There have been a lot of big changes that have occurred in the banking world over the last couple of decades. For one thing, internet and mobile banking is becoming more the norm. According to a report in 2010 in Forbes, 70% of the population were paying maintenance fees.
If you feel your current bank account does not address your needs or fit in with your financial profile, it’s best to look for one that does. Perhaps you are trying to choose between the many local banks in Austin Texas. If you are stuck for how to differentiate one from another, check out the tips below.
Before you even start looking for a bank account, you need to decide on the features and facilities you would prefer access to. You also should consider aspects and features such as credit cards, deposits, bill pay, online banking options, investment accounts, low account balances and whether you’ll get an ATM-compatible card with a bank account.
Although in this day and age, location of a branch is not something everyone is concerned about, if you need to make daily or weekly trips to a physical bank to make deposits, you need to find a bank with locations close to either your home or your workplace. Of course, if you have no need to attend a bricks and mortar bank, consider online and mobile banking options.
If you opt for a more local credit union or financial institution, you may have a better time with getting the help you need from customer service teams. However, if you opt for a large national bank for your account, you will more likely need to navigate frustrating call centres. So, think carefully how important having access to friendly and effective customer service is for your needs and circumstances.
Look at the fee schedules for banks either from their branches or online. Look at comparing the low balance fees, overdraft fees and ATM fees. Ideally, you want to find a bank that provides you with an account that offers a very low or even free payment checking account and one with no or very low ATM fees. Look at the interest rates too and be sure to check if online banking comes at a premium.
You will find that all banks to some degree these days offer online banking. However, not all online banking services are made equal and while some of the big national banks will have very comprehensive, highly responsive and sophisticated websites and apps, others, such as smaller credit unions and banks will possibly only have a fraction of the services and options for their online banking services that the nationals do.
You can research just how stable your bank is by checking the FDIC or Federal Deposit Insurance Corporation for a report on its financial outlook.