Choosing The Right Bank For You
In response to today’s financial crisis, learn how to make banking work for you. For questions about your banking needs, just ask Alex, our expert banker. Explore the different factors to consider before choosing a bank. Learn what it means to open a joint checking account with other people. Discover how crypto debit cards work.
Question: What factors should I consider when choosing a bank? – Wendy from Wilmington, North Carolina.
Answer: Finding a bank that meets your financial service needs may seem daunting. There are several key factors to consider before making a decision. One of the main factors is accessibility. This is the ability to easily obtain one’s funds. For example, national banks tend to have more branches and ATMs throughout the country, while regional banks tend to be more localized. Another factor to consider is fees. In order to stay profitable, all banks must charge fees. Some of the most common fees include monthly service fees, overdraft fees, stop payment fees, cashier’s check fees and out-of-network ATM fees. Not only should you compare the cost of each fee but the ways to avoid them. The third factor to consider is the bank’s digital platform. Most banks offer online and mobile banking, but the quality, security and features of each platform will differ. The final factor to consider is customer service. Look for a bank whose employees have a pleasant attitude, are knowledgeable and resourceful, and value their customer’s time.
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Question: Should I get a checking account with my girlfriend? – Oscar from Oakland, California.
Answer: A joint checking account is one that has multiple owners. Each owner has full access to the account. For example, they can make deposits and withdrawals, view the account’s activity, receive a debit card, write checks and even close the account. Joint checking accounts are typically owned by couples, close relatives, and business partners. Before opening a joint checking account, make sure there is a strong trusting relationship between you and the other owners. Remember, it is extremely difficult to remove an owner from a joint checking account. My recommendation is to be careful and choose wisely.
Question: What are crypto debit cards and how do they work? – Emily from Clarksville, Tennessee.
Answer: Crypto debit cards are similar to traditional debit cards in that the card owner can use it to get cash from an ATM or make purchases either online or in person. The biggest difference is that while a traditional debit card uses funds from a checking or savings account, crypto debit cards are funded through a cryptocurrency wallet that is accessed online or with a mobile app. While there are thousands of cryptocurrencies in the world, only a few like Bitcoin, Litecoin, Dogecoin and Ethereum can be used to fund a crypto debit card.
Written by: Alex Sanchez, Branch Manager
Important: For your specific questions about banking, contact your banking expert, Alex, at: alexexpertbanker@gmail.com
Alex is starting his 18th year in the banking industry. He has worked for such notable banks as Bank of America, US Bank, and Chase. Alex has his bachelor’s degree in Business Economic from the University of California Riverside.