Banking today is all about easy technology and tailor-made options, daily convenience and detailed customization. Bank features need to make sense in terms of your goals and lifestyle, and they need to offer innovative solutions for everyday banking as well as long-term plans. The more banking knowledge you have the better you’ll be equipped to make a choice that’s right on the money.
Take into account the different bank types before deciding where to place your money.
Security Is A Priority
The majority of banks are insured by the Federal Deposit Insurance Corporation (FDIC); most credit unions are insured by the National Credit Union Administration (NCUA).
Check your banking institution’s insurance; that way, you’ll know your money is protected up to $250,000 if your bank or credit union fails.
How Does Your Banking Institution Rate?
In terms of rate we’re talking literally, not figuratively. You want your money to grow, which is why it’s important to choose a credit union or bank that offers high interest rates on both checking and savings accounts.
Rates tend to be higher at credit unions and online banks but you’ll also want to consider interest rates for loans, ATM fees, overdraft fees, and monthly maintenance fees.
Be In The Know About Banking On The Go
If mobile banking is a priority for you be sure to check out the apps of the bank or credit union you’re considering. What apps are offered? Is online bill pay an option? Can you easily access account balances? Is mobile check deposit available? What about two-factor authentication for extra security?
The ABCs of ATMs
If you often find yourself needing to withdraw cash, consider a bank or credit union with easy-to-access ATMs near your home or work. You might also want to think about choosing a financial institution that waives ATM fees or refunds any fees incurred.
Credit union ATMS are typically based locally and regionally but many are part of larger networks, such as Star and Allpoint, which allow for cash withdrawals from other nationwide credit unions in the network.
On The Internet Or Down The Street?
Think about which banking method you prefer: online or face to face — or a combination of both. Today, many banks offer the ease of Internet banking as well as the personal attention of tellers at a brick-and-mortar institution.
Whichever method you prefer, the choice is always yours – bank on it.