a) Standard Checking Account
Suitable for: Customers who want reliable brick-and-mortar service
Features:
Multiple ATMs and branches available
Includes online banking
Limitations:
• Minimum balance required to wave off the monthly fee
• Overdraft and ATM fees
b) Online Checking Account
Suitable for: Where in-person bank services are not required
Features:
Lower fees
Higher interest rates
Limitations:
• Limited/no access to branch locations
c) Business Checking Account
Suitable for: Business owners
Features:
Higher spending and withdrawal limits
Tools for tracking business expenses
Limitations:
• Higher minimum balance requirements and fees
• Fees on excess transactions and cash deposits
d) Premium Checking Account
Suitable for: Large deposit amounts
Features:
More complimentary bank services
Some interest earned on deposits
Limitations:
• Higher minimum balance requirements and fees
• Interest rates are currently very low
e) Student Checking Account
Suitable for: Qualifying high school and college students
Features:
Low/no monthly fees
Good introduction to personal finance
Limitations:
• Age limits or enrollment requirements apply
• Low spending and withdrawal limits
f) Senior Checking Account
Suitable for: Qualifying seniors
Features:
Waived monthly fees
Free checks and no-fee money orders
Limitations:
• Low availability
• Often include "perks" which are not important or required
g) Second-Chance Checking Account
Suitable for: Customers with bad banking histories who can't get other accounts
Features:
Useful for rebuilding credit
Low opening deposit requirements
Limitations:
• Low availability
• Includes monthly fee
Checking Accounts at Credit Unions are quite similar to those at the banks, the only difference being that here the membership is restricted by region or trade. For example, consumers looking for membership of checking in Wareham can knock at PCT Federal Credit Union. The credit union can be contacted by visiting their webpage http://www.pctfcu.org/ or by calling them at 508-291-0777.
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