How do you bank?
Most of us are familiar with the phrase one size fits all and we are also familiar with the understanding, in the phrase “fit” in that phrase is subjective. We will find the shirt or item only fits certain people well and is either too big or too small for the rest of us. Technically we do fit the tee but it isn’t what is best.
That’s also how we can begin to feel about our banking needs. Every financial institutions aren’t a “good fit” because they don’t provide all services we need.
So generally what are your banking choices and what is a good fit for you?
Here are some of the most popular options.
Traditional Banks…We know these. We see them in our communities and they are usually have their name on one of the largest buildings downtown. However traditional banks come in a variety of sizes. Yes there are the biggies like Bank of America, Chase and Wells Fargo, but there are smaller more local state and regional banks. All will offer the regular things you expect from a bank, like checking and savings accounts, certificate of deposits (CD), and provide personal loans and mortgages.
Credit Unions…Are institutions owned by their members and usually requires membership to participate. Think credit unions for teachers, police, military and etc. They offer most, if not all, of the same financial options as a traditional bank. In my experience, they also tend to be smaller, and more approachable.
Online Banks…This is the “baby of the bunch” starting back in the late 1990’s to early 2000’s. These banks are solely online with no physical locations. The benefit is they offer very competitive fee and interest rates. A downside is not a person you can go and talk to face-to-face. Customer service is available either via telephone, email, or website AI, so you aren’t completely on your own.
What’s best for you? It depends on your needs and what is available. If you are picking a brick and mortar location, be sure to go to the location and look around, but don’t look suspicious…LOL. I personally bank at both a traditional bank and a credit union. The first for the access and the latter for the relationship. I’ve known my loan officer for over 20-plus years. If lower cost is more important, do your research and find a good online only bank. Remember, for you own protection, be sure the bank is FDIC insured, which provides deposit insurance in case of bank failure.
Until Next Time♥…
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