Does your checking account pay interest?
Many still don’t. Banks that don’t pay interest think that not charging you low-balance fees ought to be enough. It’s not. Stay away from these accounts, you can do better. Check out our rates section to get a sense of some of the best rates being offered.

Does the interest depend on how big my balance is?
Some banks reward customers who have large balances with higher interest rates. If you keep a lot of money in your checking account then you might as well take advantage of this perk. But if you keep a low balance then you should bank with an institution that won’t penalize you for doing so.

Are there any fees if my balance drops below a certain amount? How often do you charge them?
Many banks charge minimum account fees. Look for a bank that doesn’t charge these fees if your balance is going to fluctuate or stay at low levels.

Will you reimburse me for fees I pay at other banks’ ATM machines?
Some do, many don’t. Find out if the reimbursements are unlimited. Be wary if they’re capped at a few withdrawals or a particular dollar amount each month.

Will you still reimburse me for ATM fees if the ATMs are outside of the U.S.?
Here, it starts to get confusing. There are potentially two or more fees levied on foreign ATM transactions. Ask about this if you travel a lot.

What do you charge me if I bounce a check or withdraw more money from the ATM than I actually have?
These overdraft fees come in two basic forms. They often charge a flat fee every time you overdraw your account. These fees can add up if you keep making withdrawals without realizing you’ve overdrawn your account. Sometimes banks charge interest on the money it lent you (to cover the bounced check or too-big ATM withdrawal).

Can I elect to have no overdraft coverage at all?
Good banks should let you skip this coverage. Others automatically sign you up for it. If you maintain multiple accounts at the same institution, you may be able to link your checking account to another account so that it draws from that second account if you overdraw your checking account funds.

Are there any restrictions on how often I can electronically transfer funds between accounts?
Be sure to ask about this if you’ll be transferring funds between accounts often. The answer should be no.

How often are your phone lines open for help?
Some smaller banks and internet-only banks aren’t open on the weekends or at night. Ask about the customer service hours if you need a lot of handholding.

Want to Know More?

• What's a Checking Account?
• Where Should You Open a Checking Account?
• Getting a Great Deal on a Checking Account