Choosing a Bank
There are a variety of different types of banks to choose from. Shop around. Once you understand the advantages and disadvantages of the all of the banks you are considering, your decision about where to set up your accounts should be relatively easy. Consider the following:
- Is there a branch or an ATM near your home or office?
- Does the bank have the products and services you need?
- What are the fees that the bank charges for its services?
- Is the institution a member of FDIC or NCUA? These organizations provide insurance for deposits up to $250,000.
Types of Banks:
Large national and regional banks:
- Offer many branches, the most ATMS and may have the greatest variety of services
- Most offer online banking as well as conventional banking locations
- Typically have a number of branches within a specific county or adjoining counties
- Sometimes are open longer hours than larger banks
- Savings banks and savings and loan associations are usually local banks, and despite their names, offer a full range of banking services
- Typically offer some but not all banking services
- Often provide links to your conventional bank accounts
- May pay higher rates on deposits, and charge lower rates on loans
- Not for profit organizations that offer banking services
- Range in size from having a national presence to a single office that's open only a few hours a day
- Most credit unions have specific membership requirements in order to utilize their services
Certain financial services companies:
- May offer banking services, though their primary business is in another area, such as brokerage or insurance
If you use a bank, you already know about the many services that make your financial life easier. If you don't have a bank account, consider setting one up. With a checking account, you can deposit money, cash checks, and pay your bills for far less than it would cost at a check cashing company or bill payment center. In most areas of the U.S., banking services are easy to find, and the majority offer online banking services.
Contact CCCS of Northeastern Iowa for consumer credit counseling services
We are committed to outstanding customer service. Our Client Support Department is open daily M-TH from 9am - 8pm and Friday from 9am-5pm EST. Explore our consumer credit counseling services. We offer debt consolidation and debt management programs, bankruptcy counseling, foreclosure prevention counseling, housing counseling, and a variety of financial education programs.