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Banking Basics: How to choose a bank
The selection of which bank is right for you comes down to your own personal values and preferences.
Most people are in the market for a new bank for two one of two reasons: one, you are a new banking customer; two, your current bank does not offer the products and services you need.
Either way, the most important factor to consider when choosing your new bank is not what you want your bank to do for you today but what you may want your bank to do for you now and in the future. For example, do you have young children you plan to assist through college? Is relocation in your future? Maybe you’re more rooted and live in a house you love but would love a little more with some updates. Whatever the case may be, a good bank can and should grow with you.
What bank should you choose?
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When shopping for a bank, you should consider four things: customer service, accessibility, technology and products/services.
1. Customer service. A bank is only as good as its people. Visit with different banks and ask open-ended questions, such as, “What can your bank do to meet my financial needs?” Who do you feel more comfortable with?
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2. Accessibility. If you’re like most people, your life is busy. A good bank will provide you with easy access to your money through ATM networks, online banking, branches and customer service phone lines.
3. Technology. Will you have access to your money 24 hours a day, seven days a week? Can you bank online? For example, online banking, ATMs and customer service lines can provide you with up-to-date financial information for all of your accounts. Online banking also offers the added convenience of transferring money between accounts, paying bills and applying for loans from the comfort of your home.
4. Products and services. Can the bank grow with you? For instance, can the bank help you with a line of credit to secure important purchases? Plan for your retirement? Help invest your money? It’s important to consider the long-term relationship you want with your bank.
The selection of which bank is right for you is your decision, and it comes down to your own personal values and preferences. There is no right or wrong answer, just a path you choose along your journey toward financial independence.
Frank Zappoli manages the KeyBank Tarrytown Branch and can be reached at Francesco_C_Zappoli@keybank.com
