What are the features of Bank Account?
When opting for a bank account, some features are essential if you desire to have convenient access to your funds along with the ability to pay bills, make transfers quickly, and manage balances. Here are the few vital factors to look for when opting for a new bank account:
- Convenience: A bank account provides with numerous facilities. It allows you to transfer money, check balance, apply for a loan among many more convenient services.
- Safety: The customer is ensured safety from thefts, fires, etc.
- Savings: It builds a habit of saving money which gradually gains profits using interests.
- Credit Facility: Having a bank account can also help you to get credit to buy a home, car or personal loan as well.
- A Debit Card: When opening account you'll receive a debit card that will enable you to pay for purchases without carrying cash. Moreover, when cash is required just visit an ATM or get cashback at a register. Keep one fact in mind, when opting the new bank account, check whether the debit card is included and if there is any fee for having it.
- Online and Mobile Banking: It's so convenient to have the feature of checking bank account from smartphone/laptop. This feature is very vital if you desire to avoid any expensive fees such as overdraft fees. It's always a wise thing to be aware of how much you have on hand and what you’re spending as it will prevent you from losing money to fees.
- Mobile Check Deposit: This feature saves you the hassles of frequently visiting your bank because just with a snap of picture of your check with your smartphone and with a few clicks, you can deposit it. Bear in mind that few banks enforce longer check holding time while making deposits via a smartphone.
- Online Bill Pay: This is one of the primary features you must seek while opening an account. Online bill payments eliminate the hassles of frequently writing checks and mailing them. You can even set a facility to automate the monthly payments.
- Email and Text Alerts: When scheduling automatic bill payments, you must activate text and email alerts for your accounts. For example, you might want to set an alert notifying when your balance diminishes to a certain point or each time when a new transaction occurs in your account.
- Excellent Security: In today's advanced world, it has become very tough to protect yourself from identity theft. Cyber attacks towards bank accounts have increased tremendously. While you're comparing bank accounts, make sure to first inquire about the security measures bank has. For example, check out if fraud monitoring is available, check if there's an on/off switch for debit and credit cards, and take other precautionary measures to keep the card transactions secured.
