Choose A Bank That Is Right For You

Choose a bank thats right for you.

Continuing with National Consumer Protection Week, let’s talk about banks. Recently, Wells Fargo has been in the news for creating fake bank accounts. When shopping for a bank you want the one you choose to be on the up and up. After all, your bank accounts are the primary ways to store your money, pay your bills and build savings. When you shop for a bank, consider the actual products and services, the location of branches, and online and mobile banking features.

When it comes to finding a safe place to put your money, there are many options. Savings accounts, checking accounts, certificates of deposit (CD), and money market accounts are popular choices. Each has different rules and benefits that fit different needs. The bank or credit union must provide you with the account terms and conditions. When choosing the one that is right for you, consider the following.

Minimum deposit requirements. Do you have to keep a minimum dollar amount in your account to earn interest or avoid account maintenance fees?

Limits on withdrawals. Can you take money out whenever you want? Are there any penalties for doing so?

Interest. Can you earn interest on your accounts? How frequently is it paid (monthly, quarterly)? Check with banks or credit unions to see and compare their current published rates.

Online bill pay. Can you pay your bills directly from your bank or credit unions website?

Deposit insurance. Make sure the banks is a member of the Federal Deposit Insurance Corporation (FDIC) or that a credit union is insured by the National Credit Union Share Insurance Fund.

Mobile banking. Can you access your accounts and make deposits from your mobile phone or tablet? Does the bank charge fees for this access?

Convenience. Are there branches ar ATM’s close to where you work and live? Can you bank by phone or Internet?

Money transfer. Does the bank have a system that lets you transfer money to your accounts at other banks or to other people?

Considering a checking account or another type of account with check-writing privileges? Add these items to the list of things to think about.

  • The number of checks. Is there a maximum number of checks you can write per month without incurring a charge?
  • Check fees. Is there a monthly fee for the account or a charge for each check you write?
  • Holds on checks. Is there a waiting period for checks to clear before you can withdraw the money from your account?
  • Debit card fees. Are there fees for using your debit card?
  • Account fees. Does the bank charge fees on your checking or savings account to cover things like maintenance, withdrawals, or minimum balance rules?

I know choosing a bank should not be that hard, but there are a lot of things to consider. It is your money and you want it to grow, not dwindle due to unforeseen fees.

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on Choose A Bank That Is Right For You

  1. BlazyGoneCrazy
    March 7, 2018 at 12:33 pm (7 months ago)

    It is very essential to select the right banks. Awesome tips

    Reply
    • tracie45
      March 7, 2018 at 9:50 pm (7 months ago)

      Very essential. Thank you for reading and commenting!

      Reply
  2. Jaime
    March 7, 2018 at 9:23 pm (7 months ago)

    I’ve been with my bank (a credit union) since high school. I actually have two banks, one local and then one that is based a few states away – and that’s the one I use primarily! Online banking and customer service are super important to me.

    Reply
    • tracie45
      March 7, 2018 at 9:39 pm (7 months ago)

      Wow Jamie, that is a lot of great history to have with your credit union. I am sure you have built great relationships with the employees there. I have had the same bank for about 15 years. I have an online bank as well and that’s where I stash cash that I just don’t want to touch. Thank you for reading and commenting!

      Reply
  3. Neely Moldovan
    March 8, 2018 at 10:10 am (7 months ago)

    I love this advice because so often we will choose something based on one factor without looking at other factors. This is very helpful!

    Reply
    • tracie45
      March 14, 2018 at 6:14 pm (6 months ago)

      It is very important to look at all factors Neely. Thank you for reading and commenting!

      Reply
  4. Mary Jingjing Mortos Lopez
    March 8, 2018 at 11:14 am (7 months ago)

    I love reading articles like this because getting the idea to choose which bank to go to is a must before jumping over the decision. I want to choose wisely and having a good background with these pointers would really be helpful.

    Reply
    • tracie45
      March 14, 2018 at 6:12 pm (6 months ago)

      I am glad you found value with this post Mary. Thank you for reading and commenting!

      Reply
  5. Gingermommy
    March 8, 2018 at 12:30 pm (7 months ago)

    I thought I was with the right bank as I had been a customer for 20 years, then found out another was way more forgiving and easier to use. So I switched. These are all great tips

    Reply
    • tracie45
      March 14, 2018 at 6:12 pm (6 months ago)

      I am glad you are with a bank that you can live with Ginger. Thank you for reading and commenting!

      Reply
  6. Scott
    March 8, 2018 at 7:13 pm (7 months ago)

    We were lucky to have been with a bank that has met our needs for over 30 years. Small banks rule!

    Reply
    • tracie45
      March 14, 2018 at 6:11 pm (6 months ago)

      I have a small hometown bank too Scott. They are more personable. Thank you for reading and commenting!

      Reply
  7. Tami
    March 8, 2018 at 9:04 pm (7 months ago)

    I’ve recently discovered the ease of making deposits with my phone. I have been saving a special trip to town once a week.

    Reply
    • tracie45
      March 14, 2018 at 6:10 pm (6 months ago)

      I do a lot of my banking via my computer and phone too Tami. Thank you for reading and commenting!

      Reply
  8. Peter
    March 9, 2018 at 7:59 am (7 months ago)

    I have always switched between two. My wife has had the same bank for years. It is very essential.

    Reply
    • tracie45
      March 14, 2018 at 6:07 pm (6 months ago)

      My husband and I kept my account for our joint account and opened another account at a different bank for our other banking needs. Thank you for reading and commenting!

      Reply

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