Do I deserve better? Is it time to make a change? It’s completely natural to wrestle with these thoughts when it comes to deciding where to bank and manage your money. There’s a handful of personal factors to take into consideration whether it’s an enticing offer to join, a major life event to plan around or a simple desire to belong somewhere that better supports your needs. Before opening your next checking account, take a step back and ask:

Does “free” mean “free?” What fees can I expect?

Review all charges associated with an account and compare them directly against others. Some options may seem like better deals than the average, but there’s usually a catch. Certain fees are known as “hidden,” which are extra charges tacked on to a bill or statement. Holding a minimum balance or setting up direct deposit are examples of ways to waive monthly maintenances fees that seem small but add up over time. Understand the ins and outs of the account to avoid any surprising hidden fees when your first statement arrives.

What kind of rewards should I seek out?

Common incentives include cash back, interest rates and ATM usage fee reimbursements. Cash back is universal, but high-percentage programs often limit these rewards to purchases from a set list of eligible businesses you may not necessarily frequent. Some interest rate offers only apply to a portion of your balance or set account requirements to meet to avoid penalties. Review your spending habits and what your typical balance is to identify a reliable incentive that benefits you most, then compare it with other account options.

Will I be penalized for a low balance or insufficient funds?

Short answer: it depends. Many financial institutions charge up to $35 per transaction for accounts with insufficient funds, and others block any like transactions without a fee or penalty. With an overdraft protection program, however, funds from a linked savings account would automatically be transferred over in case your account balance cannot cover transactions. Take a close look at the terms of your account’s overdraft protection, as a low or minimum balance fee may apply as well.

How will my account, personal information and money be protected?

Although some change is inevitable, the idea of a safe, secure banking experience remains timeless. Theft and fraud prevention tools like two-factor authentication and encrypted data are in place as safeguards, but not all financial institutions go above and beyond to ensure members feel completely comfortable housing their personal information and money there. Did you know that Cinfed insures deposits up to $1.25 million while other federal coverage is up to $250,000? Bank where you can always rely on the security of your account and information.

It’s easy to look past some of these basic but essential, must-ask questions when choosing which type of checking account to open, and it’s an effort to get the process started. Research the terms and conditions on each account so you’re aware of the steps required to maximize your earnings and avoid any hidden fees. Keep all of this in mind and the clear choice that sets you up for long-term financial success will emerge.

As a credit union, Cinfed is proud to offer free Summit and Cash Back checking accounts that earn rewards*. A financial coach at any Cinfed branch will be glad to explain all the details to you.

*Looking for a point of comparison? Take a look at Cinfed’s checking options.