If you haven’t been hiding under a rock or aren’t still using the mattress as your savings account, then more than likely you have your money sitting in an account at a bank. Let me ask you a question. Are you happy with your current bank or do you dread going there to make a deposit? If you answered yes, then maybe you should consider switching. Nowadays banks are very competive and offer many incentives that could be very beneficial.
Below are 5 smart tips to use when selecting a bank:
Unless you do the majority of your banking online, the location of your bank is very important. No one wants to drive clear across town to their bank, so it’s imperative that you decide if you’d like your bank to be close to your home or to your place of employment. There are a lot of factors that could go into making that decision such as whether or not your bank has a drive-thru, easy access to parking and numerous ATMs with little to no surcharge fees.
Great customer service is one of the hallmarks of a good bank. It’s a pleasurable feeling to walk into a bank where the banker recognizes you, has a good attitude and is eager to assist you. Stay away from banks that always have long lines and long wait times via the telephone. It’s also wise to select a bank with knowledgeable tellers and financial advisors.
Banking Products/Services Offered
See what special products/services the bank offer. A competitive bank will offer a wide range of products such as great rates for mortgages, auto loans, lines of credit as well as credit cards. A good bank will also offer a wide range of investment products such as CDs, IRAs, Mutual Funds, etc.
We are living in the technology age and as a result, most people are very much into transacting business online. If you are interested in online banking, inquire about additional fees, security measures taken and customer service. Benefits of online banking include: no lines, after-hours banking and access to an updated statement daily.
Don’t get lured into paying excessive fees. Find out the surcharge or fee structure, up front, when selecting a bank. Stay away from banks that charge a string of little fees here and there for simple everyday transactions such as using the ATM or debit card? Beware if they charge monthly fees for not maintaining a certain balance in your checking or savings account. Now more than ever many bank offer free checking as well as other incentives for opening accounts with them.
Selecting a good bank can be tough especially when they’re on every corner. However following the savvy tips above can get you on the right track to finding a good one.
Are you happy with your bank?