Here are some tips for choosing a financial institution that's right for you:

• Seek out the FDIC label -- Look for an institution that is insured by the Federal Deposit Insurance Corp. That means your deposits will be protected up to $100,000. You will find FDIC stickers displayed on doors and teller windows.
• Shop around -- Compare the costs of accounts among banks in your area. Know what types of transactions you regularly make and evaluate accounts based on your needs.
• Be fee-wary -- Among them are fees for ATM usage, balance inquiries, seeing a live teller, flat monthly fees, per-check fees, overdraft protection fees, fees for going below the minimum balance, bounced check fees, fees for using another bank's ATM, placing stop payments on checks, providing canceled checks with monthly statements and even closing your account.

• Consider banking at credit unions -- Credit unions are member-owned alternatives to commercial banks. Because credit unions do not have to pay stock dividends, their fees are generally lower. Many larger credit unions have branches, ATM networks and offer all the services of a bank, though they typically offer fewer varieties of banking products. Many companies, unions, state and local governments, and communities have credit unions you may qualify to join. If one family member qualifies, generally everyone can join. Credit unions are federally insured, just as bank deposits are.

Things to look for:

• Linked accounts -- Look for banks that offer a checking account linked with another account. Your savings balance, for instance, may offset your checking account balance requirement.
• ATMs -- If you use ATMs frequently, look for banks with a lot of them. Most banks do not charge you to use their own machines.
• Direct deposit -- Many banks will offer free or lower-cost checking with direct deposit because they save money since they don't have to process paper checks. Many employers offer direct deposit. The federal government also pays Social Security and other benefits through direct deposit.
• No-frills checking options -- If you don't write many checks a month and cannot meet minimum required balances to avoid regular checking fees, look at no-frills/flat-fee accounts.

Things to be aware of:

• Beware of NOW (interest-bearing) accounts -- If you cannot maintain high minimum balances, it is best to avoid these accounts because the fees may cost you more than it's worth to earn the low interest on your balance.
• Service is important -- Price isn't the only consideration. Take a minute to think about how comfortable you feel at each institution. Do employees offer helpful suggestions? Are your questions answered quickly and accurately? Will the bank's hours and locations serve your needs?

Many banks will let you initiate an account over the phone and then run a check with a credit agency to verify the information. But expect to make a personal visit to your bank to provide a picture ID and signature to formally establish the account.