- 1). Ask for recommendations from your colleagues, friends, family members and neighbors. They can give you names of banks to investigate more thoroughly. Don't assume that the name you hear most often is the best. There are small, good banks that may not have as many customers because they simply haven't had the time to establish themselves.
- 2). Evaluate how you bank and control your money. For example, if you hate actually going into a bank branch, or if you find yourself at the ATM frequently, you may want a bank that is a little larger, since larger banks tend to offer more in terms of electronic or online services. Another consideration is whether you're good at budgeting. If you aren't, a bank that is forgiving with overdrafts and late loan payments may be the safest bet.
- 3). Ask yourself how accessible the bank is. For instance, if you travel, does the bank have branches where you go? What are the bank hours? Can you get in touch with a customer-service agent easily even at night? Larger banks tend to be more accessible but can be less personal.
- 4). Go to the websites for the banks you are considering. Assess whether the site is easy to navigate so you can find the information you need or complete banking tasks easily. Collect information from the websites about the different banking products available and what charges and requirements each product holds, and make a spreadsheet to track and compare the data you find. Call the banks if the websites don't provide detailed information about the products or if you have additional questions.
- 5). Go in person to each bank. Do this when it is busy such as on Friday afternoon or evening when most people are depositing paychecks. This lets you see how the bank functions under pressure. Ask yourself whether the tellers seemed friendly and if the bank was clean and organized. Time how long it takes the tellers to accommodate you and then compare this against the quality of the service.
- 6). See where the banks rank on J.D. Power and Associate's annual rankings of major banks. Small banks and credit unions may not be on this list. If this is the case, also check with organizations such as the Better Business Bureau and Small Business Administration to find out about each bank's overall reputation and lending record. Websites like ripoffreport.com also can provide good information and reviews.
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