Choosing The Right Financial Institution For You

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Have you started on your journey to cultivating your money tree? Are you at a point in this journey where you are deciding how you will manage your money?   For those who have decided to manage their money through a financial institution, this may come with even more questions. How do we decide which financial institution is best for our money needs? You will find that there are many similarities amongst the variety of financial institutions. However, you want to make sure you choose the one that fits your life circumstances the best. Use the list below to get a jump start on the various features to consider when researching the right financial institution for you.

Financial Institution Features To Consider

Location & Accessibility

Take a moment to think about your money management with these questions below.

• How often do you visit an ATM?
• How often do you need cash in hand?
• What is the maximum amount of cash you would need at a time?
• How far do you want to travel for conducting necessary banking?
• Will the hours meet the needs of your personal life schedule?

These are just a few questions to ask yourself when considering the location and accessibility needs of your financial institution. Financial institutions use to be strictly a brick and mortar business but they have evolved into a digital business as well. Many of the financial institutions may appear to operate completely the same. However, the location and accessibility may be different for each institution. Having the ability to locate your bank/ATM and access your money at a moment’s notice can be a deciding factor in choosing the right bank for you.

Online & Mobile Banking

Most financial institutions now offer digital banking features that allow you to access your accounts and other services from any digital device. I personally put a high priority on the financial institution’s online banking capabilities as that is my main form of banking. Think about what features you need from a financial institution. Once you determine the features you need, find out if your financial institution offers those features through their online and mobile portals. One of my financial institution’s online portal allows me to see real-time account balances, transfer funds between accounts immediately, conduct e-bill pay, and ordering checks online. Definitely research the online banking and mobile banking options of your financial institutions. Especially if these methods will be your main form of banking.

Account Requirements & Fees

Understanding your chosen financial institution’s account requirements and fees can really save you money and time in the future. Most financial institutions post their fees and account requirements online. Research their websites and pay close attention to the fine print. By doing research early you may gain knowledge on potential cost risk factors in your banking future. Financial institutions could charge a  fee for the lack of direct deposit, not meeting minimum balance requirements, ATM withdrawal limits, or mailed paper statements. Little hidden fees listed could make taking control of your money just a tad more difficult. This can be avoided by being proactive and researching the requirements of the different accounts needed.

Product Availability

When determining your money management needs, you may have discovered that you need multiple types of accounts. Perhaps you need a checking account, an emergency fund account, a child savings account, and even various investment accounts. Maybe you do not need all of these types of accounts now, but you know in the future you will. Do you want a financial institution that will provide services for your growing needs? Are you wanting a financial institution that will only provide you with your current needs? Do you plan to utilize different financial institutions for different account types? These are all questions to consider when choosing the right financial institution or institutions for you.

An old proverb states, “Do not put all your eggs in one basket” which many times is heard in the finance world. While I wholeheartedly agree, I still believe that a financial institution should be able to provide at least a few different account options that allow for better money management. Sometimes the same financial institution will not be able to provide you with all your needs. They may offer a specific product, but it might come with requirements or fees that do not suit your needs. Never be afraid to shop around and research the best financial institution for your differing needs.

Customer Service

The weight put on customer service can depend greatly on how you utilize your financial institution’s services. Is it important for you to be able to have access to a live person? Perhaps for everyday banking, the need for customer service may not be necessary. However, what about when issues arrive or you have more involved banking needs? Will you want to have access to good customer service? There are a few ways to determine the quality of customer service at a financial institution. You can read reviews, ask around, or call the financial institution yourself and ask questions. By just calling the customer service line yourself, you may be able to discover the quality of customer service the financial institution has.

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When choosing the right financial institution for you, do not stop at just these few features. Consider every service you may need out of a financial institution to discover the right one for you.

What is your biggest deciding factor for choosing the right financial institution for you?