Questions to Ask Banks
Questions for calling round several banks and credit unions before you move your money, covering fee schedules, savings rates and how long they last, transfer limits, fraud handling, deposit insurance, lending relationships, and how hard it is to leave.
20 questions, each with the reason to ask it · includes a conversation guide
The questions
Open any question to see why it works.
- 1
Given how I actually use money, which of your accounts would you put me in?
Say your rough balance, how you get paid, and whether you use cash, then let them choose. A bank that steers you into a premium tier you cannot maintain the balance for is showing you how it makes money from customers like you.
- 2
Can you send me the full fee schedule as a document?
Every bank has one, and it is the only complete list. Verbal summaries drop the charges nobody mentions: paper statements, dormant accounts, cash deposits over a threshold, and replacing a card in a hurry.
- 3
What waives the monthly fee, and does a direct deposit have to reach a minimum?
Waivers usually depend on a number, and the number moves. Ask whether a partial paycheck or two smaller deposits count, and what happens in a month where a deposit lands a day late.
- 4
What rate is the savings account paying today, and where is that published?
Rates quoted in a branch are sometimes the headline product rather than the one attached to your account. Ask to see it on their own site, because that is the version that will still be there tomorrow.
- 5
Is that rate promotional, and what does it fall to when the promotion ends?
The drop is the real story, and it is often to a fraction of a percent. Find out the date it changes and whether they notify you, since most banks let the rate quietly lapse and rely on you not checking.
- 6
What do wires, foreign card use and instant transfers cost me?
These are the charges that surprise people who compared only monthly fees. Ask about receiving a wire as well as sending, and about the exchange rate markup, which is a separate cost from the flat foreign transaction fee.
- 7
As a new customer, how long will a deposited check be held?
New accounts often carry longer holds for the first months, which matters if you are moving your salary. Ask for the specific number of business days and whether any portion is available immediately.
- 8
What is your overdraft policy, and can I switch it off completely?
Some banks let a card decline for free, others enrol you in a paid coverage program by default. Ask about the per-item fee, the daily cap, and whether a transfer from savings to cover a shortfall also carries a charge.
- 9
What are the daily limits on transfers and payments, and can they be raised?
Low limits are invisible until you need to pay a deposit or a contractor. Find out the ceiling per day, how long a raise takes to approve, and whether a new account is capped lower for the first period.
- 10
Which ATMs are free to me, and do you refund other banks' charges?
There are two fees at an out of network machine: the bank's and the machine owner's. Ask whether they reimburse both, whether there is a monthly cap on refunds, and how that works when you travel.
- 11
If my card is locked at nine on a Sunday night, who picks up the phone?
Ask whether support is staffed around the clock and whether it is people or an app queue. This is the service question that matters most in practice, and it is the one that never appears in a comparison table.
- 12
What happens to my direct debits and standing payments if I move accounts here?
Some countries have an automated switching service, others leave it entirely to you. Ask what they do, what you have to do, and how long both accounts should stay open in parallel.
- 13
How does this bank make money from an account like mine?
It is a fair question and the answer is informative. Fees, the spread on your deposits, card interchange, or selling you a loan later are different business models, and each one predicts what they will push at you.
- 14
How is my money insured here, and is it held by you or through a partner bank?
Ask this especially of app-based providers, where funds may sit with a partner institution and the insurance follows that bank. Get the insured limit and what happens to any balance above it.
- 15
What happens when I report a fraudulent transaction, and how long until the money is back?
Ask for the sequence: who investigates, whether they credit you provisionally while they look, and the deadline for reporting. Banks vary widely on provisional credit, and that is the difference between an inconvenience and a month without rent money.
- 16
What do you need from me to open a business account, and does it change my personal terms?
Worth asking even if you are only self-employed on the side. Requirements differ by entity type, and some banks offer a rate or fee break for holding both, while others treat them as unrelated customers.
- 17
If I want a mortgage or a loan from you in two years, does banking here help?
Sometimes it genuinely does, through relationship pricing or faster underwriting because they can see your income. Often it does not, and being told so plainly is more useful than being told it might.
- 18
What has changed about your fees, rates or app in the past year?
This catches recent cuts to a benefit that comparison sites still list. It also tells you whether the person in front of you keeps track, or is reading from a product sheet they have not questioned.
- 19
Where is the nearest branch, and what are its hours?
Ask if you ever deposit cash, need a certified check, or want a notary. Branch networks are shrinking, so also ask whether that location is scheduled to close, which staff usually know before customers do.
- 20
If I decided to leave in a year, how would that work?
Ask about closing fees, whether they will send a balance by check or transfer, and how long they hold funds after closure. A bank that makes leaving awkward is telling you how it intends to keep you.
Comparing banks without wasting a week
Practical guidance for the conversation itself.
Before you call anyone
Before you call anyone
- 1Pull three months of statements and total what you actually paid in fees. That number, not the rate, is usually where the money is.
- 2Write down how you use the account: cash deposits, foreign spending, number of transfers, whether a paycheck arrives on a fixed date.
- 3Decide what you need a branch for, if anything. If the answer is nothing, online-only providers open up and the comparison changes.
- 4Note the balance you can realistically keep. Most fee waivers hang on a minimum, and a waiver you fail half the year is not a waiver.
- 5Shortlist three: your current bank, a credit union, and an online provider. They price so differently that comparing three of the same kind teaches you little.
Reading the answers
Reading the answers
- A quoted savings rate means little without the expiry date and the rate it reverts to. Ask for both or treat the number as temporary.
- Compare the total cost of a normal month rather than headline features. A free account with a fifteen dollar wire fee can cost more than a paid one if you send wires.
- Ask the same fraud question at every bank. Provisional credit while a claim is investigated is the answer that varies most and matters most.
- Credit unions often win on overdraft and loan pricing and lose on app quality and ATM coverage. Decide which of those you touch weekly.
- If a benefit was described verbally, ask where it is written. Anything not in the fee schedule or account terms can be withdrawn without notice.
When you actually move
When you actually move
- Keep both accounts open for at least two full billing cycles, and leave enough in the old one to cover a payment you forgot about.
- Move the salary deposit first, then the payments, then the balance. Doing it in the other order is how a direct debit bounces.
- List every recurring charge from a full year of statements, not three months. Annual subscriptions and insurance renewals are the ones that get missed.
- Get the closure of the old account confirmed in writing. Accounts left open with a small balance can slide into dormancy fees.
- Check the first statement at the new bank line by line. Introductory terms sometimes apply differently than the person who opened the account described.