INTREST As discussed earlier, the interest rate, the frequency of compounding, and the interest computation method will affect the earning on your checking account.
SPECIAL SERVICES As financial institution attempt to reduce paper and postage costs, canceled checks are no longer returned. Bank customers are provided with more detailed monthly statements and usually have online access to view and print checks that have been paid.
Overdraft protection is an automatic loan made to checking account customer for checks written in excess of the available balance. This service is convenient but costly. Most overdraft plans make loans based on $50 or $100 increments. An overdraft of just $1 might trigger a $50 loan and corresponding finance charges of perhaps 18 percent. When you do not have enough money on deposit to cover it. That fee may be $20 or more. Many financial institutions will allow you to cover checking account overdrafts with an automatic transfer from a savings account for a nominal fee. If so, take advantage of this service.