Questions You Should Ask When Opening a New Bank Account

The Centra Marketing Team surveyed our members about new accounts recently and one thing we found out is that most people don’t really know what questions they should be asking when they open a new account. So, we decided to write about it.

Here are some questions you should definitely ask when opening a new account:

1. Will there be any fees? This is a very important question to ask, because you don’t want your hard-earned money to be sucked up by fees. If there will be fees, make sure you understand when they will be assessed and why, so you can do everything you can do avoid them.
2. How often can I access my money? Did you know some accounts have restrictions on how many times you can withdrawal? It’s true. If you exceed this limit, you might end up paying some fees, so ask about this.
3. Will I be earning any interest on my money? Depending on which account you choose to open, you may or may not earn interest on it.
4. Which ATMs can I use for free? You don’t want to pay for just using an ATM, so check and see how many ATMs your bank has and if you can use other bank’s ATMs for free. Centra is part of the credit union co-op, so you can use the ATMs of other credit unions who are part of the co-op without a fee. If you’re not a Member of Centra, but you’re a member of another credit union, you can use our ATMs for free too. See where all the co-op ATMs are here.
5. What is your policy on fraudulent activity? Though we all hope it never happens, check and see what the process is at your bank if you are a victim of bank fraud. It’s good to know at least where to start if something like this happened so you aren’t left scrambling if it does.

Though this list of questions is not exhaustive, it gives you a starting point when you decide to open your new account. Don’t worry about asking silly questions; you deserve to have the answers to all your questions!