LUCHA Tenants: Opening a Checking Account

Opening a checking account at a bank can make your life easier, help you manage your money better, and save you money. One thing to keep in mind, however, is that a checking account is a big responsibility that requires a commitment of time to make sure you are managing it well.

Before exploring the idea of opening a checking account further, there are two basic things to keep in mind:

Bank Fees

Different banks charge different fees for different things so it’s important to make sure you find the right bank and the right checking account for you.

  • Some banks charge a fee just to have a checking account.  Some don’t.
  • Some banks charge a fee if you don’t keep a certain amount of money in your checking account at all times. Some don’t.
  • Some banks charge a fee to give you checks to use.  Some don’t.
  • If you use your ATM card at an ATM from a different bank, that bank will charge you a fee.


When you make a payment from your checking account and there is not enough money in your account to cover the payment, this is an overdraft.  Banks charge major fees for overdrafts, easily $20 or more.  And the company who you made the payment to will likely charge you a fee also.

So you have to make sure there is enough money in your account at all times.  This can sometimes be difficult because when you deposit a check, the money often can take a day or two to get into your checking account.

Repeated overdrafts can cause the bank to close your account.  This can do major damage to your credit rating.  So you have to be careful!

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