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7. Understand terms and conditions - 8 tips for choosing a new bank


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7. Understand terms and conditions

You shouldn’t open a bank account without knowing what’s in the fine print.

If there are monthly service fees, ask whether you can get them waived. If there are out-of-network ATM charges, find out whether the bank offers refunds.

Make sure your savings will be federally insured by the National Credit Union Administration or the Federal Deposit Insurance Corp. (just in case your bank closes).

Finally, as you’re comparing CD rates and other products, watch out for promotional deals that expire.

“Teaser rates or things like that — these are things that typically look good in the short-term,” Boneparth says. “But over the long-term, it ends up costing you money.”

bankrate.com

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