Choosing a new bank can be confusing.
There are many options available at a wide range of different sized banks and some of the offers may be more tempting than others, but it is important to take everything into account when making your decision. Your choice of where to bank can cost or save you hundreds of dollars each year. Here are some of the most important features to look for when you are choosing a bank.
Low Fees
The purpose of having a bank account is to keep the money that you have earned safe until you need it.
Paying a lot of fees to the bank that is holding your money is a direct contradiction to this purpose and can be detrimental to your saving efforts. When reviewing the features of a new bank, make sure you review what fees are charged and what triggers those fees. You could be charged a fee for falling below a minimum balance amount, using a human teller too many times in a single month, or not making enough transactions with the debit card connected to the account. Some fees are solely for the privilege of having an account with the bank. Choose a bank with low fees because it means less money out of your account each year.
Good Customer Service
Have you ever had a problem with a business and became frustrated with the bad customer service you received? Imagine how much more frustrating the situation would have been if access to all of your money had been involved. When a problem occurs, good customer service can be worth a lot because it shows you that the company cares that you are having an issue and is trying to take action to resolve the problem. Make sure that you can talk to a human during normal business hours, either at a local branch, over the phone, or by chatting online through the bank’s website.
FDIC Insurance
While most of the banks in the United States are covered under FDIC insurance, some are not and choosing one of the banks that are not can be a costly mistake. This insurance insures the deposits in the bank, ensuring that depositors will be able to get a significant portion of their funds back if the bank fails while holding the funds. People that have accounts that are not covered under FDIC insurance are risking losing everything if something happens with the bank that causes it to fail.