It is surprising after all of the uproar of the past few years how many people will still put their money in just any bank. Being creatures of habit and maintaining a tried routine has many benefits in life. However All banks are not created equal, and let’s be clear that many have proven more solvent than others, on this issue visit bankrate.com to review their safety and soundness ratings of your current and future bank. Besides FDIC insurance, what other characteristics should you seek – and what questions should you consider?
How close is this bank? Is there a branch near where you live and close to where you work? How is the online banking setup? (Yes, you should value convenience, but it shouldn’t be the only factor in mind as you choose a bank.)
How cheap is it to bank there? You’ve heard of overdraft fees and ATM fees. But how about wire fees, notary fees, and fees on cashier’s checks and money orders? Returned-deposit fees? Stop-payment fees? Fees to check your balance? Fees to talk to a teller? (No kidding, some banks do charge for that.) Is it bad taste to ask a bank to detail its potential fees? No, it’s smart. Some banks offer you a free checking or savings account and a whole lot of potential charges besides. Some have plans that cover a whole range of services, plans that could save you some money.
What else can this bank do for me? I you are a business owner can the bank provide your business with credit card processing? Do they offer interest bearing checking accounts?What kind of CDsdoes the bank offer? How about mortgage, auto, credit cards, and other loan types? Could you send money overseas via this bank? And can you access your account via the ATM if you are overseas? Do they do any trust planning?
How friendly is this bank? When you walk into the bank, what’s the reception? Do people greet you and ask how they may help you? Or are you ignored for a prolonged period? What happens may hint at the level of service coming your way.
Ask to see a bank officer, if possible. Oh, and before you go… write down a list of what you want, and see how close your potential new bank comes to providing it. Don’t be afraid to make the bank work for your business – they all should be working harder than ever for it.
What can you do to make a banking relationship better for you? If you bring major amounts of cash to a bank, of course you’re going to be treated as a VIP. If you don’t, it may help you to establish a relationship or two. So often, we go to a bank and we look at the tellers – and even the loan officers and mortgage consultants – as mere functionaries instead of human beings.
If you have a lousy experience at the bank or you get dinged with some weird fee all of a sudden, ask why – preferably in person or then over the phone at your local branch. Only if the problem is not resolved then maybe the customer service staff (via that 800 number to the main office/call center) can address the matter and work out a solution. A good way to assure your known as a valued customer is to bank when it isn’t “rush hour” including Saturday’s. A friendly, recognizable customer who wants the best from his banking relationship can turn into a valued banking client.
Would it be better to use a bank online? How often do you need to go inside your bank? If you really don’t require much in the way of in-person services, maybe an online bank is a better option – after all, why should you pay to support your bank’s branches if you never set foot in them? There are some outstanding banks online that can provide you the services of a traditional brick and mortar bank, and because of their lower overhead costs they provide these services at a better value to you. Some typical examples are higher interest rates on CD’s, money market rates, and checking accounts , discounts on other banking products/services and innovative products that are often unavailable to you at a traditional bank.
Thinking small may help. Many people were leery of small banks in this last economic downturn, yet the customer service and overall customer experience can be considerably better at such institutions. Also though I am using the word “bank” do not forget to consider credit unions as a strong viable option for your needs as they also provide many strong products along with fine service. When a community or other bank is bought by a bigger one, bigger does not necessarily mean better in terms of attention to you the customer, so please be proactive in looking for the best options for you and your family.
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