There are many choices that we plan and research carefully for, like choosing a car or a house. But how much thought have you put into choosing your bank? If you’re like most Americans, you probably didn’t think about it at all, but just stuck with the bank you’ve always had. A recent survey found that the average American has had the same checking account for 16 years.
Obviously it’s easiest to keep the account you’ve had forever and not make new choices. But staying with your bank is also a choice. The average American with a checking account is currently paying $14 per month in fees. Over 16 years, that adds up to $2,688. And for that kind of money, it’s worth taking a moment to think about what you should look for in a bank account:
Finally, while most banks are FDIC-insured for up to $250,000 per customer, not all are. It’s worth checking to make sure yours is; everything else on this list is irrelevant if they lose all your money.
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