How to Choose a Bank That is Right For You and Your Business
A bank plays a vital role in our lives, lending us money and providing services that help businesses run as efficiently and profitably as possible. A good bank should meet the needs of both individuals and businesses.
If you're looking for a new bank, take into account the following factors to help narrow down your selection process:
- Your level of experience with banking: If you've never been involved in the banking system before, it may not be wise to sign up for a financial institution that might require significant time or knowledge on your part. The bank will likely be quite busy, so finding someone to help you might take a long time.
- Your needs: During your first few weeks at your new bank, ask yourself what services the institution provides that are of greatest importance. If any items are missing from the list, you should probably look for another bank.
- Location: If you can't deal with being far away from home for extended periods of time (such as during a transfer), inquire about the location of your new banking institution. Not only does the physical location affect how easy or difficult it is to get to your job, but it also affects how convenient our banking options and services become.
- The bank's reputation: If you're interested in opening a business account at a new bank, check to see what the institution is known for. If a well-known bank is opening up shop in your area, it is possible that your business might get an increase in its offerings if the new institution signs up with them.
- Your personal preferences: No one will be able to tell you exactly which bank fits your needs best, so don't be afraid to ask questions and get different opinions from various people. Keep an open mind until you come across a banker who knows what they're doing, and then you can decide whether or not to open an account.
- The bank's hours: If you work a 9-5 job, you probably want to make sure that your bank is open during those times. However, if your business keeps you occupied until the late evening hours and all day on weekends, then it shouldn't be too much of an inconvenience for you to make a trip to the bank during off-hours.
- Security: Most banks take security very seriously, so it should be at the top of your priority list when choosing an institution to work with. It doesn't matter how many extra offers or deals a new bank might come up with: if its security procedures are lacking in any way, don't sign up for an account there.
- What about a safe deposit box? If you have valuable items that you want to keep secure and safe, a safe deposit box will do the trick. Again, though, make sure that your local bank has the proper security policies to protect your items.
- If a particular bank is not available where you live, ask about its availability elsewhere in the city or state.
- Ask friends and acquaintances for their opinions!
And don't be afraid to branch out from personal accounts and open up business accounts as well. A good banker can help ensure that both financial services are handled as efficiently and professionally as possible so that everyone is happy with the results of your banking experience.
There are many ways for us to get deeper insight into the banking industry. Here are a few links that can help you out:
Banking Industry Directory
A list of the top 100 banks ranked by assets, total deposits and total assets. http://www.banktrends.com/rankings/worldwide-banks
A list of the top 50 banks ranked by deposits, assets, number of employees and annual revenues. http://www.banktrends.com/rankings/global-banks
A list of the top 100 banks ranked by deposits, assets or website. http://www.banktrends.com/rankings/worldwide-banks
How to Choose a Bank That is Right For You and Your Business Etymonline.com
An in-depth look at What type of bank is right for you? http://www.etymonline.com/index.php?term=bank&allowed_in_frame=true
A list of the top 100 banks ranked by assets, total deposits and total assets. http://www.banktrends.com/rankings/worldwide-banks
A list of the top 100 banks ranked by deposits, assets or website. http://www.banktrends.com/rankings/worldwide-banks
Banking Industry Directory Bizfluent.com
An in-depth look at What type of bank is right for you? http://www.bizfluent.com/2010/03/what-type-of-bank-is-right-foryou.html#more-3440
A list of the top 50 banks ranked by deposits, assets or website. http://www.banktrends.com/rankings/global-banks
A list of the top 100 banks ranked by deposits, assets or website. http://www.banktrends.com/rankings/worldwide-banks
How to Choose a Bank That is Right For You and Your Business Etymonline.com
A list of the top 100 banks ranked by assets, total deposits and total assets. http://www.banktrends.com/rankings/worldwide-banks
A list of the top 50 banks ranked by deposits, assets or website. http://www.banktrends.com/rankings/global-banks
How to Choose the Best Bank for Your Business Smallbiztrends.com
A list of the top 100 banks ranked by deposits, assets or website. http://www.banktrends.com/rankings/worldwide-banks
A list of the top 50 banks ranked by deposits, assets or website. http://www.banktrends.com/rankings/global-banks
Bank and Credit Card Information Howstuffworks
An in-depth look at Why Do Banks Impose Overdraft Fees? https://moneycentral.msnbc.msn.
Conclusion
You should now have a better idea of what's important to you when choosing your new bank. As mentioned before, a good banker will know exactly what is necessary for your financial needs and will do their best to work with you to meet those needs. If, in the end, you decide that you want to try out the bank for several months, be sure to let them know that you'd like some free checking.
Don't forget about the other aspects of banking that affect us every day:
- Our Social Security numbers and other identifying information are, by law, private unless we choose to make that information public or have it released under court order.