When opening an account with any financial institution, you want to make sure you know what rules, restrictions, or perks the bank or credit union offers. Here is a quick list of the most important questions you’ll want answered before deciding which institution is best suited for your needs:

• What is the minimum amount to open the account and the balance required to keep the account open?
• What are the documents needed to open an account?
• Is there a monthly maintenance fee or require a minimum balance?
• Can you get a debit card with your checking account?
• Are there ATM fees? If so, what are the fees?
• Will the institution charge paper statement fees?
• What are the locations of the institution?
• Does the institution offer shared branch banking?
• Is there a fee for overdrafting the account or does the debit card get auto declined?
• Does the account come with spending limits?
• Do you have to have your own account with the bank?
• What happens when a teen ages out of the account?
• Are mobile and text banking offered?
• Does the institution offer or allow peer-to-peer payment apps, such as Venmo, PayPal, or CashApp?
• Can a parent set other restrictions? (For minors, if an adult is required to be a part of the account.)