Are you searching for a new bank? It can be tough to find one that meets all your unique needs. It’s been estimated the world has over 25,000 banks, which provides you with a sky-high number of options regardless of where you live. Here are some of the most important factors to consider:
- Online Bill Pay
US Federal Reserve data reveals that four-fifths of consumers with paper checks in 2017 didn’t even use them. In addition, three-quarters availed of online banking. Writing and mailing checks is mostly a thing of the past. If you automate your bill payments, you won’t even have to remember to pay monthly bills.
- Banking Fees
This is the charge customers pay for various services offered by the bank. Some services are free, but others are charged per use. Sometimes you can save on fees by picking service plans/packages that are covered with one monthly fee. It’s important to research which fees are charged by a particular bank since they differ significantly. Some banks charge few fees, and others seem to charge you from just about every service they offer.
- Debit Card
If you’re going to use “plastic,” you should consider debit cards over credit cards. The purchase results in money immediately being deducted from your bank account so you won’t have to worry about paying a bill later in the month. Studies show that over 40% of consumers prefer debit cards over other payment options. This helps to reduce debt caused by a buy now-pay later plastic card.
- Mobile Check Deposit
Old-school paper checks are still used today, but this service offers a digital age twist. It prevents the need to visit your brick & mortar bank or even an ATM. You just use your mobile device to snap a photo of the check. Then after making a few taps on your phone/tablet, you can deposit the check. Keep in mind that sometimes banks enforce a longer check hold time when using a mobile device to make deposits.
- Online Security
A PMG report shows that almost 40% of consumers claim their bank accounts have been the victim of hack attacks. It’s important to check which security methods a bank uses before selecting it. This includes on/off switches for debit/credit cards and fraud monitoring.
- Banking Services
In the past banks were mostly places where people kept their money for savings and checking. However, today’s banks are often one-stop shops for financial services. If you want to purchase a house, you can take out a mortgage through banks. Many banks offer in-house versions of popular credit cards like Visa, MasterCard, and Discover. Financial planning can help you prepare for the future whether it’s for college education or retirement. Automatic payments make bill-paying easier since the process becomes like clockwork so you won’t have to worry about forgetting this or that bill.
- Online/Mobile Banking
Today’s customers often prefer to do banking using their PC/Mac or smartphone/tablet. This makes banking more convenient since you can do transactions outside of the restrictive 9-to-5 hours of physical banks. You can even do them when you’re away from home.
A key feature of online/mobile banking is to prevent overdraft fees. They’ve spiked about one-third since 2000. When you’re able to monitor how much you have on hand vs. how much you’re spending it can help save tons of money on overdraft fees.