Who needs a bank?

Well we all eventually need to find a bank whether you are starting your first job or going off to college. Something to consider is to find a solid bank to protect your income. Choosing the wrong bank can run you into bad service, unfathomable fees or perhaps plain inconvenience. Choosing a bank could be fairly easy if you do a little bit of research.

What do I look for?

Here is a list of things you want to ask yourself that will help narrowing down which bank to choose:

• Do I want access to your account online?
• Do I want easy access to ATM locations?
• What types of account do I want?
• Do I want special services such as overdraft protection and bill pay?
• Does it have high interest rate for your saving needs?
• Will my money be FDIC insured?
• Do I want a one stop shop that has checking, savings, loans, etc?

My Experience:
I opened up a joint account with my folks at a credit union near my undergraduate school. The reason being is that there was an ATM located on campus and that it had the benefit of being a credit union. My parents also wanted a way of sending me money. There was not much research and the bank was chosen strictly due to convenience. Thankfully there were no fees attached to anything and everything has worked out fine. I still have this account but carry a very low amount in checking and savings and will probably be closing it in the near future.

When I went on my first internship I figured I should get a new checking account and to find a bank that would be close to my work. On top of that my previous bank’s online interface was extremely horrible. I ended up choosing Washington mutual since it was very easy to open an account, had no fees and had ATM’s everywhere. Also their web interface was very nicely made. Very recently they just updated their interface and it looks even nicer. I do not have any personal experiences with getting loans and mortgages here but those are available to members.

Choosing the right bank is not that tough as long as you do some of your homework. These days you can do most of your research online, as well as even opening your accounts via the web. Just make sure you know what you want and know what you can get and hopefully the choices will become more obvious. Good luck!