Checking Accounts

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Checking Account Fees

Some banks will charge you a fee for maintaining your account. Others will require you to maintain a minimum balance in the account or face fees. Then there are overdraft fees. Overdraft fees are fines that the bank charges you for spending more than what you have in the account. The longer your account stays in overdraft, the more fees the bank will charge you.

Sometimes the bank will offer forgiveness if you are able to explain or have questions about the validity of the overdraft, but you don’t want to put yourself at risk.  You work too hard for your money, so we strongly recommend that you ask the bank you are considering about their fees before opening an account.

Never fear! While most banks will charge you an overdraft fee, not all banks will charge you maintenance, this is especially true if you open up a student account or use direct deposit (What is direct deposit?).  When researching banks, make sure to ask about any special student accounts or benefits when you use direct deposit!

For more information on checking accounts, check out this link: Nerd Wallet: What is a checking account? Also, check out our sections on banking and savings accounts for more info!

What is a Checking Account?

A checking account is a banking account that you use for your everyday expenses. Think about the money you will need for rent, utilities, transportation, food, clothing, etc. A checking account is where you keep the dough that you need to spend immediately. 

Some banks offer checking accounts that pay you interest, while others will give you points if you use your debit card at certain stores.  When determining where you want to bank make sure to ask if the account earns interest, and if there are shopping rewards associated with their debit card.