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By Mercedes Bailey
Banking services are a fact of your financial life, so you want to make it a useful and pleasant experience. Just as you would "shop around" for a college, so should you before selecting a bank. Look for convenience and personal service in addition to good rates. Your bank will become your assistant as you gain experience in taking control of your money.
Looking at Banking Services
Look for a bank that federally insures your deposits. The Federal Deposit Insurance Corporation (FDIC), the Savings Association Insurance Fund (SAIF), and the National Credit Union Association (NCUA) insure the majority of savings account deposits-usually up to $100,000.
For most people, a bank provides two basic services: checking accounts and savings accounts. But you can also use a bank to purchase certificates of deposit, to open a money market account, to obtain a loan for a car or college tuition, or to buy a home. Of course, the bank often charges for of the services you use. In fact, you may pay up to $200 a year in bank charges if you don't compare bank costs.
Following are charges that a bank may enforce:
A service charge if you don't maintain a minimum balance. If you have both a checking and savings account at the same bank, some banks will link both accounts to make it easier to meet the minimum balance criteria.
A service charge for each check returned due to insufficient funds.
A service charge for printing your checks
A service charge for visiting the ATM or a human teller
A per-check charge for each check you write.
Almost all banks offer the same services; the thing that sets one apart from another is personal service. A personal banker helps you with all the services your bank offers, helps you solve any problems that may arise, and facilitates and "personalizes" the services you want from the bank.
If this type of service is important to you, seek it out and don't settle for less.
Starting a Bank Account
When starting with a bank, I recommend that you open a checking account and a separate savings account and a separate checking account.
After selecting a bank, you can walk in and open your account. Be sure that you take four things: money to open an account (be sure to check the minimum opening deposit policy), your social security number, a driver's license or government-issued pictured ID, and the mailing address to which you want your bank statements sent.
During your appointment, give yourself plenty of time to open your accounts and get your questions answered. You don't want to seem in a rush because you may not receive all the information you need. Be sure to end the meeting with a handshake, and request the banking associate's business card. Ask whether you can contact them with questions or when you need future assistance.
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