Over the last several decades, technological advances have revolutionized the way we bank.
There are more options for where to do your banking now than ever before.
Understand the Types of Banks
There are three main types of financial institutions that handle personal banking.
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These include traditional banks, credit unions and online banks.
The advent of online banks has further complicated the term.
Think Chase, Wells Fargo, Bank of America, Citibank and PNC.
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Credit unions are member-owned nonprofits.
That means when the credit union does well, so do its members.
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These banks appeal to those who prefer to handle all customer service issues over the phone or online.
Are you looking for a simple place to start savings and checking accounts?
Will you need a car loan or mortgage?
Is easy access to ATMs important?
Are you interested in investment accounts?
And remember: nothing says you have to do all your banking with a single institution.
For example, you might use a credit union for your standard checking andsavings accounts.
Consider these nine tips when making the selection.
Find an institution that can promise FDIC or NCUA insurance.
These protect your money up to $250,000 if your bank or credit union fails.
In this digital age, finding a bank or credit union that prioritizes customer privacy and security is crucial.
But as with all user-generated content online, take reviews with a grain of salt.
Ask Family and Friends
When in doubt, crowdsource opinions from people you trust.
Consider ATM Usage and Availability
How regularly do you should probably take out cash?
Or justchoose a bank that will waive ATM feesor refund any fees you incur.
Compare Rates and Fees.
Again, these are often higher at credit unions and online banks.
You should find a bank or credit union that works for you.
Some banks may offer customizable features that allow you to save toward a goal.
Others may offer cash bonuses or cash back options.
Or maybe youre looking for educational features that help you boost your financial literacy.
Look for the features that will help you.
Check Out the Mobile App.
Is mobile banking a priority for you?
Is it easy and secure to do a mobile check deposit?
Can you see account balances easily?
Can you make payments on credit cards and loans?
Do they offer two-factor authentication for extra security?
What about online bill pay?
Dont Forget the Website.
For most bank members, online and physical bank locations are equally important.
Read the Fine Print.
Finally, dont sign any dotted lines without reading all of the terms and conditions.
Ask questions about monthly fees, interest rates, investments and more before handing over your money.
Its OK to take time with this decision.
Timothy Moore covers banking and investing for The Penny Hoarder from his home base in Cincinnati.
Reporting from former Penny Hoarder staff writer Stephanie Bolling is included in this report.
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