For first time bankers, it is not easy to cut through the noise of so many available options. You might wonder which bank to go for, the required documentation, and the best type of account to open. Knowing how the bank, or the account you wish to open, operates is therefore vital for every first time banker.
Know Your Options
Although there is no shortage of banking options, choosing the best can be really overwhelming. There are three options when it comes to banking:
These are financial institutions with no traditional brick and mortar buildings, but offer banking services through your smartphone or the web. Most of these online banks have lower fees and higher saving rates when compared to the traditional banks.
Credit unions are nonprofit organizations owned by members. Most of their products and services are similar to those offered by banks, but they offer better rates when compared to banks.
Retail banks provide services to the general public, rather than to other banks, corporations or to companies. They offer a wide range of services and products, and also have ATM fees and minimum fees among others.
With all these options, it is easier to choose the best option that suits your needs and preferences.
Factors to Consider when Choosing a Bank
Considerations to be made when choosing a bank include:
Check out reviews about the banks you may be considering, and ensure that they are banked by the Federal Deposits Insurance Corporation.
As a banker, you must be in a position to completely trust your bank with your money. You, therefore, need to know how the bank you intend to work with serves their customers, and how transparent they are in the way they make money.
It is advisable to go for banks that have local ATMs to you. If this is not possible, consider the ATM fees for using another bank`s ATM, and keep in mind that these rates can add up.
To conclude, it is important to know the various banking options available, and how convenient they are in relation to your preferences. Accessibility and fees charged by the bank should be kept in mind.
Edward L. Taylor Jr currently serves as a Clayton County Business Banker with Heritage Bank. With over 15 years of experience in the banking industry, Ed can provide you with the best business products and services to serve your needs now and well into the future.
Vice President Business Banker • 770-515-7032 • [email protected]