Yahoo Finance I’m a Bank Teller: These Are the 5 Things I Look for When Choosing a Bank
When it comes to managing your money, you want to ensure that your funds are stored in the right place so that you can focus on other aspects. There’s enough to think about regarding personal finance, so you want to be confident about where you handle your banking. This is why we spoke with a bank teller about things to look for when choosing the right place to open an account.
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Jose L. Acosta is a head teller at Addition Financial and has been with the credit union for five years. Acosta shared his insights about what he looks for when choosing a bank and what advice he gives to those in a similar situation.
What should you look for when choosing a new bank?
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Customer Service Relationship
According to Acosta, the first question people should ask is how they feel when they enter the door. If you prefer in-person banking, you’ll want to find an option emphasizing customer service. If you prefer online banking, you should look into customer service to see if they offer 24/7 support and what kind of assistance they offer. You don’t want to feel like you have nobody to turn to when dealing with financial issues.
“Are you being greeted? Do you feel welcome and engaged? We can take this personal approach to banking for granted, but it makes a big difference in establishing trust,” Acosta said.
You want to ensure that you leave your funds with a bank that offers exceptional customer service. You want to know that you can build a strong relationship with the bank because you may rely on them for a home mortgage one day or even trust them with your retirement planning.
Acosta summarized what to look out for in this area:
“It’s critical you feel the team members are there to assist you and that they have your best financial interest in mind. You want to genuinely feel that no matter your financial situation, they can find ways to help you.”
This leads us to the next critical feature.
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Positive Reviews From Customers
“While some extreme reviews can be misleading, look for trends or commonalities from people’s experiences,” Acosta said. “If you see common complaints about rude or inattentive tellers or bait-and-switch rate promotions, that could be a big red flag.”
You want to read the reviews to see what regular people say about the bank. You want to know that others in a similar situation have trusted this bank and relied on them for their financial needs.
By reading through customer reviews, you’ll better understand what to expect from the bank to determine if it matches what you’re looking for. In this day and age, it’s difficult to get away with poor customer service since there are multiple ways to check reviews.
The Financial Products Offered
“When choosing a new bank or credit union, it’s important to make sure the financial products they offer make sense for your financial goals,” Acosta said. “For example, if you want to save money but don’t want to tie your money down for too long, find out if the bank or credit union has competitive CD rates.”
You want to ensure that this bank can help you grow your funds since there are so many options where to leave your money.
Here are some of the financial products you want to look into:
Checking account: You want a checking account that’s easy to access with perks like no minimum balance or no monthly maintenance fees.
Savings account with a decent rate: You want a competitive interest rate on your savings account so that you can at least keep up with inflation.
Investment products: You should investigate the different investment products offered to find one that makes sense for you.
Loans: The types of loans offered will be something to consider if you’re planning on borrowing money for a car or a home in the future.
As important as customer service is, you still want your hard-earned money to grow for you when it gets deposited in your account. The good news is that you can easily compare financial products online to see which banks offer the best rates and tools to manage your money effectively.
Look Into Banking Fees
“Do your research on any fees the financial institution has in place for its products and accounts,” Acosta said.
One of the most important aspects of banking revolves around ensuring that you keep as much of your money as possible. You don’t want to stress about hidden fees just to access your money.
“Getting hit with surprise fees is a surefire way to sour a banking relationship, so pay close attention to the fine print,” Acosta said.
You want to watch out for banks that nickel-and-dime you when it comes to basic transactions like moving your funds around or taking out cash from an ATM. These fees can add up quickly and hurt your bottom line.
Financial Guidance and Expertise
“You want to make sure that if you have questions regarding a loan, they can help guide you in the direction that can benefit you the most,” Acosta said. “If a bank or credit union team member is not asking you questions to drill down what products make the most sense for you as a person, it may not be a good fit.”
Acosta brought up the importance of finding a bank with knowledgeable staff. You want to find a bank that offers guidance and expertise on financial matters so that you don’t feel stuck when it comes to money management. Many banks offer tutorials and helpful advice on money management topics. You want to find the bank that helps you with guidance when you need it so you don’t feel alone.
Closing Thoughts
These are five key considerations to look out for when deciding where to bank so that you leave your funds in the best possible account. You work hard for your money, so you deserve to know that you can trust it with the best bank possible. Fortunately, many banking options exist, so you don’t have to settle for a local bank or one that charges you for accessing your own money.
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This article originally appeared on GOBankingRates.com: I’m a Bank Teller: These Are the 5 Things I Look for When Choosing a Bank
