Ten questions you should ask your bank #comments

Here are ten questions you should ask your bank:

  1. What are your fees and charges?

Ask about any fees associated with your account, such as maintenance fees, overdraft fees, ATM fees, and wire transfer fees. Understand what triggers these fees and how you can avoid them.

  1. What are your interest rates and terms?

Inquire about the interest rates offered on your savings and checking accounts, as well as any CDs or loans. Understand the terms and conditions, including the compounding frequency and any penalties for early withdrawal.

  1. What is your overdraft policy?

Find out how your bank handles overdrafts, including whether they offer overdraft protection and how much it costs. Understand the process for resolving overdrafts and how you can avoid them.

  1. How do you protect my personal and financial information?

Ask about the bank's security measures to protect your personal and financial information, including encryption, firewalls, and data breach notification procedures.

  1. What are your customer service hours and channels?

Inquire about the bank's customer service hours, including phone, email, and online chat support. Understand how to contact the bank and what to expect when you do.

  1. Can I access my account online and through mobile banking?

Ask about the bank's online and mobile banking platforms, including features such as bill pay, mobile deposit, and account alerts.

  1. What are your account minimums and requirements?

Find out if there are any minimum balance requirements or fees associated with your account. Understand how to avoid these fees and what happens if you don't meet the minimums.

  1. How do you handle disputes and errors?

Ask about the bank's process for resolving disputes and errors, including how to report issues and what steps the bank will take to resolve them.

  1. What are your policies on account closures and account changes?

Inquire about the bank's policies on closing accounts, including any fees associated with account closure. Understand how to change account information, such as address or phone number.

  1. What are your policies on data sharing and marketing?

Ask about the bank's policies on sharing your personal and financial information with third parties, including credit reporting agencies and marketing companies. Understand how to opt-out of these practices and what information is shared.

By asking these questions, you can better understand your bank's policies, fees, and services, and make informed decisions about your financial relationships.