If you’re thinking of opening a new bank account and you don’t want to get screwed over on fees and service like last time, here are some important questions to ask the bank before signing up.

Is there a minimum deposit requirement?
Are there limits on the number of withdrawals? Are there penalties for going over?
How much interest is paid and when? (Compare rates in your area at Bankrate.com)
Are deposits protected by the FDIC? Or, if a credit union, from the NCUA?
Are there tellers and ATMs nearby where you work and live? Are direct deposits and electronic transfers enabled?

If a checking account, be sure to also ask:

Are there minimum or maximums check amounts?
Is there a monthly checking account fee? A fee per check?
How long is the hold time for cashing checks?
What’s the overdraft policy?

If you don’t ask, they just might forget to telll you until you’re whalloped with fees.

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