If you are thinking of opening a new checking account, the first thing you need to know is that they’re not all alike. Most people just assume that a checking account is a checking account. They do not take the time to analyze them to understand the terms which are available so to get the best deal possible. All checking accounts do have similarities, like the fact that your funds are easily accessible and transferable, but the costs and terms can differ greatly. Here are the most important things to look for when shopping for a new checking account.

Opening up a checking account without evaluating your needs and the options offered by various banks and credit unions is likely to net you an account that’s not the best choice for you. Knowing a little about how a person would like this type of account to work for them along with the features there are that a person may help to eliminate any future disappointments.

The first step is to compose a list of things that you would like to be able to do with your new checking account. Here are a few of the more common features, some of which you may want and some of which you definitely won’t want.

Most banks and credit unions have a stated policy regarding holding funds deposited by check. For example, you might deposit a local check into your account. Your bank might put a hold on the funds, or a portion of the funds, for three business days. But if you deposit a check from a foreign bank, your bank might put a seven day hold on the funds. This type of situation may or may not present a problem to you. But if you regularly deposit funds and need access to them right away, this practice could present a problem, especially if your deposits come from out of state banks. This would be the case if you process checks from customers and need the funds fairly quickly for payroll or other time sensitive expenses.

When you’re checking out which account might be right for you, be sure to ask about their check holding policies. It may be possible to arrange for an exception for checks from specific accounts, for example your employer or pension fund. If the financial institution you’re talking to can’t accomodate your needs in this regard, it’s time to investigate another bank or credit union.

Minimum balance requirements are important too, depending on how much you regularly keep in your account. You just may be able to earn some interest should you decide to opt for a minimum balance account, but make sure that this is a good product that you can benefit from having with this account. Another thing to consider is will you be able to get any over draft protection. This means that if you write a check for more than the balance available in your checking account, your bank will cover it. In essence, it’s an unsecured short term loan for the shortfall.

Whenever you are thinking of opening a checking account, then be sure to remember that not all account are the same as many of them do vary in regard to the features that they offer their clients. So never assume that they are all the same and if you are not at all comfortable with the term of your account, then look for a financial institution that offers a better arrangement that you can be quite satisfied with having in regard to a checking account.

Find internet checking accounts and learn about their features online. If you have kids, you’ll be interested in children savings account as well.