Having to make tough decisions is one of the worst things about becoming an adult. You have to decide where to work, whom to marry and where to bank. Picking a bank isn't as stressful as picking a mate, but it's not easy. Here are five tips millennials should consider before choosing a bank.
Focus on the numbers
Find a bank that doesn't levy unnecessary charges.
"Why would you pay $100 a year for checking, savings and basic banking if you can pay $30 or $5 or nothing?" said Douglas Boneparth, president of a New York City-based financial adviser firm. Online banks have less overhead and usually don't charge as many fees as brick-and-mortar banks. Online banks tend to have better rates for savers, too.
Pay attention to overdraft fees
Millennials should consider the cost of overdrawing a checking account. Bankrate data reveals that the average overdraft fee is around $33.38. Many banks offer overdraft protection programs, but it can be expensive. The CFPB found that those who opt in pay about seven times more in fees than those who don't.
When shopping for a new bank, find one that has more lenient overdraft policies.
Think about accessibility