Choosing a bank that's right for you
(ARA) - The banking landscape has changed dramatically over the past year and a half. And whether you've been a banking customer for 30 years or are just looking to open your first account, you may find that choosing a bank - or knowing if you're with the right bank - is more difficult than ever.
When you choose a bank, you choose what could be a lifelong partnership, so make sure you do a little research first to ensure you end up with the bank that best fits your financial and personal needs.
Here are a few important things you should consider when searching for the bank that's best for you:
An institution's locations, hours and proximity to work and home. Convenience is an important component of a primary banking relationship. Some questions you should ask yourself about your current bank or a prospective bank are: Does the bank open early or close late? Does it have many locations, and are they convenient to where you live, work and play?
"You want to be able to balance your banking with your lifestyle," says Nandita Bakhshi, head of deposit products at TD Bank. "Getting to the bank should not add stress to your day, so knowing you can still make it there if you end up working later than expected, or that you'll be able to find a branch or ATM nearby when plans change at the last minute, will go a long way in giving you peace of mind."
Your banking needs. Before choosing a bank, it's important to evaluate your current and potential financial needs, and to look for an institution that offers the products and services to best fit those needs.
Are you looking for quick access to safe deposit boxes or ATMs? Will you be buying a home or car, or making another large purchase in the near future? Do you travel a lot and require a bank that doesn't charge ATM fees or one that will allow you to easily - and inexpensively - pay bills online?
Also, make sure the bank's products and services fit your habits. If you tend to be a frequent cash and debit card user, will your new bank be able to issue you a debit card instantly? Are the ATMs easily accessible and does the bank charge you fees when you use another bank's ATM?
The bank's staff. Is the staff friendly and knowledgeable? Can they communicate with you in ways that make you feel comfortable, and are they available when you need them? Do they try to get to know you by name? Are transactions handled efficiently? If there's an error, how is it handled? Is the bank truly customer-service focused?
"When applying for a loan or evaluating different products to determine what's best for your financial goals, it's important to ask questions and have an open dialogue with your banker. For this dialogue to be effective, you have to feel comfortable enough to ask questions and discuss your personal finances with your banker. You also have to trust that your banker is able to understand your needs and provide you with the best advice possible," says Bakhshi.
Fees. Whether you're looking for a loan or just looking to open a checking account, you want to manage your money in the most cost-effective way. Before comparing products, consider some of your financial habits, such as how much money you keep on deposit each month and how many checks you tend to write. Then, evaluate the various fees a bank charges - or doesn't charge - for its products.
Possible perks. In today's competitive marketplace, banks are offering various incentives to open an account or obtain a mortgage through them. TD Bank, for example, is giving away a Flip Video Camcorder to new personal checking account customers.
"Checking accounts are the start of a relationship between customers and their bank," Bakhshi explains. "This giveaway is a chance for customers looking for a new checking account to be rewarded for everyday payments and purchases as well as a cool way for us to reward customers and give them a taste of what TD Bank's "WOW!" service is all about."
Finally, choose a bank that makes you feel comfortable and is customer focused. Consider all the products and services offered, and choose an FDIC-insured bank that best fits your needs, as they relate to your financial goals and requirements.
Courtesy of ARAcontent