Banking
If you don’t already have one, you will need to open an account at either a bank
or a credit union. Most employers will pay by direct deposit straight into your
account, but there are some employers that will pay you by cheque. Your best
bet will be to open an account.
Where and when do you want to bank?
What hours will you be able to do your banking?
What are the bank’s hours?
Do you want a bank that is close to your work?
Close to your home?
How do you want to bank?
Do you want to bank in person, over the telephone,
or online?
Do you want to deal directly with a bank teller or
would you rather use automated banking machines
(ABMs)?
What kind of services will you need?
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Will you mostly deposit and withdraw money?
Do you plan to save money at your bank?
Do you want to write cheques?
Do you need to take out loans or apply for credit?
Once you have decided on the services you need, start comparing the
accounts, interest rates and fees.
What are the fees for the services you need?
How much interest can you earn on your deposits?
Is there a minimum balance you must keep in your account (to avoid fees)?
Each bank or credit union will have different accounts to choose from. Some
bank accounts can have service charges as high as $30/month and as little as
$4/month. Each account is different and the best one for you will depend on
how you plan to use your account. Here are a few questions to ask yourself
before you choose.
Don’t be afraid to compare accounts from different institutions to find the best
value for you. This is the best way to make sure you get the bank account that
fits your needs.
Budget saving tip! Check out how much you are paying in monthly bank fees. Are you going
over your transaction limit and paying extra fees, or are you barely using your account at all?
Take a look at your transactions and see if you need to switch. You could end up with some
extra $$ in your pocket!
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