How to Choose a Bank

There are more banking options than ever these days. With a little research and legwork, you can find the banking relationship that fits you and your finances.

Difficulty: Moderately Easy

Instructions

Things You'll Need:

• Banks
• Pens And Pencils

1. Consider a bank that is convenient to your everyday activities. Look for banks that are easily accessible as you drive to and from work or while you run your usual errands.

2. Check out different banks' Web sites. There you can get a good idea of the types of accounts, available services and rates offered before you set foot inside a branch office.

3. Think about what is most important to you in a banking relationship. If you want to be able to develop a personal, long-term relationship with a bank, a smaller, local bank might best suit your needs. If you travel frequently and need access to branch offices while you are out of town, consider a regional or national bank.

4. Consider how you will be banking. If online banking and ATM banking interest you, select a bank that offers those services.

5. Visit the branch office where you would be conducting most of your banking business. Are the tellers professional and friendly? Are the account officers and/or managers accessible? Are the hours of operation compatible with the hours when you will do your banking?

6. Compare interest rates and service charges among banks to make sure you're getting the best deal.

Tips & Warnings

• Ask friends and family to recommend a bank.
• Many banks will use the combined balance of all your accounts (checking, saving, money market, etc.) in calculating monthly account service charges, so consider moving all of your accounts to one bank.
• Consider a 'virtual bank.' All banking is done online or by mail, and service charges, if any, are minimal. Some virtual banks will even reimburse you for fees you incur using their cards at another bank's ATM.

[kevy138]

on 9/9/2009 Whatever you do, avoid First National Bank of Omaha at all costs. I have had a Visa card with them for the past year and just missed the payment deadline for the first time last month. I submitted the payment 2 hours after the cutoff date on the due date.

After going through 2 "customer service representatives" and a supervisor I was told that there was no way this late fee of $39 would get reversed. I consider that a small price to pay for losing a customer, but they did not care one bit. With so many choices nowadays, pick a bank that cares about you and is willing to provide you with great service.

[shuteer]

on 9/28/2008 http://www.btqz.com

[Sope999]

on 10/31/2007 In response to Sophia Morgan's statement, what do bank mergers have to do with customer service? Friendly customer service and helpfulness depends on a teller's training, experience and the EFFECTIVENESS of their management. Bank mergers affect mainly shareholders and the economy.
In search of the friendly bank, walk into one whether it be a small local branch or part of a large corp. and ask questions about banking their. If the person is friendly and helpful, it'll show through their eagerness to answer your questions and how much they are listening to your needs. Of course, one advice I'll give is to check up on their branch hours and go in when the branch is slow (usually early morning or mid-afternoon). This would insure that the person helping you could give you their undivided attention so therefore, their best service.

on 11/22/2005 If friendliness and service that is pro-customer is what you are looking for, check out your local credit unions and see if you qualify for membership!

on 11/22/2005 With bank mergers, bank tellers' relatively low pay and the consequent rapid turnover in personnel, choosing a bank based on employees' helpfulness is not valid for the large banks. Better to pick a small, local bank if friendliness is important to you.