Opening an Account

Do you track your purchases? It may be a bit alarming to see how much they add up to, but it’s an important habit to develop. An account with a bank or financial provider gives you an official record of every purchase you make using funds from that account, as well as money you receive and deposit. That can come in handy when you’re creating a budget, preparing for taxes, or need proof of payment. Each month you’ll get a statement that tallies every purchase you’ve made. 

Choosing the Right Account
Which account is right for you? Most banks and financial service providers offer a variety of account options, so when making your decision, consider your habits and preferences. 

One common way to get a free account is to have your wages or other earnings deposited directly into the account. This demonstrates that you intend to become a loyal customer with consistent deposits. Other ways to secure a free account include agreeing to keep a minimum balance in the account or agreeing to open a second account at the same bank or provider.

Pay particularly close attention to the additional fees that a bank or provider may charge. The three most common:

• ATM Fees – If you withdraw cash from an ATM owned by a bank other than your own, your bank could charge you for a withdrawal outside the system, while the other bank charges you for not being one of its customers. 
  

• Overdraft Fees – Customers who withdraw money from an ATM or make purchases that exceed the balance in their account may have to pay a penalty. 
  

• International Fees – If you make transfers, payments or ATM withdrawals overseas, you may be charged.