One of the most significant factors to consider when creating a new checking account is the variety of banking options that come with the account. According to research, technology is taking over banking and financial management in general. According to a Federal Reserve poll, over half of the mobile phone owners who had a bank account in 2017 used mobile banking services in the 12 months preceding the poll.
 |
| 5 Essential Features of Your Primary Bank |
5 Essential Banking Features
If you want easy access to your money as well as the capacity to pay bills, send money fast, and maintain your balances, some bank account features are essential. When creating a new bank account, check for the following features:
5) Excellent Protection
There is no humor in identity theft. When comparing bank accounts, make sure to inquire about the security measures in place at each institution. Find out whether your debit and credit cards have fraud monitoring and an on/off button, and take extra precautions to keep your card transactions secure.
4) Alerts Through Email And Text
You should set up text and email notifications for your accounts at the same time you schedule automated bill payments. You might, for example, establish an alert to warn you when your balance falls below a specific threshold or when a new transaction publishes to your account. If you're concerned about a hacker taking your account information and creating false charges, this might be really useful.
3) Online Bill Payment
If you're bored of writing checks, another feature to look for in a primary bank is online bill pay. According to Federal Reserve data, 80% of consumers who kept paper checks on hand did not use them even once in 2017; instead, three-quarters preferred internet banking.
Online bill payment removes the need to write cheques and mail them. Even better, you may automate your monthly installments so you never miss a payment.
2) Check Deposit through Mobile
The convenience of mobile check deposits eliminates the need to visit the bank. You just take a photo of your check with your smartphone and, with a few touches of a button, the check is deposited without ever having to visit a teller or an ATM. Just be aware that when making deposits via a mobile device, certain banks impose a lengthier check wait period.
1) Banking Via Mobile And Online
If you want to keep a tight watch on your finances, being able to check your balance from your smartphone or laptop is useful. This is especially vital if you wish to avoid costly overdraft fees. Banks with more than $1 billion in assets collected more than $11.45 billion in overdraft and non-sufficient funds (NSF) in 2017, according to the Federal Deposit Insurance Corporation (FDIC).
- Knowing what you have on hand and what you're spending will help you avoid costs.
Another consideration when looking for a primary bank or credit union account is whether or not it is insured. The Federal Deposit Insurance Corporation and the National Credit Union Administration, respectively, provide up to $250,000 in coverage per deposit account at banks and credit unions.
However, they are not required to carry this coverage. Check the insurance status of banks and credit unions when comparing them to ensure your hard-earned money is safeguarded.
