Also, some banks impose fees if there is no account activity for a period of time. Check how banks calculate your balance. Some banks will impose fees if an account drops below the minimum balance just once during a given period even if the average balance is well above the minimum. Moreover, if banks assess fees based on the lowest balance, consumers will be hit with a fee as soon as the account opens if the initial deposit doesn't meet the minimum balance requirement. Beware of interest bearing checking accounts.
Interest bearing checking account can be expensive to maintain.
Several banks won't pay interest on accounts unless similarly high balances are maintained. If unable to maintain the minimum, consumers should stay away from interest bearing checking accounts. The interest bearing account's fees may cost more than it is worth in annual interest. Don't forget ATM fees. All area banks charge customers for use of ATMs not owned by their bank.