Checking accounts offer an excellent place to temporarily store funds, but fees vary considerably from bank to bank. Although few banks charge fees to actually open a checking account, a host of other charges may apply.
In order to attract as many customers as possible, banks often allow customers to open both checking and savings accounts for free. In addition, according to the Mass Legal Help website, a number of banks also offer “free checking” services that carry low or no fees for maintaining and closing accounts.
Even if a bank does not charge a fee to open a checking account, the institution may require new account applicants to make an initial deposit of some amount into the account. Minimum deposits can range from $25 to $100 at institutions like Homestar Bank. Some banks may require higher deposits on interest-bearing and business checking accounts.
Banks often charge fees for services like handling returned checks, maintaining the account, writing large numbers of checks and even talking to a bank teller in person. Before opening a new checking account, bank customers should compare fees at various institutions to select the best available offer.
- check book image by Rob Hill from Fotolia.com