The importance of choosing right Bank

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Information about The importance of choosing right Bank
Finance

Published on March 4, 2014

Author: supercfo

Source: slideshare.net

Description

Just as individuals are choosy in selecting their personal effects, in the same way, we should pay close attention while opening our bank account! Yes! Opening a Bank account is like choosing your financial identity and it is imperative that we know the merits of choosing the right bank. One should bear in mind the following when opening a bank account: Intent and purpose

The Importance of Choosing The Right Bank

A bank account can be maintained for multiple reasons including personal banking, business banking, investment banking and a few others.

Choose which account type suit you the most as per your need

The purpose should be clearly thought out and delineated. Also, one should determine what kind of account is suitable to your needs; whether it is a Saving account or Current account etc. Also think on the aspects like – Do you intend to save money or just keep it safe until it accumulates into a sizeable amount until you actually spend it?

Attention! Opening Bank Account

Proper Research will Save you from unnecessary banking problems

Do a good diligence of Banks in your area that suit your needs • Understanding the pattern of your saving and spending habits • Does the bank offer you services which will encourage you to increase on your savings? • Also have an understanding of what are the different types of bank fees applicable for your account. • Check the possibility of combining accounts – for eg: Current and Savings combination that gives you the flexibility in spending as well as aggrandizing your interest income.

Making A Comeback • Minimum Balance Fees • Teller Fees • Telephone Banking Fees • Fees On Seniors & Children • Canceling an Account Fee • Mailing your Bill Fee • And many more…

Make comparisons Once you are done with your reviews of a few ideal banks, it is very important that you compare one bank’s offerings with the other, to decide on which bank provides you with the best services that you may need.

Compare Selected Banks Diligently

Think about location and other services offered • While you are comparing the offerings of more than one bank do take bank location into consideration. It is advised that the bank should be closely located to your residence so that you can go and avail of certain personal banking services with your customer service representative. • Also check for the service offerings like: 24 hrs ATM facility, net banking, online transaction reports of other account holders etc.

Have a check done about the customer service quotient of the bank • Last but not the least – do check the customer service that is provided by the service provider as with banks you need excellent customer service attitude. A bank’s efficiency in restoring a customer’s lost passwords or handling any other emergency needs determines their success rate.

If one pays heed to the above mentioned few but critical points in selecting an ideal bank, then it will go a long way in determining his efficiency in organizing his financial closet.

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