Financial experts claim that saving through the bank is more effective than keeping money at home. Thus, dumping all your savings in a bank is one good step to make. But what if the bank suddenly filed bankruptcy and refused to give all your savings? It will appear like you simply threw $500 down the drain.
To avoid scenarios like this, be sure that you’re dealing with a reputable bank that will take good care of your hard-earned cash.
Choose a bank that has a strong background
It’s mandatory to do a background research before dealing with any bank. Check if they had any negative reviews or perhaps bigger issues they would probably not share. Of course, banks will not expose their wrong doings, thus making a thorough research is a must especially if it’s your first time to deal with a bank.
How will you be able to save up if ATM fees are at its peak? That is why it’s wise to ask bank employees about this issue. The ATM fee varies from bank to bank, thus choosing one that don’t ask for a high fee is wise choice. However, you should still ensure that this is a legal and an authorized bank you’re dealing with.
Services and promos offered
It’s typical for banks to endorse every service and promo they offer, but you shouldn’t be blinded by these. Usually, such promos have underlying fee you might be responsible for paying. If you don’t think this promo will be worth the payment then better say no to it. Some banks also bundle their services. This is somewhat like “force selling“, in the sense that they’re obliged you to utilize a service that you don’t simply want because it’s bundled with the ones that you need.
Because of the technology today, internet banks are made possible. This is perfect for those who are always busy and don’t have enough time to go to a brick and mortar bank. Online or internet banks also don’t have closing hours which is another plus. If you think you can utilize these to monitor their every move, and then better opt for an online bank, or at least a bank that has an online-based system for that matter.
Assurance of security
Last but definitely not the least would be the assurance that your money is safe. Of course, all banks will definitely give you positive thoughts on this. But the question is: how sure are they that they can keep your money safe? If in case they will be robbed and you decided to withdraw all your money, will they be able to release it? Asking these questions may be silly, but it’s one important thing you shouldn’t overlook.
Word of mouth should always be considered. Ask a relative or colleague if they can recommend a trusted bank. You should also ask how long have they have been utilizing the services of such bank. This way, you get a good grasp of the factors you must know.