How do you chose a bank

dimetime · #1 09-28-2008, 08:57 AM

With the economy in the horrible state it is in right now, how do you trust a bank. Is it really possible to trust them right now?
If you are planning to open any type of bank account in the near future what steps will you be taking to choose the right bank for you?

I have been looking in to banks lately, and I am seeing some great offers, as well as various incentives. I have also seen banks which have been around for years as well as banks which are fairly new. How do you go about picking one that is going to sick around in the future and not fail as so many have recently? Should I even bother to open an account or is my money better of being buried in the back yard?

What options are good to look into when picking a bank? Are there ways to tell if a bank is in financial trouble?
I dont want to choose a bank just based on what they are willing to give to me. I would rather choose one that will be around for a long time, one that is worthy of trust, and of couse incentives are nice.

dollardaze · #2 09-28-2008, 10:10 PM

I'm honestly not sure if we can trust that any bank will still be in business 10 years from now. Any account that you open is insured by FDIC, which should set your mind at ease that up to $100,000 that you may deposit, is safe.

I'm not sure what type of account you are thinking of opening, but let me assure you that I would definitely trust a bank before I'd bury my money in the back yard.

Ask your friends, family and neighbors about any problems that they may have encountered with their particular bank. Be sure that if you are thinking of a checking account, that you pay close attention to your balance, since making a mistake can cost you dearly with overdrawn fees. Those fees can add up quickly in a matter of days.

Find a bank that has internet banking, this way you can track your account online. Even if you never use this feature for anything else, it can be a great help to you.