What do
I look for in an account?
Choosing
where you save your money, borrow money, and
conduct financial transactions
can be a complicated task. Every
financial
institution in the marketplace offers a wide variety of
products and
services to satisfy every financial need that you have.
Be careful when
selecting and
do not rush into the decision if you
do not have to.
Use the following below as just a
few of the items
you need to look into:
1.
|
Fees and fines.
Service charges are usually based on the number of checks you
write a month, your minimum balance, and the type and
size of other accounts you have with the financial institution.
You might be charges a fee each time your write a check,
use an ATM, or overdraw your account. As a member-owned
financial cooperative, BayLands FCU strives to charge
as few and, when necessary, as little as possible when
it comes to fees and service charges. |
| 2. |
Interest.
Some checking accounts pay interest if you keep a minimum balance
in your account. Generally, the higher the balance in your
checking account, the more interest you will earn and the
fewer service fees you will pay. BayLands pays dividends
(interest the credit unions pay) on any balance in your
Share Draft Checking account with no minimum required. |
| 3. |
Minimum Balances.
Many financial institutions' accounts require you to
keep a minimum amount of money in your account to avoid service
fees and charges.
|
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Information on this page is contributed
to by the Credit Union National Association (CUNA)
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