Banks make most of their money through convenience fees charged to customers. When you are in the market for a new checking account or want to move to a new bank, there are a number of things you should take into consideration before selecting the bank to open your checking account with.
Insurance
It used to be very rare for a bank to fail. The current economy has increased bank failures though, and when looking to open any bank account, it’s important to take the possibility of a bank failure into consideration. The Federal Deposit Insurance Corp insures deposits from eligible banks and financial institutions in the US up to $250,000 per depositor. Make sure your bank is covered by the FDIC before you open an account with them.
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