How to choose the ‘Right’ bank for yourself

How to choose the ‘Right’ bank for yourself

 How to choose the ‘Right’ bank for yourself

Introduction

It is often a common understanding that we all worry about certain things when it comes to choosing what is best for us, especially when it comes to putting our money to safety - we all want security in some ways or the other.

Majorly, it is believed that the safest place for your money is a Bank. But how does one choose the Right’ Bank for them? What if the bank isn’t secure enough? What if I lose all my money in a jiffy? These are some of the common yet genuine questions that come to our minds, and especially to the people who are to put their hard-earned money in a bank for the first time.

To tackle such questions and any other reluctance regarding choosing the right bank to invest your money in, there is an ample number of things one should be vigilant about whilst keeping in mind the overall performance and reputation of the Financial Institutions they are about to engage with.

BankQuality works on this principle of helping the readers and reviewers find what is right and best for them by providing them with the facility of reviewing their financial service providers. Click here to read from fresh and authentic personal experiences!

Now, let us take you through a written guided tour explaining what you need to do and keep in mind while choosing the ‘right’ bank for yourself.

You’re doing them a Favour!

Before we proceed in knowing about what things to keep in mind while choosing the right bank, it is important to know that It is not quite commonly known, as usually bank policies go against describing it in words – that when you go to deposit your money in any bank, you are doing them a huge favor! The more a bank encourages deposits, the higher will be its capital generation. Through this capital generation, banks lend out money to others, but this time, charging interests -which may or may not be ridiculously high.  

While banks may offer you interest rates on deposits, this alone does not suffice. And generally, the rate of interest you receive from the banks on deposits is quite sparse as compared to the rate of interest they charge on you for taking loans from them.

So to ensure that the relationship between you and your bank is quite stable (as relationship with one’s bank is a crucial part of any individual’s financial life, but that’s a different topic), you have the rights to demand a little something more from your Financial Institution and If your bank does not listen, one always has a way out. Isn’t it? Simply move your money someplace better.  Here’s how you can do this:

1. Checking your Bank’s Health

When you go to deposit any amount in a bank, be sure to check how it is performing in the financial market because the most important thing you want to be in the list of your priority concerns is – keeping sure that your money remains safe. The Federal Deposit Insurance Corporation (FDIC) guarantees the money for all the deposit accounts up to a sum of $250,000. This guarantee means that even if your bank fails, you safely get your money bank, so now you wouldn’t have to worry about all your money being lost in a jiffy. This guarantee is important as in some cases of bank failures, it takes a lot of time and energy for things to get straightened out and it’s easy to regularly staying updated with whatever is going on with your bank. So choose for the ‘right’ protection.

2. Customer Service

There has always been put a lot of effort to increase awareness among both banks and customers, that the importance of customer service shouldn’t be ever underestimated, especially in the financial world. If there isn’t a good customer service available, then there is no way that the customer would feel valued by his/her financial institution. And good customer service always leads to a good word of mouth and vice versa. Quality service is the most desired factor for any institution to function successfully. So while selecting a bank, look for a bank where you feel that it’s easy to connect and engage with the bank staff. For example, try connecting or look for ways to engage with the bank manager. Selecting the ‘right’ bank, thus involves looking for a bank that values your concerns and makes efforts to address them on time!

3. Fees? Well that’s important

Try finding out what fees are being charged by the bank on the various services being offered by them. Some banks charge fees on bilateral activities such as Cash withdrawals on ATMs and refund a certain percentage back. Other banks just simply keep charging on every other activity you engage in. Some charge fees for maintenance. While a little ATM fee is reasonable, it makes no sense for the banks to charge their customers for the maintenance. Try looking for the ‘right’ financial institution that offers lower to no fees.

4. Accessible ATMs and online banking 

Another important thing to consider while thinking of the ‘right bank’ is that you should be able to access your secured money from anywhere around the world! So looking for a bank that provides easy asses to multiple ATMs covered throughout your desired locality is good for you.  Apart from this, having an ever-ready access to your account information details helps in saving time and is, the most convenient. The point here is, that the customers find it very easy to access their accounts whenever and wherever they want. So providing a good online banking facility becomes a good motivator for bankers.  Finding the ‘right’ bank thus also involves choosing a bank offering online banking facilities with a lower or no fees at all!

Conclusion

Selecting the ‘right’ bank that meets all your requirements and the ones mentioned above is not always easy as you usually don’t find a one-stop solution for your requirements. But being vigilant in all the above-mentioned aspects leads one on the correct path to finding the best without incurring any major financial losses. BankQuality believes in the same ideology and thus has created a platform by which you can select financial institutions by reading reviews written out of personal experiences and thus make the ‘right’ choice.  Join us and our Global community of reviewers TODAY!