Banks are the places we all trust with our valuables. Finding the best bank which helps to accomplish all your banking needs is pretty confusing. There are many commercial and retail banks are available in the world. Out of those, there are many domestic banks as well as international banks. Finding the best bank out of all these available banks and approaching a bank that you can trust to deposit your money is confusing. With the collapse of many financial institutions including banks in the recent past, the people are reluctant to trust the banking system.
No matter which bank you are trying to approach, there are certain characteristics of the banking activities you should check prior banking with them. If your bank supports and provides you all the below details, you can trust and bank with them, and more importantly, you can be a happy customer.
Key things to check when finding the best bank for your needs
Rating – You should always check about the financial stability of the bank. You can refer to your country’s credit risk measuring system in the banking system. Based on the rating the bank should always have high creditworthiness. Sometimes the banks are offering unusually higher rates on the deposits when they are in liquidity needs. It is the customer’s responsibility to identify the trick behind good interest rates for deposits.
Interest Rates – If you are going to deposit your money or if you are going to request a loan facility or overdraft facility you should be aware of the interest rate they are offering/charging. If it is a loan interest, the customer should be known whether it is going to be a fixed interest rate throughout the period or it is a floating interest rate that will change eventually.
Minimum balance requirement – If you are going to deposit your money in the bank account make sure to check about the minimum balance you have to maintain to maintain keep the account active. If you don’t know this you will end up losing money as below balance charges and eventually the account will get inactive.
Statement generation dates – Even if it is a savings account, current account, or a loan account, you should have proper knowledge when your banking statement is going to be generated and through which method you are going to receive the statement to your hand. Make a habit to check the statement every month even if there are no transactions within that period.
Other charges – You can always consult the banking officer and enquire about the other charges they are going to charge from your accounts such as documentation charges or stamp duty fees.
Easy accessibility – When banking with a certain bank, even if it’s a deposit or a locker facility taken from the bank for your valuables, make sure the bank can be easily accessible to you. You will be thankful for that when you are in urgent need of taking the funds or valuables back. Apart from that, accessing your account details without a hassle is a mandatory requirement. Make sure to check for the internet banking facility and the branch network of the bank can provide you a better service.
Compliance Requirements – Every bank is operating under the governance of the central bank in that particular country. There are certain compliance requirements they have to adhere to boarding a customer. As there is no harm in revealing true fund sources when you legitimately earn funds, providing the necessary details accurately will help both the bank and the customer to maintain a better relationship.
If your bank is supportive of gaining all the above-mentioned details, that can be the best bank for you to bank with. When finding the best bank, honesty, and openness of both parties are highly necessary. Once you select the right bank to bank with, you will feel the safety in your funds or valuables, and efficiency of the lean processing team. Finding the best bank successes at that point.