Tips for Choosing the Right Bank

Selecting a bank is an important decision because it needs to meet personal needs. You always want to try to choose the right bank for your needs up front because you will be storing a lot of your personal wealth there! While it is possible to change to a new bank later, the hassles involved in switching are not a fun experience. Taking time to select the right bank the first time takes a little planning and thoughtfulness, but it ultimately saves you from the hassles later.

Determine Banking Needs

Perhaps one of the most important aspects of finding the right bank is determining the services and elements a bank needs to provide. Personal banking needs will vary by individuals. For example, someone who needs a free checking account can remove any banks that do not provide free checking options from the list.

Determining personal banking needs is the first part of narrowing the choices. Banks that do not meet every need and preference for service, account types and similar items can be eliminated. This helps bring the selection to a reasonable number of choices.

Pay Attention to Location

Location is often a major determining (

Credit Card Disclosures Cause Consumers to Pay Less Toward Debt [Study]

Opening a credit card statement these days often comes with a bit of sticker shock. Banking regulations passed in recent years now require lenders to show consumers how much their credit card balances will generate in interest and fees if only minimum payments are made to pay it off. For example, a healthy monthly payment of $50 going toward a modest $2,500 balance at 9 percent interest will take over 5 years to pay off and add $645 in interest—a whopping 26 percent of the borrowed amount.

Credit card interest rates are now hovering around 29 percent for many U.S. borrowers, who, on average, hold just over $10,000 in credit card debt per household. By any economics definition, one would think that consumers would be rushing to pay double or triple the minimum payment to avoid a mountain of interest and decades of (Read More….)