Are you in the right checking account? Here’s how to find out.
We appreciate all of our personal banking customers who keep checking accounts with GRB. But we also know it’s commonplace for people to have accounts with more than one financial institution. In fact, it is estimated that consumers in the U.S. have an average of 5.3 different accounts across financial institutions.
Of course, the problem with having multiple accounts is that it is easy to lose track of the details. You may miss minimum balance or deposit requirements and end up paying fees. Or you could end up using an ATM card with a limited network and incur hefty surcharges for withdrawals.
Use a few minutes of your summer downtime to do a side-by-side comparison of all your checking accounts and make sure you are maximizing your benefits and not losing money in fees.
Starting Your Assessment
- List all of your accounts – Start by identifying every checking account you have—across all banks and credit unions. Don’t forget joint accounts, older accounts, and those tied to specific goals (car loan, college savings, HELOC payment, etc.).
- Review Each Monthly Statement – Note whether you are paying monthly maintenance or inactivity fees. Are you paying to receive a paper statement? Are their perks you aren’t receiving because you aren’t meeting minimum transaction or deposit requirements? Are you using out-of-network ATMs with fees?
- Evaluate Your Usage – If an account is rarely used, consider closing it. Dormant accounts can incur fees or become fraud risks.
- Compare Account Features and Benefits – Make a chart comparing each account’s interest rate, fees, ATM fees and network availability, rewards, add-on benefits, and overall customer service. Note where you have the opportunity to earn more on accounts for completing certain transactions.
- Make Your Plan – Your plan could include a range of actions including closing low-use accounts, switching accounts to avoid fees, adding transactions to earn cash back or a higher interest rate, changing your direct deposit account, or moving additional funds to a high-yield account. You might also take steps to avoid fees by changing which ATM card you use or switching to e-statements.
- Execute – While many account changes can be made online, you may have to go to the bank in person to make major changes to an account.
- Add Safety Features – Once you make your changes, don’t forget to set up notifications and reminders to protect your accounts from fraud and ensure you take advantage of all the benefits included with your account.
GRB Checking Account Offers
GRB offers an easy-to-use online chart that provides details for its checking accounts. Currently, the bank’s Reward Checking account remains a top-of-market option where accountholders can earn up to 4.00% Annual Percentage Yield on account balances from $0.01 to $15,000.00 when you clear at least 12 transactions per month.
Make Every Dollar Count
Taking 30 minutes to assess your checking accounts can help you avoid unnecessary fees, reduce financial clutter, and ensure your account is working as hard as you do!
