Questions to Ask When Opening a Checking Account
From fees and minimums to mobile banking and fraud protection, asking the right questions upfront can save you money and help you find an account that actually fits your life.
Key takeaways
- The right account depends on your situation. Evaluate your balance habits, how often you use ATMs, whether you want interest, and what protections matter most to you.
- Monthly maintenance fees, overdraft charges, and ATM costs vary widely between banks. Always ask what triggers fees and how to waive them.
- Convenience features matter more than ever. A strong mobile app, mobile check deposit, online bill pay, and early direct deposit can save you time and stress. Look for an account that works the way your life does.
Your checking account is probably the financial tool you'll use most—for everyday purchases, paying bills, receiving your paycheck, and more. But not all checking accounts are created equal, and the differences can add up fast if you're not asking the right questions.
Whether you're opening your first account or thinking about switching banks, use these questions to compare your options and find the best checking account for your needs.
1. Are there monthly fees, and how do I avoid them?
Many banks charge a monthly maintenance fee just to keep your account open. These can range from a few dollars to $15 or more per month. Before you open an account, ask whether there's a fee and what it takes to waive it.
Some banks drop the fee if you set up direct deposit, maintain a minimum balance, or meet a certain number of monthly transactions. Fifth Third Momentum® Checking has no monthly maintenance fee, making it a straightforward option if you want to avoid recurring monthly charges.
2. Is there a minimum opening deposit?
Some banks require you to deposit a minimum amount of money just to open an account. This can range anywhere from $25 to $100 or more, which can be a barrier if you’re just starting out or working with a tight budget. It’s worth asking before you apply so there are no surprises on day one.
The good news: Fifth Third doesn’t require a minimum opening deposit on any of its new checking accounts, so you can get started whenever you’re ready.
3. Can I get my paycheck early?
If you rely on a regular paycheck, early access to your funds can make a real difference for budgeting. Some checking accounts, such as Fifth Third Momentum® Checking, Fifth Third Momentum Savings®, Fifth Third Express Banking®, and Fifth Third Preferred Checking, give you the opportunity to receive eligible direct deposits up to two days early.
4. What are the overdraft policies?
Review your account’s overdraft related policies—such as how overdrafts are handled, any tools available to help you avoid them, and whether there’s a grace period to fix an overdraft before fees kick in.
With Fifth Third Momentum® Checking, Extra Time® gives you until midnight of the next business day to bring your account balance up to at least $0 before an overdraft fee is charged.2 That kind of buffer can make a big difference.
5. Does the account include mobile check deposit?
Mobile deposit lets you deposit paper checks by snapping a photo with your phone, no branch visit required. This is especially useful if you receive checks occasionally and don't want to make a trip to a branch or ATM.
Ask whether there are any limits on how much you can deposit this way or how quickly funds become available.
6. What fraud and identity theft protections come with the account?
Banks vary significantly in how they protect customers from fraud. Ask what the bank does to monitor for suspicious activity, what protections come with your debit card, and whether identity theft protection is offered.
Fifth Third's SmartShield® Security program helps keep your information safe through features like threat blocks, live support, 24/7 monitoring, and more.3 And, Fifth Third Identity Alert provides further peace of mind through credit and identity monitoring, alerts, and identity theft insurance.3
7. Does the account earn interest?
Most standard checking accounts don't earn much interest, but it's worth asking, especially if you tend to keep a higher balance. Some accounts, like Fifth Third Preferred Checking4, do offer interest and come with additional perks for enrolled customers.
8. What does the mobile banking app offer?
A solid mobile app is essentially non-negotiable today. At minimum, you want the ability to check your balance, transfer money, pay bills, and deposit checks from your phone. But the better apps go further—with features like alerts for unusual activity, virtual customer support, cash flow analysis, and more.
9. Is bill pay included?
Online bill pay lets you pay rent, utilities, credit cards, and other recurring expenses directly from your checking account. Confirm whether online bill pay is available and whether it's free. Many checking accounts include it at no extra cost, but it's worth verifying.
10. What ATM access do I have?
ATM fees can quietly drain your account if you frequently use out-of-network machines. Ask how large the bank's ATM network is and what, if any, fees apply when you use an ATM outside that network.
Some banks partner with an ATM network to provide their customers access to no-fee ATMs nationwide, which can be valuable if you travel or live in an area with limited branch access.
Ready to open a checking account? Now that you know what to look for, compare Fifth Third's checking account options to find the right fit →