Choosing a right bank account for you is never easy before this. It takes weeks for making appropriate choice or even more if you do not have any knowledge in the same field. Making a suitable selection is just like choosing a new paint color for your house or living room where you have lots of varieties but decision is going to be much difficult. Best and proper selection always depends on your needs involving funds, easiness, financial institutes, and much more.
Table of Contents
Sort out your Banking Needs
Knowledge has to be there a bit if not extensive or at least you should be knowing all about internet banking, security of your funds, making sure that the bank will have any must-have technology, your ease of deposits, Bank ATM fees, online banking features, interest rates, minimum balance requirements for account opening, customer service availability and easiness, and much more. The discussion will be around the same in bit brief.
This is a digital and full-of-technology era. We are now in an environment where manual work is not encouraged. Banks are also undergoing transformations. The very first thing you need to consider is to check whether the bank you are going to choose offers online banking or not.
You have to know all about online banking. Online banking involves all transactions through electronic channels in the form of emails, online systems, salary processing, customer requests processing, online cash deposits, online bill payments, and much more. You have to make sure that the bank allows online banking in the chosen branch or not.
Security of your Funds
This is very important to consider. Your funds have to remain secured and of course, this is the only reason you look for the bank and open your account. The best way is to look around you and ask for recommendations about various banks. Also, you should go for government approved banks, which assure you the funds’ security.
Funds security also comes in online transactions when incorrect IBAN is given or title is not confirmed. Never share your bank account details with anyone for better security. When you are choosing right bank for you, you need to make sure that your all details, credentials, and transactions will be secure and safe.
Technology plays important role in each aspect of life and hence, the banking too. Selecting the bank should be followed by the concept that it offers necessary technologies or not. Strategies have to be implemented by banking institutes for the best services.
Few of them include customer service experience improvement, Expanding se of data, Multi-channel deliveries, Reviewing data privacies, Open banking implementation, Enhancing digital payments, Managing regulations and compliances, Internet of things, 3D printing technologies, Robotics, Drones,and much more.
Ease of Deposit
When you go for deposit, you always want to skip the queues and easiness has to remain there. Bank has to have easiness in making cash or cheque deposits so that customers do not feel irritated and teased. Check before making proper selection the methods they provide for making deposits. If they are online deposits, it would be best but if they are even physical they have to be streamlined.
Bank has to have its ATM installed at almost all locations or at least, it should exist near to you so that you can take out cash at your earliest. There can be any emergency, hence, this is mandatory. There should be no tax or fee on cash withdrawal if you have account in that particular bank branch.
Yes! If you withdraw from any other network, they will charge you minor amount. Best option is to withdraw huge amount once in order to save yourself from large amount of deductions instead of withdrawing money in chunks for more cutting amounts. Therefore, make sure that the bank you choose offers ATM card free for life and no fees deductions if cash is withdrawn from the same network machine and most importantly, ATM machine should exist in nearby location.
Online Banking Features
Online banking for the bank should have these basic features at least.
- Online Banking Login
- Transferring amount within same banks
- Transferring amount within different banks
- Online cash deposits
- Utility bill payments
- Reordering checks
- Viewing online statements
- Receiving E-Bills
- Applying for loans and EMI
- Buy no- Pay Later
Interest rates are the ones, which you bank takes from you more than you pay. They apply on various produces like credit card payments, loan payments, purchasing car on loan, EMI, taking cash from credit card, and much more. Many banks offer 0% interest rates products also.
So, you need to have a quick look on the features and benefits offered by the bank and make choice according to the one meeting your needs at the fullest.
Minimum Balance Requirements
There are some banks, which let you open current account on the condition that you need to keep minimum balance in your account and if you fail to do so, they will deduct annual charges. Ass per them, minimum cash has to be maintained by the customer in current account.
In saving account, there is no condition but an interest rate applicable. You need to have a check on this deeply and do some research around you before making final choice.
If a customer service for any organization is not good including banks, it is considered as a weak point for that organization. Customer service has to be perfect and friendly and this you can judge very easily by physically reaching out to some of the banks near you or calling few of them on phone.
Level of friendliness and support should be best because you have to keep in touch with them almost daily for your transactions and deposits/withdrawals you make. They should solve your issues instantly and their surveys should also be there, which are usually called to be end-of-call surveys. Alternatively, you can also put your complaints and suggestions in the box given in the branch itself.