It may seem a bit counter-intuitive, but the less money you have, the more the banks charge you in fees, especially if you have a below average credit score and don’t quality for overdraft protection in conjunction with your checking account. So, if you’re trying to rebuild your financial stability after a divorce, you’ll want to find a bank or credit union that offers high interest rates, low fees and checking and/or saving account options that best meet your needs.
If you walk into any bank or credit union in hopes of opening an account, you’ll quickly discover you have a multitude of choices for each type of account. You’ll probably see promotions for “Totally Free Checking” or “Checking with Interest,” but to obtain the awesome deals being advertised, you typically need to open the account with a high initial deposit, and then maintain a high balance. Otherwise, the account becomes subject to a variety of different fees and ongoing charges that add up quickly.
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