When I choose a bank, I look small institution–a community bank or a credit union. They typically charge less for loans than large institutions do, pay more interest on savings, and set lower minimum deposits on checking accounts. You get to know the people who work there, which helps a lot when you have a problem, need a loan, or think a particular tee should be waived. If a small bank isn’t available, look for a small branch of a larger bank.
Opening an Account
Don’t wander into a bank like a tourist. Pick up brochures in advance, read them, and then make an appointment to see a banker. At the meeting, explain how much money will flow through your accounts, what services you’ll want, and the kinds of loans you’ll be looking for (bankers love to hear about loans because that’s where they really make their money). Ask what interest rates the bank currently charges for various loans. Get a printed schedule of the … Read the rest