Suppose you are planning to open a checking account so you can deposit paychecks from your job. how will you decide on a bank?

To decide in which bank the checking account will be opened, the following things need to be considered:

1. Restriction

2. Fees & Charges

3. Interest Rate

4. Special Services

Step-by-step explanation:

The first point (Restriction) looks at 1. Most common: requirement to keep a minimum balance, 2. No. of transactions allowed and 3. No. of checks you write in a month. The lower the restrictions, the more likely one will open and maintain account in such banks.

Next we consider Fees & Charges where focus is on 1. Monthly service charge  and 2. Fees for check printing, overdrafts, and stop payment orders. The lower the fees for dealing in bank transactions, the higher the chance that one will select the bank for processing their transactions.

Interest Rates is about 1. Rates  charged when loaning from bank, 2. Frequency of compounding and 3. Way interest is calculated. Bank with charges the Lowest interest rate is more preferred.

Lastly, we have special services which includes 1. ATMs (Automatic Teller Machine)  and 2. Banking by phone or online. The better the quality of such services the more the bank is preferred when deciding to open account.

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