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How Much Does It Cost to Open A New Checking Account?
Each bank has its own set of requirements for beginning a new checking account. But as a rule, the main cost, the minimum deposit needed, will depend on the type of checking account being opened combined with that accounts' characterististics and features - such as percentage yield, that it offers.
Minimum Required Deposit AmountsAs a rule, the greater the benefits that go along with a given account, banks will ask that a greater minimum amount be held on deposit. Unless there is no deposit required - which generally translates to a hiked fee per check written. Or else, as with many checking accounts, there is allocated a specified number of free checks issued or transactions per month. A popular limit is 30, for example. Then when this number is exhausted, a $.15 or $.20 per check is assessed, sometimes higher.
With greater minimum deposits come the chances at greater interest bearing accounts, though not always. At some banks and savings institutions, a checking account that eliminates many of the nickel-and-dime fees lurking can easily surpass a $1,000 to $1,200 plus minimum balance needed. While economy-minded accounts are more likely to have other loaded fees like monthly maintenance charges. Sometimes a nominal amount, as little as $5 will do for deposit, just to get things initiated with your activity.
Though what is frequent is a minimum balance, of say $100 to open a common account. In addition, however, the bank customer should be aware that there may be minimium daily balance requirements; for example Huntington has a $600 minimum daily requirement account or else service fees will start to kick-in that range from $6.00 to $9.00 but they are by no means alone, although they are often considered among the more conservative and service oriented among all banks.
Be sure to obtain copies of all paperwork that describes the terms of your new account which is not always given.
Some information that you offer towards a new account will be forwarded on to a background clearinghouse. ChexSystems is one popular company that provides services for the banks on prospective checking account holders.