Checking Accounts
"What do you do with all those canceled checks? Some people
weed through them, saving only those they think they'll
need; others keep them all. As president of "Pack Rats Anonymous,"
I vote for the latter solution. After all, you never know
when a canceled check could come in handy."
- Lorayne Fiorillo, author of
Financial Fitness in 45 Days
Basic Checking
For the person who just wants to deposit a paycheck, pay
bills, and go on with his or her life. These accounts generally
require low minimum balances, but may require you to direct
deposit your paychecks in order to avoid higher fees.
Interest Bearing
If you're self-employed or in a volatile business, this is
a good place to stash 3-6 months worth of emergency cash,
because it will earn a higher rate of interest. Minimum balances
are usually higher than other accounts, at least if you want
to avoid higher fees.
Joint
For you and the significant other in your life. Particularly
useful if you share a household and expenses, as co-owners
have equal access to the account.
Express
Good if you're an ATM person, because you pay lower fees if
you never set foot in the bank. These accounts, which also
favor people who bank by phone or PC, tend to offer unlimited
check writing and low minimum balance requirements. However,
if you do need to go into a bank, it may cost you something
like $3 per visit.
Lifeline
This account provides the barest necessities, with low to
zero fees and minimum balances and only a certain number of
checks allotted each month. These accounts are required by
law in some states and are designed to accommodate low-income
consumers.
Senior/Student Checking
Discounts and deals for the old and the young; you gotta love
that. Perks include free cashier, traveler's, and regular
checks, no charges for ATM use, better interest rates on loans
and credit cards, as well as various discounts on retail products
and services.
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