Factors to look for in a bank account
Factors to look for in a bank account
Kasasa Blog

Find tips to improve your financial well-being

Pop quiz: Which account do you use most often?


If you answered your checking account, then welcome to the masses.


While consumers are writing fewer checks than ever, checking accounts remain the most popular way to manage daily spending for consumers. From depositing paychecks, to paying bills, to keeping money insured, you rely on your checking account to fuel your daily financial needs.


The sad reality is that the cost of having a checking account at a megabank continues to cost more.


Monthly maintenance fees, overdraft fees, debit card fees, and ATM fees are just some of the charges that erode your checking account balance – not to mention your confidence - in your financial institution.


Mega-sized financial institutions collect billions each year from overdraft and ATM fees alone, typically leaving consumers frustrated and in search of other options.

If you’re fed up with this feeling, there are certain things you can be on the lookout for in your search for greener pastures (and more green in your pocket).


Find the right checking account for you by considering three important factors.


Cost of fees


Before opening a new checking account, always ask for the institution’s fee schedule. It will provide you with a breakdown of different fee amounts for the services associated with your account. It should cover everything from wire transfers, to monthly maintenance fees and overdraft charges.


The fee schedule should be available on your bank’s website. A quick Google search pointed us towards the fee schedules for the five megabanks.


Ugh. Fees….


A typical rule of thumb is to make sure you aren’t being charged any monthly fees to operate your account. Not having to maintain a minimum balance each month goes a long way. Though you make think it is getting harder to find, many local banks and credit unions still offer free checking.


Online security


Most banks now offer convenient features like online banking, online bill pay, and a mobile app. Finding a bank or credit union that places online security as a high priority is important. Make sure your bank doesn’t skimp when it comes to keeping your information secure.


Here are a few steps you can consider in keeping your info and money secure:


  • Ask for two-factor authentication - A multi-factor security feature, which requires a text or email confirmation is a great way for a bank to keep your account logins safe.

  • Ask your bank how they’re keeping their records secure ­– Give your bank/credit union a call or visit their website to see what how they are adapting to the evolving online security threats.

  • Make sure your browsers are updated before logging in – Using an old version of Chrome or Firefox increases your vulnerability to malware, Trojan, and phishing attacks. Yes, it’s easy to avoid that annoying update reminder, but for the sake of your dollars, make sure your browsers are up to date.

  • Don’t check online banking with public wi-fi ­­– Always make sure your browser is secure when checking online banking. Your URL should always start with “https://” (the “s” standing for secure). You can also look for a lock or key icon next to URL in your browser.

  • Set up double-authentication for wire transfers – Once money is transferred, it is a nightmare to get it back. Make sure to let your bank know that they need written or verbal approval from you before initiating any wire transfer.


Community impact


Equally important to low fees and online security is finding a trusted financial institution in your community that supports growth and development. Smaller financial institutions don’t have the same costs and agendas that a lot of megabanks do.


Local banks and credit unions focus on providing financial services to not only improve their customers’ financial standing, but help their surrounding community as well. This is baked into their mission.


See why it pays to invest in your community.


While avoiding fees and boosting your bottom line should be priority #1 for you, a bank or credit union that aligns with your personal values is worth something.

Tags: Rewards banking, Banking

About Kasasa

We believe your money should do more... for you and your community. Founded in 2003, Kasasa is a financial and technology services company working to help empower consumers to take control of their finances and be proud of their money by banking locally with community banks and credit unions in your neighborhood, that you know and trust.

These local institutions have roots in their communities, care about people over profits, and are actively invested in local businesses to help keep the economy strong (unlike some of the megabanks we could name).

We believe you shouldn't have to choose between the best banking products, the best customer experience, or keeping your money local, where it can do more good. We've created ethical banking products and partnered exclusively with community banks and credit unions. So you can have it all.

Kasasa accounts are available at community financial institutions around the country. Find one near you to get free checking that pays cash rewards each month you qualify, the only loan with Take-Backs™, and more.