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Choosing a bank isn’t a decision to take lightly. However, most people don’t give this decision much consideration. They might select a bank simply because it’s near their home or office. Although convenience is a big factor, there are other things to take into consideration when choosing a bank. If you’re not happy with your current bank and you’re ready to make a switch, here are seven things to look for in a financial institution. Table of contents:
1 Bank FeesFee-free banks are practically extinct, with many banks and credit unions charging monthly fees for savings and checking accounts. Although you can’t always get around these fees, you can control how much you pay. When choosing a bank, inquire about monthly fees as well as minimum deposit requirements. 2 Automatic Savings OptionsTo maximize your savings efforts, some banks offer options for automatic savings. The bank may round up your purchases to the nearest dollar and deposit the change in your savings account. And for every debit card transaction, some banks will deposit one dollar from your checking into your savings account. Trendinig Stories 3 Location, LocationAgain, the location of a bank in relation to your home or office is important. However, take into consideration the number of total branches in your area. If you were to move or change employers, would you maintain easy access to the bank? Some banks only have one or two locations in a city, and depending on the bank, there may be few (if any) locations outside your immediate area. 4 Bank HoursThe majority of banks open from 9 a.m to 5 p.m. Of course, if you work a full-time job, getting to the bank during these hours may be problematic. However, some banks have longer hours, with branches opening at 8 a.m and not closing until 6 or 7 p.m. Consider your schedule when choosing a bank, and select a financial institution with hours convenient to your life. 5 Online BankingIf you’re tech savvy and conduct most of your financial business online, you need a bank or credit union with an innovative online banking system. This includes the ability to pay bills online, transfer money and open accounts. Unfortunately, some smaller banks and credit unions have limited online options. 6 Mobile BankingDo you have a smart phone? Do you prefer managing your bank account from the palm of your hand? Not only should you look into a bank’s online features, consider whether the bank offers mobile banking. Mobile banking is very similar to online banking. But with mobile banking, you don’t need a desktop or laptop computer - simply manage your account from your smart phone or other mobile device. 7 ReputationBefore choosing a bank, consider what other people are saying about the financial institution. Not to say you should base your decision entirely on the views of others, but hearing real customer experiences can help you make a wise choice. For example, does the bank have good customer service? How quickly does the bank resolve issues? There is no way to guarantee the best banking experience, but if you choose your bank or credit union carefully, you can reduce your risk of problems. Shop around, compare interest rates and fees, and select a bank with a good reputation. What tips do you have for choosing a bank? Please rate this article ☆☆☆☆☆ Comments Popular Related Recent This device is too smallIf you're on a Galaxy Fold, consider unfolding your phone or viewing it in full screen to best optimize your experience. Skip to main contentEditorial Disclosure We have not reviewed all available products or offers. Compensation may impact the order of which offers appear on page, but our editorial opinions and ratings are not influenced by compensation.
by Maurie Backman | Updated July 17, 2021 - First published on Jan. 17, 2021 Image source: Getty Images Looking for a new bank? Don't settle for anything less than these perks. When it comes to choosing a bank, there's a lot to consider. You can opt for an online bank, a brick-and-mortar establishment, or a combination of both. Either way, it pays to know what features to look for in a bank. To that end, The Ascent's recent study asked customers what's most important to them. Here are the top 10 perks they came up with. 1. Great customer serviceSolid customer service is something you should demand from any business -- but especially your bank. Aim for a bank whose customer service team is easily accessible (meaning, no 30-minute waits to speak to a live person). Not only that, but make sure its representatives are knowledgeable and adept at handling issues as they arise. 2. Low account feesWhy pay money to keep your money somewhere? Aim to find a bank account whose fees are minimal or nonexistent. There are plenty of checking accounts out there, for example, that don't impose a minimum balance. And you shouldn't settle for a bank that will charge you for things like online bill paying or replacement debit cards. 3. Security and fraud protectionIf a criminal gains access to your bank account, the results could be catastrophic. Aim to find a bank with strong security measures in place both at its physical locations as well as online. As a basic measure, your bank should require a complex password for you to sign in and access your account information. 4. Mobile and online accessLet's face it -- most of us are tied to our mobile phones these days. To that end, be sure to find a bank that lets you access your account on the go. It'll make managing your bills and money more convenient. 5. Solid brand reputationYou may have plenty of luck going with a local community bank that doesn't have dozens upon dozens of branches. But there is something to be said about choosing a bank whose name is easily recognizable and whose reputation is solid. 6. Convenient ATMsHaving easy access to ATMs won't just save you time -- it can also save you money. If you're tempted to take withdrawals from out-of-network ATMs because they're closer, you'll waste money on fees. Instead, find a bank with at least a handful of ATMs that are conveniently located for you. That could mean having an ATM near your home, near your work, or near the gym you work out at three times a week. 7. Competitive interest ratesThough savings accounts aren't paying a whole lot of interest these days, you should still aim to find a bank that offers a more competitive rate. This extends to certificate of deposit (CD) rates, too. During times when rates are higher, you can earn quite a bit of money from a CD if you look around and choose the right one. 8. A nice mix of accountsYour ideal bank should offer a healthy account mix so it's possible to have your checking account, savings account, and CDs all in the same place. Doing so will make it easier to keep track of your finances. 9. Convenient branch locationsThe location of your bank may not be quite as important as the location of its ATMs, since you're likely to use those the most. However, you should still aim for a bank that's reasonably close by to where you work or live. A bank branch might be useful for a safe deposit box, notary services, or another reason, so be mindful of location when making your choice. 10. Loans and other financial productsYou may need your bank for more than just a checking or savings account. What if you land on hard financial times? In that case, wouldn't it be nice to turn to your bank for a loan? Similarly, a bank that offers other products might be useful, like an IRA for your retirement savings. You work hard for your money, so it's important to find the right place to put it. Keep these features in mind when seeking out a new bank, as they'll help you land on the right choice. These savings accounts are FDIC insured and could earn you up to 15x your bankMany people are missing out on guaranteed returns as their money languishes in a big bank savings account earning next to no interest. Our picks of the best online savings accounts can earn you more than 15x the national average savings account rate. Click here to uncover the best-in-class picks that landed a spot on our shortlist of the best savings accounts for 2022. About the AuthorMaurie Backman writes about current events affecting small businesses for The Ascent and The Motley Fool. Featured ArticlesWhat's important to look for when you're shopping for a bank?Some of the things you might want to consider include the types of accounts a particular bank offers, whether other products are available, such as a certificates of deposit, home loans, insurance and financial planning services. You also need to think about what kind of options you'll need for accessing your account.
What factors should he consider when choosing a bank?What To Consider When Choosing A Bank. What are their fees? ... . What is the highest interest rate you can get on a savings account? ... . Does your bank have physical locations? ... . What is their customer service track record? ... . How were you treated by staff when asking a few questions?. What are the important features of bank?Characteristics/features of a bank are;. Dealing in Money.. Individual/Firm/Company.. Acceptance of Deposit.. Giving Advances.. Payment and Withdrawal.. Agency and Utility Services.. Profit and Service Orientation.. Ever-increasing.. |
What are the most important features you want to consider when shopping for a bank
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