banking

7 questions to ask before you switch banks

How soon are deposit funds available?
How soon are deposit funds available?

While some banks put a hold on certain types of deposits, Freedman says some deposits are instantly credited.

Weinstock says financial regulations require the first $200 of any deposit be available the next business day following a deposit, but banks vary in how soon the rest of the deposit is available.

"Fund availability is extremely important, especially for people living paycheck to paycheck," Weinstock says. "Some banks say the business day ends at 2 p.m., so you need to check that information in their disclosure boxes."

Weinstock says you also should find out the bank's process for handling deposits and withdrawals. Most banks process a deposit first and then the withdrawals from the same day, but others credit the deposit last.

"Some banks handle the largest withdrawals before smaller ones that come in on the same day, which can make it more likely that you'll overdraw multiple times," Weinstock says.

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