Choosing the Right Bank
In the event that you are a young adult looking for your first bank or if you are already established with a bank, but are disillusioned with your present bank for some reason, what do you look for when selecting a bank? Probably, the first item to look at is the location. Is there a branch near your home and near to where you work? Make sure it is geographically convenient for you. Also consider what hours and days they are open and how that will fit your schedule.
While shopping for convenience, find out their availability of technological advances. Consider the ease of their online banking services and their security of these services. Does the bank have online bill paying available?
Find out the loan services and interest rates that would apply. Compare these services for different types of loans that you might need in the near future. When looking for a bank, find out if they have customer service representatives you can talk to about different financial situations. Make sure you can talk to and ask questions from a live person, not just an automated tape recording.
Look at the savings options offered to you. You want to see a variety of plans such as certificates of deposit, traditional savings, IRA’s in both the traditional and Roth. Find out the interest rates and time frames involved for each type of plan. Again, you want to see and talk to customer service representatives for an explanation of these services.
Another important area to look at is the different types of checking accounts they have to offer. See if there is any kind of overdraft protection available and what types of fees apply. Research and determine if there is an interest bearing checking account if you have a sum of funds you want to keep liquid yet need to earn interest on.
Ask about debit cards, prepaid credit cards to avoid hefty balances and finance charges if you’ve had credit card problems in the past, and ATM cards and find out if there are any service fees that apply on using these. Call around and stop in and visit your potential bank in advance to selecting which bank is the right one for you.
