Question

You've decided to open a checking account. You know there are a number of differences with individual banking institutions. Name at least 3 good questions to ask to get started, and explain why knowing this information is helpful. Use complete sentences.

Answer 1

Explanation:

The three best questions to ask would be the following

1. What are the fees?
2. What are the bonuses and rewards?
3. What is the interest rate?

Most bank checkings account charges fees and these fees may or may not be hidden. These can include maintenance fees, overdraft fees, balance fees, etc. and can stack up if not managed correctly. Therefore it is best to know beforehand.

One of the main things that set these accounts apart between banks are the bonuses and rewards. Some banks may offer a sign-up bonus which can be 200$ or higher when opening a new account. Others may offer higher interest rates for returning customers, or even a physical reward for spending money or depositing a certain amount into the account. These are features that set the different banks apart.

Lastly, would be the interest rate. This is especially important if you have a large sum of money that will be in the account as your money can generate more money with an interest rate. Banks may offer anywhere between 1% to 3% annual interest rate. This can be a deciding factor when choosing one bank over another.