Banks Are More Than Just A Place To Park Your Money
If you've been to a shopping mall lately, you've probablydiscovered two different banks within a few feet of eachother. Go inside the food store in that shopping plazaand you'll see yet another one, just waiting to offer theirservices to you. Now drive down the road a few blocks andyou'll probably see yet another bank on the corner. Withall the banks to choose from these days, it can betoo much. How do you know who is reputable and what willserve your purposes?
It's actually very simple. Make a list of what you wantfrom a bank and choose only two or three of the ones you'veheard good things about. Banks are often places that yourfriends and families will have strong opinions about- solisten to them. If they rave about one and rant aboutanother, you will know where to stay away from. Make sureto take their advice with a grain of salt though, so youdon't sign up right away. First, you need to find out allthat they offer so you can make an informed decision.
Enrolling with a bank may not seem like a big decision, butit is. Think about it, changing banks is not somethingpeople want to do often. And it's not something that isparticularly easy or fun to do. You'll want to start with agood bank and stay with them for many years - if not for therest of your life. You'll probably be using a debit card,credit card, loan and various other services with your bank,so choose wisely.
Inquire from the banks you're choosing between if theyoffer free checking, what their policy on over-drafting is,how they handle lost/stolen cards, what happens if you haveunauthorized charges appear and so on. Talk to them aboutsaving/checking accounts and the fees they charge. Get lotsof information to take home with you so you can read itthroroghly.
Many will have pamphlets to give you, so take all theones that interest you. You will also want to find out howmany locations they have and where all their ATM's are.Convenience is key with banks since you won't want to haveto drive all over town to withdraw cash or deposit checks.If you're considering a start-up bank that doesn't have toomany locations yet- make sure you won't be traveling aroundmuch just because you won't have access to a bank.
The best thing you can do when choosing between banks is toget all the information you possibly can and then decidewhich one to go with. This way you'll get the best dealsand you'll know what to expect and not expect from yourbanking institution.
The author has been in the banking industry for 30 years. Her purpose is to help people to manage their money with ease and peace of mind.
Carol Sue Blanchard is passionate about banks and is the webmaster of FEN Banks
