Picking a Financial Institution

For most people, picking a financial institution is as simple as choosing one that is located near where they live. It is important to understand that all banks are not created equal and that the services offered differ between institutions. You have to be sure that the services offered fit with both your long-term and short-term goals.

The following are other things you need to consider when looking for a bank:

  • Look for the FDIC symbol. Institutions that are insured by the Federal Deposit Insurance Corporation will protect your deposits up to $100,000. You can find FDIC stickers on the doors and teller windows of insured financial institutions.
  • Consider putting all of your accounts in one financial institution. Why? Many financial institutions use the combined balance of all your accounts in calculating monthly service charges. You could save money if you consolidate to one account.
  • Use the web to do your research. Checking out the websites of potential financial institutions is a quick and easy way to find out about services, types of accounts, and rates.

For your convenience, you can use the Banking Institution Questionnaire below to help you in your search for the proper institution to bank with. Feel free to make copies and use one for each institution you visit so that you can compare them and see which is best suited to your needs.

Banking Questionnarie, which can be found in our pdf guide.