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Saturday, March 6, 2010

Opening a Bank Account


Before you open a bank account there are some common questions which you should ask your prospective bank first. This information may be available in leaflets or by checking the web site of the bank before you apply to open an account. 1) Can you use cash machines free of charge and if so how many?

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1) Can you use cash machines free of charge and if so how many?
2) Is there a branch near to where you live or work?
3) Is there a minimum amount you need to put in to open the account?
4) What rate of interest, if any, will your money be earning and when will it be paid?
5) Can you set up an agreed overdraft limit and how much will you be charged for this?
6) If you exceed your agreed overdraft limit what interest rate will you be charged?
7) Are unauthorized overdraft charges applied if you exceed your agreed overdraft limit?
8) Is internet and telephone banking available with the account?
9) Do you get a debit or credit card with the account?
10) Is the account Sharia compliant? Does the account comply with Islamic law and offer a return on your money which is not paid in interest?

If you ask all the questions above that apply to you before applying to open a bank account then you should have no unpleasant surprises in the future. It also means that you will have confidence in your choice of bank account and be able to make financial decisions without worrying about if your account will allow it.

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