Analyze neobank and online checking terms for hidden overdraft costs, early direct deposit limitations, and account closure risks.
"No fee" banking often comes with catches. Know what you're agreeing to.
Overdraft protection sounds free but may require direct deposit minimums. Exceed the limit and transactions get declined—no grace period.
"Get paid 2 days early" depends on when your employer sends funds. It's early release, not early payment—and not guaranteed.
Banks can close accounts at any time for "suspicious activity" or regulatory concerns. Your funds may be frozen during investigation.
ATM fee rebates often have caps ($7-10/month) and only cover certain fees. International ATMs usually excluded.
Mobile deposit limits are often low ($2,000-5,000). Large deposits may be held for days. No cash deposits possible.
Neobanks aren't actually banks—they partner with banks for FDIC insurance. Check who actually holds your money.
Paste the account agreement to identify potential issues.