subject: Picking Banks In Your Area For Total Service [print this page] When choosing from the banks in your area, do you think twice about the services and features offered or do you just sign up with the one offering the biggest incentive to do so? If you are looking for a new financial institution, make it your goal to learn as much as you can about the facility and what services it can offer to you. You may not need all of those services now, but you may need them later on. If you take the time to choose a facility that can provide you with a total service package, you reduce the risk of having to switch banks down the road. What questions should you ask?
What Services Are Available?
As you compare the banks in your area, discuss the service options provided by the lender. Does it offer checking and savings options or just one or two choices? Do you have the ability to earn interest on your checking account? What other investments are available? Many financial institutions offer CDs, stock investing, bond buying, retirement vehicles and numerous other investment options. Determine if the company offers credit cards, mortgages, car loans, lines of credit and personal loans that you may need down the road. When one company can provide for all of your needs, you will reduce the need to jump from one to the next.
What's in the Details?
Next, consider the facility's actual costs. What does it cost you to open and maintain an account with this provider? Consider the affordability of interest rates on any loans you may offer. Determine what fees are taken for maintaining your checking account. What are the fees associated with ATM usage, transfers, over the limit fees, returned checks and dropping below a balance level in your savings account? Compare these to other lenders and financial institutions in your area. Be sure to consider all costs across the board, even for services you do not need.
Why Make the Switch?
What is encouraging you to make the switch to this company from the one you have? It is not always easy to make such a change since you may need to move your direct deposits, bill pay services and automatic withdrawals. However, if the company can offer incentives such as lower fees, better service hours, more of the features you need and better earning abilities, it may be worth it.
Not all the banks in your area are the same. As you compare your options, be sure to consider things like your flexibility needs and you ability to get an affordable package. Build a relationship with your bank right now. That way, when you need a loan to buy a home, they are right there by you through the process.
