Finding the Bank That's Right For You

Your bank should be more than a place to store or borrow money…your bank should be your financial partner. Finding the right bank means first assessing your needs and then evaluating a potential banking relationship on how well it can meet those needs. Whether you're looking for a new bank or just want to confirm that your current banking relationship is stacking up, answering the following questions can help you identify your "banking personality"…and perhaps make bank shopping less of a chore.  

• What is your goal in establishing a banking relationship? Answers may include "to save money," "to have a checking account," "to get a loan," or all of the above.
• How much money can you keep on deposit each month and how many checks will you write? This will help you figure out how complex or simple an account you might need. "Packaged" or "multi-service" accounts offer a variety of services for one fee, while "no frills" accounts offer a minimum number of services at an extra-low price. Other accounts might be designed “a-la carte”; you choose from a variety of services and pay as you go.
• Will you be buying a home or car or making another large purchase in the near future? You'll want to find out about the variety of loan products offered.
• If your goal is to save for a big expense or toward your child's (or your own) future education, you'll also want to find out what savings products are offered. Many banks now offer uninsured investments, such as mutual funds, as well as the more traditional insured deposit accounts.
• What time of day do you expect to do most of your banking? Some people prefer to visit the bank during their work hours, while others prefer a bank located close to home that they can visit over the weekend. Some banks have launched evening hours.
• Do you like the convenience of automated teller machines and other types of electronic services (like banking through your personal computer), or do you prefer to deal conduct your business in person? Answering this question will help you determine if you'd be happier at a bank with an extensive branch network with a range of business hours, or one that focuses more on electronic services like ATMs and PC banking.
• Compare fees and service charges at the banks you're considering, as well as interest rates on loans and deposit accounts. What does each charge for services like cashiers checks, safe deposit box rental and ATM use?
• Find out what additional services banks include or make easily available (overdraft protection and debit cards with checking accounts, for example).
• Finally, look for an institution that is federally insured. This means your deposits will be protected up to $100,000 by the FDIC (IRA’s and certain retirement accounts are protected up to $250,000). Look for FDIC stickers on bank doors and teller windows.

Now that you have your answers, call or visit several banks near your home or office. Comparing info on banks’ websites is valuable, but put their customer service to the test with a phone call or visit. Price isn't the only — or even most important — factor for most people when choosing a bank, so time to think about how comfortable you feel at each institution. Are your questions answered quickly and accurately? Does the staff offer helpful suggestions? Will the hours and locations save you time and meet the demands of your schedule?  

And what if you don’t want to leave your current bank but you’ve become less satisfied over time? Perhaps they have introduced new accounts or services you aren't yet aware of that would better suit your needs. Let them know if the level of service, convenience, or product choice doesn’t meet your expectations…most banks welcome the opportunity to design a relationship that works for you.