Financial transactions center around the banking industry. Whether you are using cash, writing a check, or using a credit or debit card, the money you spend can be traced back to your bank accounts.
There is more to choosing a bank than its location and hours. The tips in this section can help you make the most of your banking experience. From finding the right bank to reducing fees to safe deposit boxes, you'll find the information you need.
Tips, Tricks, and Answers
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Choosing a Bank
With so many options in the banking industry, it can be hard to know which is the best for you. Here are the things too look for.
Dealing with Lenders
Most of us will at one point in our lives need to take out a loan and so we'll need to know how to deal with our lenders. Lenders are the middlemen between you and the money you need and if you do what you need to take control of the situation, your lender will be in the best position to help you out.
How Safe Is Your Bank?
The federal government provides several safeguards to protect your savings and investments. The Federal Deposit Insurance Corporation (FDIC) is the logo to look for when choosing a bank. It provides assurance that your deposits are protected up to $250,000. There are also similar safeguards on credit unions and brokerage accounts.
Banking without the bank. I like the sound of that.
Reducing Bank Fees
Tired of being "nickel and dimed" by your bank? There are ways you can reduce your bank fees, as described in this tip.
Safe Deposit Boxes
These classy devices aren't a new invention; in fact, they've been around so long that a lot of people don't know exactly what they are or how to use them.
What Should Be In My Safe Deposit Box?
With only a certain amount of space, it makes sense to be careful with the items you select for your safe deposit box. Here's a discussion of commonly included items that might help you narrow your list.
When Should You Switch Banks?
Most customers do not switch banks very often. It can be a cumbersome process, but there are situations where switching banks would be the right choice. You should check to make sure your bank is insured with the FDIC and if your bank is offering competitive rates on savings accounts and other services. You can also reevaluate your bank when your requirements change such as starting a business or applying for a home loan.
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