Summary: Choosing a bank is not rocket science, but a little common sense and a handy list of questions will save you a lot of trouble later on by selecting a bank that will match your needs afterwards.
People frequently make rash judgments without considering the implications. This may work in some cases, but it may backfire when dealing with financial matters such as investments, loans, refinancing, insurance, and mortgages. To be a good investor, we need take the time to consider and learn more about the location where we would deposit our money.
There are many different types of banks. Citizen Bank, Well Fargo Bank, Region Bank, and Scotia Banks are a few names you’re likely to recognize.
Here are some guidelines to follow when selecting a bank:
- Location: When selecting a bank, consider its location. If you need to use your bank account frequently, consider a bank that is close to your workplace or home.
- ATM Machine Availability: Always choose a bank with a high number of ATM machines nearby. Also, when it comes to ATMs, be sure they can provide the following services: a) Can you make deposits at ATM machines? b) Do they provide printable statements of your transactions? Most countries do these days, while some do not. b) Can you get more cheques from the ATM?
- Telephone Banking: If you are really busy and cannot visit the bank during business hours, you should select a bank that offers telephone banking services. Telephone banking allows you to conduct transactions and check on your account at any time of day. Telephone banking allows you to perform the following tasks:
a) Use funds from your account to pay your utility bills.
Cancel any recent transactions.
c) Purchase another cheque book.
d) Enroll in additional services such as loans, credit cards, or lines of credit. 5. Internet Banking: Internet banking provides the same services as phone banking. However, questions and transactions can be made through the bank’s website using any internet connection. If they even have one! So please inquire since it is a fantastic convenience when traveling.
If you are looking for a bank for your small business, here are some tips to assist you choose a bank. 1. Once again, evaluate the location and ensure that the bank knows the nature of your business in order to suit your needs. For example, if you own a movie rental business that is open until midnight, you may wish to make deposits late at night or extremely early in the morning. In this scenario, check to see if the bank has a night deposit box. 2. Learn about transaction costs and don’t assume they’re the same as for personal accounts. Because of the increased volume of transactions, banks often charge firms significantly more. 3. Determine the interest rates for small business loans or lines of credit, as well as the time it takes to get money. You may find yourself in a situation where you require an extra few thousand dollars or more in order to achieve better pricing on bulk orders of supplies or whatever else.
The above list is by no means extensive, but it is a good place to start if you are just starting to seek for or considering a change.