Stop payments of cheques A stop payment is an official order not to honor any cheque from your checking account. This is to stop the cheque from going into the bank’s system, in turn preventing your cheque from bouncing. Will your bank charge you everything you stop a payment? This seems not as important as the other fees (and in a way it shouldn’t be important; you wouldn’t want to make it a habit to stop payments). But you will want to know if it will cost you—and how much. You would want to cover your bases, as they say.
You would also want to know how much it would cost you to make special cheques. For instance, is there a fee for asking for bank/manager cheques? Again, this only matters if you think you would need a substantial amount of bank cheques.
You should be able to check your cheque details from your bank, so inquire whether or not such details would cost you. Most banks don’t charge for your bank details but you will want to clarify.
Standing orders. A standing order is a current account service where the bank automatically transfers funds from your bank to another—may it be yours or someone else’s. This can be used for several purposes, it goes without saying. This usually isn’t a paid service, although funds from standing orders that are returned unpaid usually are.
International transactions. This is a major concern if you will make numerous international transactions. Take note of what will be charged—will you be charged every time you make a fund transfer to an international account and will you be charged if you receive funds from an international account? Most banks do required fees for international transactions, so the best thing you can do here is compare rates, especially if you will be using your current account for international connections.
Similarly, check the fees for bank-to-bank transactions. Most banks charge current account holders if they transact with another bank. This is standard but not really a significant concern, although as with most fees you will want to know how much this would cost you.
Considering fees connected to current accounts may not seem like a serious task, but it is, especially if you will be using your account actively. Take note of the services you think you will be using constantly and consider whether or not the rate for the specific service will adversely affect your banking. Remember: these fees are not standard, so they’ll change from bank to bank. There’s no reason to stick with one bank if you think the rates for certain services are unreasonable.
This can also help you consider if you indeed need a current account. Surprisingly, a number of people get current accounts without knowing whether or not it is the account they truly need. Remember that a current account is an account you get for its access and for its convenience you do not check it for its saving capacity.
In any case, the connected fees on a current account will definitely dictate how you bank. Consider it well so you will be able to utilize your current account to the fullest.