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What is banking?

The word "banking" refers to all the products and services provided by a bank, credit union, or other financial institution.  If you're new to banking, you're probably focused on what type of account you should open.  Before you select your account, you must first choose the right bank.  After all, picking the right bank is just as important as picking the right account.

Things to consider before choosing a bank

When shopping around for a bank, it's important to remember that there is no right or wrong back 0 it's about what's best for you.  If you're having trouble deciding which bank is right for you, take a look at our checklist of things to consider to help narrow down your choices.

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What other benefits do banks/credit unions provide?

In addition to guaranteeing your personal and financial safety, banks and credit unions also provide other benefits.

  1. CONVENIENCE:  Using a bank means you don't have to carry a large amount of cash on your person.  Drive-up ATMs, online banking, direct deposit, and mobile applications are some features banks offer so that you can bank without having to go to a branch.
  2. SUPPORT:  Banks employ tellers, financial advisers, and other associates to provide excellent customer service, assist you with your banking needs, and offer sound advice regarding financial planning.
  3. MONEY SAVING SERVICES:  People who do not use banks often resort to using check cashing facilities (who typically charge steep fees) and succumb to taking short term loans.  Using a bank eliminates the need for such facilities.

 

Images courtesy of Salvatore Vuono/FreeDigitalPhotos.net and ddpavumba/FreeDigitalPhotos.net.

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