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7 Critical Factors to Consider When Choosing a Bank

choosing a bank

Choosing a bank isn’t as overwhelming as it may seem! In fact, it can be an awesome opportunity to break into the world of financial success. Banking your money gives you better control over your income and outcome.

You become more aware of what’s happening with your money and where it’s going. Another benefit is you have documentation. Your payment statement will show all the payments, withdrawals, and deposits you’ve made.

There’s no doubt that banking is important. That’s why we’ve put together a list what you should look for before deciding on where to bank. Keep reading to uncover our top seven most critical factors to consider when choosing a bank!

1. Scope Security When Choosing a Bank

The most critical factor to consider when choosing the right bank is: security. Is your money safe? You’ll be able to spot a good bank because they have fraud prevention techniques.

Also, quality banks will have deposit insurance. The Federal Deposit Insurance Corporation [FDIC] protects your money, in the event, someone steals from your account.

This could happen if someone gets hold of your debit card and pin number, which gives them access to your account.

2. Do They Have the Account You’re Looking For?

Ask yourself if they have the account you’re looking for. Do they offer credit cards, savings accounts, or other services? Looking into the future, would you need a bank that offers loans?

Be aware of all their services and offers before deciding on a bank.

3. Hidden Fees, Annual Fees, Transfer Fees

Review the fees for each account. Check on annual fees or if the bank offers any incentives for joining. We recommend you compare local banks and their fees list.

Comparing is also a good practice for deciding if a bank has a good interest rate. Here are a few questions to ask yourself:

  • Do they charge to transfer money to another bank?
  • What’s there overdraft fees?
  • Do they have an annual fee?

4. Varying Interest Rates

Different banks will offer you different interest rates. Some will be low, others will be high. Some banks will offer a high starting interest rate then drop down.

The lower the interest rate the better. Be wary of banks that skyrocket their interest rate! Especially if they don’t compensate with appropriate accreditation.

5. Cash Limits

A make it or break it could be how much money you’re able to withdraw from your local ATM. Some banks only allow $200 dollars at a time, when others could range as high as $1000. Think about your needs, and see if the bank you’ve chosen can match up to that. Some banks can adjust that limit, based on your needs.

6. Online Banking

Another factor you may consider is if they have the option for online banking. They may even offer apps to take photos of checks and load the amount to your account within seconds. That means you wouldn’t even have to leave your house!

Banks that explore secure technology are a definite plus.

7. Honesty is the Best Policy!

Customer service is pinnacle when working with banks. You need to be able to trust the people who will be securing your money. If you have doubts about their security or any of our listed critical factors, find a new bank.

You may consider switching to Signature Bank!

Why We’re the Perfect Fit!

Choosing a bank isn’t the easiest, but we strive to make it that way! We offer a variety of banking services for all your needs. We offer personal and business banking services including loans, credit cards and cash management services.

Don’t wait any longer and apply online today!