What to Consider Before Choosing a Bank
Whether it be for business or personal use, the bank you choose to keep your money with has to be one that offers everything you need and expect. Aspects such as transaction fees, interest rates, availability, ease of use, security and services offered make a large impact on how you’re able to manage, save and spend your money.
After all, your bank offers very little to no control of how much it costs for you to transfer money or access your funds. How they cater to your long-term financial growth, as well as your personal requirements, varies greatly between different banks. In this post, we’ll look at what every consumer and business owner should consider before choosing a bank.
Service Availability
A good trick here is to make a list of your desired services before even heading to the bank’s website. This way you won’t be swayed by their marketing attempts. Banks will naturally attempt to draw in customers by advertising all of the best services they offer while keeping their lack of certain services under the rug. This can become dangerous when you end up opening an account with a bank that doesn’t do half the things you need them to.
There are tons of services to consider: the right card (debit, credit, check), investment opportunities, ATM services, deposit/withdrawal availability, 24/7 support centers, safety deposit boxes and numerous more. Ensure your bank has these services before signing up.
Fees
There are certain rules, regulations, and conditions that govern the severity of the fees you’ll incur with certain accounts. Ensure that each fee is explained before signing up so that you know what you’re getting into. This also applies to interest rates. Some banks may offer higher fees, but also more competitive interest rates. The result is potentially paying less every month than you would with a bank that offers low fees.
If you often use ATM’s, especially abroad, it’s worth finding out what the fee structure is with these as well. Don’t forget to consider overdraft and insufficient funds fees. Banks love them because its easy money. It may be a good idea to protect yourself with an overdraft protection system.
Future Products
These days there’s no telling what your finances will look like in the future. You need a bank that you can trust to assist you in the future with services such as mortgages and loans. Ensure that you are being charged competitive rates when receiving loans or paying off mortgages as well, as these fees can rack up significantly.
The last thing you want to do when paying off high ticket items or taking out a loan is to needlessly lose more money. If you want to utilize your funds right now, you’d be better off with online banks that charge lower fees. If you’re still unsure of what the best bank is for you, check out GO Banking Rates for an idea.
The right bank will play a significant role in ensuring your financial wellbeing both now and when you retire. Finding it is as simple as figuring out your needs and understanding what’s on offer.
