Opening a bank account is a wise choice, especially when you’re looking for a safe place to store your hard-earned money. However, there are certain factors to consider when it comes to choosing the right bank and the requirements that come with applying for an account. Yes, it may be easy to pull up your personal documents for the pre-requisites, but there are more factors to consider other than paperwork. Always remember that in every well-formed establishment such as banks, there are always policies that you would have to comply with when to ensure that your membership doesn’t get revoked. Here are a few things to consider when opening a bank account:
- Minimum Balance Requirements
This is a lesson that most clients learn the hard way. Just when you are about to withdraw from an ATM, it turns out that your balance is zero and you can no longer do any form of transaction. These are the very signs that your account has already been closed, brought about by the fact that you were not able to maintain a minimum amount prior to your withdrawal. Minimum balance requirement refers to the amount of money that you should leave in your account, never allowing your balance to reach zero by withdrawing it all. Depending on their policies, some banks require a relatively small amount to maintain your account; if not, they will have to close it within a given amount of time.
- Extra Fees
Choose a bank that would enable you to save more than you can spend. Some banks would take a certain amount from your account for every transaction done, like withdrawals from the ATM of other banks, transfer charges, among others. Study the interest rates as well as they will play a critical role in your savings. In such case, you will find an account that pays higher interest on your deposits and charges lower interest on your debts. Now that’s a great deal!
- Branch Availability
It is much preferred to choose a bank that is commonly open during the weekends. This is an indication of its well-received patronage; hence, it has numerous branches and is open on weekends. Some even offer their services in malls, open for at least six days out of seven, and even has working hours that extend way beyond the regular banking schedule. More branches, more hours, less hassle, less travel!
- Online Banking Capability
Opening an account enables you to use other banking services such as bills payments and reloads. This is usually done in the bank branches, but if you really have lesser time on your hands, then you are entitled to use technology at its best. Using your smartphone, you may now do bank transactions without personally going to the branches. Transfer money, pay your bills, and reload at the click of your touchscreen.
With the proper knowledge of banking terms and conditions, you finally decide to open an account; however, you still haven’t chosen which bank to apply for, as each has their pros and cons. Well, worry no more. If you’re a resident of Cavite or Batangas, then the Cebuana Lhuillier Rural Bank is your one-stop spot for opening your own savings account. All transactions are real time, erasing all the hassles that you may experience in other establishments. So what are you waiting for? Visit the Cebuana Lhuillier Rural Bank now – we assure a fast, easy and secure transaction.