How to Choose a Bank That's Right for You
Determine your money habits., Decide if location is important to you., Consider your ATM usage., Decide the importance of customer service., Decide if e-banking is a priority., Compare the fees and interest rates associated with each bank., Research...
Step-by-Step Guide
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Step 1: Determine your money habits.
Before shopping around for a bank, decide what you prefer, so that you will know which bank is right for you.
Good things to consider are Automated Teller Machine (ATM) usage, low account balances, investment accounts, online banking, bill pay, credit cards and deposits. -
Step 2: Decide if location is important to you.
If you do weekly deposits, then you may want to narrow down the potential choices to those banks that are close to home or work.
Many people do a good portion of their banking online, which could also be considered a location.
If you almost never go to a brick and mortar bank branch, then consider using an online bank, rather than a local bank. , Many banks have fees associated with use of ATM machines from another bank.
Decide what banks have ATMs that would be convenient for you, so that you can avoid fees.
ATM usage should be gauged not only on your local usage, but also on your travel.
If you do not travel often out of your own state, then choose a popular state bank with many local branches.
If you travel frequently, then you might want to choose a national bank. , Many credit unions have ways that you can speak to a local person quickly, if you have a banking problem.
National banks often use calling centers, a frustration with some bank customers. , Although most banks offer some sort of online banking, the sophistication of their banking websites will differ.
Some credit unions or smaller banks may not have all the online options that a national bank can provide. , Go online or go to branches and collect fees schedules.
Compare ATM fees, overdraft fees and low balance fees.
Look for banks that provide free or very low payment checking accounts, low or no ATM fees.
Compare savings interest rates, checking interest rates and investment interest rates.
Also, see if there is an extra charge for checks or online banking. , The Federal Deposit Insurance Corporation (FDIC) provides a report of many banks' financial outlook.
Search their institution directory to find out about your possible choices. , Many people are taking their money out of big banks that were involved with the sub-prime mortgage scandal and putting them in local banks or credit unions.
It may be comfortable to know that your credit union uses your money to help local people finance their homes or cars. , Although it is not necessary to keep a retirement account, certificate of deposit, or mutual fund through the same bank, it can make transfers extremely convenient.
Many of the investment options require a high account balance. , You want to make sure you are sure of the fees and schedules.
Going into a bank will also help you get a feel for their customer service. -
Step 3: Consider your ATM usage.
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Step 4: Decide the importance of customer service.
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Step 5: Decide if e-banking is a priority.
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Step 6: Compare the fees and interest rates associated with each bank.
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Step 7: Research the bank's financial stability.
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Step 8: Research the bank's financial ethics.
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Step 9: Decide based on investment options.
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Step 10: Visit local bank branches or call an Internet bank before signing up.
Detailed Guide
Before shopping around for a bank, decide what you prefer, so that you will know which bank is right for you.
Good things to consider are Automated Teller Machine (ATM) usage, low account balances, investment accounts, online banking, bill pay, credit cards and deposits.
If you do weekly deposits, then you may want to narrow down the potential choices to those banks that are close to home or work.
Many people do a good portion of their banking online, which could also be considered a location.
If you almost never go to a brick and mortar bank branch, then consider using an online bank, rather than a local bank. , Many banks have fees associated with use of ATM machines from another bank.
Decide what banks have ATMs that would be convenient for you, so that you can avoid fees.
ATM usage should be gauged not only on your local usage, but also on your travel.
If you do not travel often out of your own state, then choose a popular state bank with many local branches.
If you travel frequently, then you might want to choose a national bank. , Many credit unions have ways that you can speak to a local person quickly, if you have a banking problem.
National banks often use calling centers, a frustration with some bank customers. , Although most banks offer some sort of online banking, the sophistication of their banking websites will differ.
Some credit unions or smaller banks may not have all the online options that a national bank can provide. , Go online or go to branches and collect fees schedules.
Compare ATM fees, overdraft fees and low balance fees.
Look for banks that provide free or very low payment checking accounts, low or no ATM fees.
Compare savings interest rates, checking interest rates and investment interest rates.
Also, see if there is an extra charge for checks or online banking. , The Federal Deposit Insurance Corporation (FDIC) provides a report of many banks' financial outlook.
Search their institution directory to find out about your possible choices. , Many people are taking their money out of big banks that were involved with the sub-prime mortgage scandal and putting them in local banks or credit unions.
It may be comfortable to know that your credit union uses your money to help local people finance their homes or cars. , Although it is not necessary to keep a retirement account, certificate of deposit, or mutual fund through the same bank, it can make transfers extremely convenient.
Many of the investment options require a high account balance. , You want to make sure you are sure of the fees and schedules.
Going into a bank will also help you get a feel for their customer service.
About the Author
Amber Ross
Professional writer focused on creating easy-to-follow pet care tutorials.
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