Criteria For Choosing A Bank And How It Relates To Your Behaviors

June 07, 2016

There’s a lot more criteria for choosing a bank than most people realize. To make a good choice, it’s important to take a look at your own behaviors, patterns, and your money management style. Here are a few things to keep in mind…

Location, location, location – We know in the real estate world this is important, but it is just as important when it comes to whom you choose to bank with. If you don’t travel far or often, or prefer to do your banking in person, a local community bank is a good option. If you travel far and often, you may want to consider a bank that has locations wherever you go. Also consider how much banking you plan to perform electronically. The more you do online, the less important locations become although, many consumers enjoy the comfort of knowing their bank has a branch nearby in case they have an issue that needs to be discussed in person.

Know the checking account basics – Surprisingly, a hefty percentage of people do not know the basics of maintaining and balancing a checking account. Be sure you have a plan in place for managing your account so that you are on top of what’s coming in, and what’s going out. Financial management software like Quicken can help you keep track.

Choosing an account – When you’re ready to look at checking account options, compare offerings with what’s most important to you. Ask yourself, “How do I manage my money? What is the minimum amount I’ll keep in this account? How will I access my money?” The answers to these questions will not only determine what kind of checking account you need, but what extras you need to go with it such as overdraft protection or mobile banking.

Once you’ve fully considered the criteria for choosing a bank, and a checking account, take a look at the fees tied to that particular account. You don’t want any surprises after you’ve already opened an account and gone through the process.

Following these steps will help you find a bank that best can provide the products and services you need and help you avoid future disappointment.

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