Bank branches are seemingly everywhere — store fronts with little differentiation, which makes some people willing to walk to the closest corner branch and open an account, despite the bad service and without regard for the interest, fees, and loan availability offered by that bank. As a financially savvy woman, you can do better! Make sure you understand the following points in order to make an informed decision when choosing a bank.

Questions You Need to Ask

As you shop for the best banking opportunities, ask the bank representative the following questions:

• What are the service charges?

• How long does it take for a check to clear? Banks typically limit the amount of money you can readily access from deposited checks. To avoid overdrafts, ask your bank how much is available for immediate withdrawal, and how many days will it be before the entire amount is available.

• What is your overdraft policy?

• What is the interest rate on savings accounts?

• What are the advantages of having a checking or savings account there?

Automatic Bill Payments

This is an arrangement you make with your mortgage company, credit cards, insurance companies, and other debtors to withdraw funds from your checking account. Funds are extracted on a set date each month, unless and until you cancel the arrangement. Make sure you notify credit cards when terminating automatic withdrawals or they will clip you for returned check fees when their bank hits up your bank for the funds.Also make sure you mail credit card payments — at least the minimum amount due — by the due date.

Make sure you keep abreast of all the amounts being withdrawn and that you have adequate funds to cover them. When you cancel or alter the arrangements, make sure you check the statements for three months to verify that automatic payments have been cancelled or altered per your instructions.

Scheduled Transfers

Money is transferred from one account to another, per your instructions. You can opt to have a portion of your direct deposit sent to your savings account, or to have 20 percent of your balance transferred to your savings account on a set date each month.

Overdrafts

When you don't have sufficient funds to cover a withdrawal or a check, the bank may pay the amount and charge you a penalty. You need to know their overdraft policy, whether you have overdraft protection, and what they will charge you for overdrafts. You may be able to use your savings as overdraft protection, but — obviously — it's far better to avoid the problem altogether. Overdrafts also mean charges from the bank — and the credit card company or landlord or your doctor — and can affect your credit rating.