CHOOSING YOUR BANK
Now that you’ve learned the basics of banking and the importance of it, you are now ready to put your money in a bank. But which bank should you choose? There are thousands upon thousands of banks out there that are ready and very willing to accept your money. Some of them genuinely want to help the individual to protect and grow your money while a few are in it for wealth. In any case, most people choose a bank that’s big, reputable, the ones that have grandiose advertisements, and the ones that have already amassed a lot of users. While this is good and mostly safe, as the bank has been clearly tried and tested, not all big banks are immune to bankruptcy and even the ones with biggest names are vulnerable to failure. Here are six factors to consider in choosing the bank that will satisfy your financial needs.
Legitimacy of the bank. This is one of the most important factors in choosing a bank as this might save your money in case of failure. The best bet you have are banks that are accredit and under the umbrella of the Federal Deposit Insurance Corporation (FDIC) as they also serve as insurance. You can use the Bank Find tool in the FDIC’s website for a list of legitimate banks.
Size of the bank. The size of the bank depends on your lifestyle. If say for example, you live in a small town and hardly leave it then by all means use the local bank that may be small in size but you will be sure to be in access in a short notice. However if you travel frequently, choose a big bank that has lots of branches across the world so that you won’t be charged for using another bank in accessing your funds.
Location of the bank. Choose a bank that is easily accessible to you. Majority of bank users would like to personally deposit and withdraw their funds from the bank itself and not just online to ensure credibility.
Use of the bank. The main concern of this factor is what you want to do with your money while it’s in the bank. Each bank have their own set of features to entice clients and match your needs. Some banks focus on deposits and investments that they put high interest for time deposits and other bank transactions. Other banks have focus on the management of money that they are able to offer you an automated payment systems, etc. Having a goal for your money is one of the best ways to be able to choose the bank that is most appropriate for you.
Bank Fees. As features vary from bank to bank so does fees. In choosing a bank, always remember to do research about their policies as some banks are able to grant little to no fees as long as you have a specified amount of balance in your account while other banks charge fees for every transactions and action that you do.
Worth of Assets. Some banks were specifically made to cater to clients that have very large amounts of assets. Most people don’t fall in this category that’s why there are a lot more banks to choose from.
These are the basic categories to consider in choosing a bank. It will always depend on you and your lifestyle on what kind of bank best suits you. The important thing is to understand what you are putting your money into before transacting. In the next article we will be tackling the processes in your new account.
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An Introduction to the Basics of Economics
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