How Does Your Bank Match Up? 6 Questions You Should Be Asking
You feel like you might be paying a little too much in monthly bank fees. Or maybe you feel as though you deserve better interest rates or friendlier customer service from the bank where you’ve chosen to keep your money. Whatever it may be, you should feel happy with your bank. Thinking about checking out some other banks to compare? Here’s a list of questions you should take into consideration when comparing.
1. What does my balance need to be in order to avoid fees?
See what other banks require for a minimum balance, as well as the fees that go along with it. If you’re getting hit with fees each month, there may be a bank out there that has a smaller minimum balance or fewer fees associated with balances. “In addition to the monthly service fees, you should check on other fees that you can be charged before you switch banks, such as a stop-payment fee, deposited item return fee, account closing fee and nonsufficient funds fee,” according to Bankrate.
2. How safe is my money?
“You’ve probably seen those ‘FDIC-insured’ stickers on bank doors or teller windows before, but you may not have understood entirely what they mean. The FDIC — short for the Federal Deposit Insurance Corporation — is an independent agency of the United States government. The FDIC protects you against the loss of your deposits if an FDIC-insured bank or savings association fails,” according to Credit.