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Tags: finance, personal finance, find the right bank for you
 I’ve received a few emails from people asking me to give them advice on how to find the right bank for them. Now it may seem such an easy thing to do—go to the nearest banking institution and open up either a savings account or a checking account, or both.
But that necessarily isn’t the case. Remember, this is the place that you will be entrusting your money to so you want to make sure you find the right bank for you to have a meaningful financial relationship with. Finding the right bank can be difficult, and I’ve seen people who have multiple checking and/or savings accounts at the same time either with the same financial institution or with different ones and getting no actual benefit.
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Many doesn’t necessarily mean good—it’s better to just have one account at one place and know that it’s working for you as oppose to scattering your resources and getting nothing out of it. So let’s see about finding the right bank for you shall we? One of the things you need to know is that for the most part banking institutions are all the same—it’s you, the client, who’s different.
With all the things that they offer you in order to get your business—free checking accounts, no ATM fees, online bill payment, interest bearing checking and savings accounts—it can get somewhat confusing. So ask yourself this question: what will you do with an account once you open it up with the right bank? Are you going to be just leaving your money there or will it be actively used, or will it be a personal or a business account? If you’re new to banking then maybe a regular checking or savings account with an ATM or debit card may be the way to go.
If you are more sophisticated you may want direct deposit and even online banking capabilities—this is especially true if you want the convenience of doing transactions 24/7. Once you’ve figured out what you want in the right bank start comparing what’s available in your area. Ask around where other people do their banking and how satisfied they are with their experience.
Make a checklist of things that are important for your banking experience in order to find the right bank for you. Start with the most basic, such as location—do they have branches close to where you live or where you work so you don’t have to go out of your way to do business with them.
Do they have ATM convenience that allows for deposits? And what about their business hours—is it enough for you to do business with them or should they have weekend hours as well or extended hours? Don't forget it's also a numbers game. First and foremost look into their interest rates.
This would be important to know especially if they charge banking fees for their services, which most of them do—ATM fees, checking fees, even over the phone banking inquiry fees. And just because it’s free doesn’t necessarily mean it’s good. Many will offer free checking but when you read the fine print it’s only free for the first three checks you write each month and then they charge you for the succeeding ones—and it may be more expensive than those who don’t have free checking.
Let’s put it this way, if you are looking for a specific service that is being offered by the right bank, more often than not you will be willing to pay for it. Look at the fee schedules from the different banks to see what services get charged what amount and whether you’re willing to pay for them or not.
At the same time don’t forget to check out their customer service and whether or not they are FDIC insured. The right bank is out there waiting for you, just take the time to look for them.
About the author
The author of this article Rick Goldfeller is a successful underground Financial Analyst who has been advising and coaching individuals for many years. Rick recently published a book on how to manage your money and attract Wealth and Financial Freedom. More info on his Finance Planning course is available HERE.
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