Banking is a term which often confuses people, and it is no shame, it’s it one confusing and deep term which has a lot more to offer than just 7 letters. When you talk about banking, you are talking in a very broad spectrum, from personal accounts to co-operate accounts, account types, credit cards, other facilities, charges, fees and lot more.
People often find themselves at a confused place when they are about to open a personal or corporate account. Questions regarding which banks, account types offer keep running in our mind, in this article we have mentioned some features that you can keep in mind before choosing the right bank and the right account type.
Choosing the Right Bank
This is the utmost important step, choosing the right bank; if you even mistakenly or under any sort of influence take up the wrong bank, you will have to suffer a lot.
If you are going for a personal account, make sure to find out as much details about the account as possible.
- Like interest rates offered by the bank.
- Minimum Account balance to be maintained monthly in order to avoid penalty.
- Deposit and withdrawal limits, if any.
- Specific account types, as according to your transaction needs.
Though these are mentioned under the personal account details but all of these work under the corporate account details too. Some extra things you must know about these account types are;
- Online banking features and limits (a must for corporate accounts)
- Maximum or minimum number of transactions.
- Maximum flexibility for other cities and overseas transfers.
These three points combined with the upper four can prove to be quite help in choosing the right bank. If you live out in America, banks like the San Francisco bank are quite popular and if San Francisco banking suits you, get your desired account there.
The Right Account Type
To choose the right account for your needs is something people don’t focus on that much, the right bank is what people think is enough for their banking needs, which is wrong here are some things that you can add up to your pre-research phase.
- Minimum Account Balance; This is very important, as if you open an account without knowing the MAB required & if you fail to keep up you will face lot of penalties.
- Cash Flow: there should not be too many restrictions in the cash deposit & withdrawal policy.
- Fees & Charges: Make sure to know all the charges and fess applicable to your particular account type, like renewal fees, sms alert fees etc.
These basic tips can help you choose the right bank and right account type.
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