Banking for Millennials: The 10 Important Things to Consider When Choosing Who to Bank With
Some young people think that they can just bank anywhere. However, there are several factors to consider when choosing where to go.
1. When you are looking at switching bank accounts, doing so in a timely and efficient manner is important. Select a bank that allows you to do so in a short period of time.
2. Your world is different from your parents. The ability to bank online can save you a lot of time and money, and it also helps you to budget because your current account status is live.
3. Not only do you want to use a bank that has online access, but you should also look for one that has an app. Using an app is easy to do on the go, and some of them even allow you to deposit checks through your phone.
4. Look into any fees for maintaining the account or minimum amounts of money that you need to keep in the account. If you don’t meet up with these standards, you could find your bank account closed early on.
5. Find out what the interest rates are for your savings account. The point of a savings account is to watch your money grow, and you want a bank that will help with that.
6. Many millennials pay their bills online, and some banks offer bill pay services. Looking into that is important so that you can keep yourself organized.
7. A good chance exists that your employer is going to want to use direct deposit to transfer your checks to you. Make sure that your bank works with the process, and find out if any stipulations or wait periods apply.
8. It’s true that you want to access your bank services through your computer or phone, but you should also select one that has locations near you. Times may come when you need to go to the bank.
9. Find out what the maximum daily withdrawal amount is so you don’t end up in a difficult spot if you need to take out a great deal of money one day.
10. Select a bank that has a reputation for excellent customer service. When it comes to your money, you don’t want people who aren’t going to give you the care and dedication you deserve.
Considering these points when choosing a bank will help you to select the best option.
Photo Credit: Onasill ~ Bill Badzo