Different Kinds of Checking Accounts

A checking account is a type of bank account that lets you to write checks using the money you deposit. However, with the advancement of technology, most people opt for ATMs and debit cards more than they write checks. Yet, checking accounts are the easiest type of account especially for small, frequent expenses as well as to receive direct deposits. And for the same reason, checking accounts are more preferred in daily life. In case you want to invest in personal finance in terms of checking in Wareham, you need to know the different types of checking accounts and their respective pros and cons.

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.