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It's quite shocking how many people will put their hard-earned money in banks without being skeptical in the slightest. Some institutions are simply much more solvent than others, so it is important for customers to scrutinize. A laundry list of characteristics besides FDIC insurance should be considered, and there are four particularly important questions to ask about them. First of all, how close are these banks? Are there branches located conveniently near where potential customers live and work? If any concerns or issues arise surrounding a customer's account, then the short distance will make the customer service process much easier. Also, customers should wonder how efficient is the online banking is. Sometimes, walk-in and drive-thru visits just aren't practical prospects in the customer's schedule. Secondly, how costly is it to do business at these banks? Most people are familiar with financial conditions such as overdraft fees and ATM fees, but what about wire fees, notary fees, or cashier’s check fees? Some institutions even demand returned deposit fees, stop-payment fees, balance check fees, or fees just to talk to a teller! Is it bad taste for a customer to ask an institution about its potential fees? The answer is no, because that's a fiscally responsible course of action. The third thing for a customer to ask is: "What can these banks offer me beyond the basics?" Some of them offer lovely benefits such as free checking or savings accounts, along with special financial plans that can potentially save customers piles of money. Furthermore, they can provide businesses with credit card processing, and it's even possible for them to offer attractive interest rates on checking accounts. The ability to send money overseas is another big advantage to watch out for. Unsurprisingly, the final question to ask is: "How do well do these places treat my money and me?" The level of reception and positivity a customer receives when coming through the doors to do business is definitely a significant indicator of an institution's general attitude. How long does it take for the tellers and other personnel to get around to fulfilling a customer's request? How professional are these employees when to comes to demeanor and the execution of service? If standards are low in these areas, then it becomes harder to argue that a customer's money is in good hands. In the end, not all large banks measure up well against these four questions, so thinking small may be the only answer for some people. Smaller institutions may usually be dwarfed by their larger brethren in terms of quantity of services, but the level of customer service can sometimes be a different story. Regardless of which choice a customer makes, there's no excuse for a lack of thorough research. In life, people usually prefer to associate with trustworthy people, so why not apply the same preference to the world of finance? A failure to choose a worthy partner for monetary exchange could possibly lead a person down the road to bankruptcy. In the market for finding a bank that works for you? Read more about banks in Somerville NJ at: http://www.somersetsavings.com
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