Industry Tips
Banks/Saving & Loans/Credit Unions
Choosing and using the services of a bank or credit union has become complex. While most of the basic functions of financial institution, like managing accounts and lending money, remain the same, many more services have been added. In addition, some services have been taken over by other financial businesses. Therefore, when looking for service, value, and efficiency, you will have to make comparisons with insurance companies, credit card issuers, check cashing companies, loan companies, credit unions, thrift companies, stock brokers, and very many others. Many banks view their services as separate products that are often bundled for convenience and savings.
Start by determining what your needs are, not those that a bank or credit union thinks you should have. Then determine which company best suits your needs.
One form of convenience deserves special attention. One of the most significant changes in modern banking includes forms of electronic funds transfer or computer banking. This field includes: Automatic Teller Machines, direct deposit services, automatic account debiting, access to online account information via the Internet, and bill payment on line. Make sure that you understand all these features.
Finally, ask about any service fees, interest rates, or other charges that may be charged to your account.
