What You Need To Know Before Choosing a Banking Institution
Once you know what kind of an account or accounts you need, the next step is choosing the right bank. You may want to consider the following before making a final decision.
1. Banking Fees
You should try to understand the bank’s minimum balance, maintenance fees, transfer fees, overdraft charges, ATM withdrawal charges, and credit card annual fees.
2. Interest Rates
Find out how much interest your savings will accrue if you open a savings account.
3. Limitation in Daily/Monthly Transactions
Be sure to confirm the account has no limit to the number of transactions you can make in a day, be it cash deposits or withdrawals.
4. Location of the Bank and ATMs
You should factor in the accessibility of the bank, its branches, as well as the ATMs.
5. Bank Services
Ask around about the bank. You can also check online reviews. Better yet, visit the bank and have firsthand experience of how the bank handles customers. You can use this opportunity to ask about the type of services and their availability.
The Process: How to Open a Bank Account
After identifying which bank will best suit your needs, the only remaining thing is to visit the nearest local branch, and the bank’s customer service reprehensive will help you out. If you have a home and secure internet, you can also visit their website and open an account.
Regardless of which type of account you open, the first step will always to fill out some application forms. After filling all the required details, you will be required to attach copies of your identification documents before submitting them for verification. A customer representative will enter your details in the bank’s computer; take you through other processes such as taking figure prints, passport size pictures, etc. You will then be issued with a card that contains your bank account details.
Summing Up
Opening a bank account is a smooth and seamless process. Opening an account(s) that perfectly fits your needs and with the right bank are the two most important factors you should always consider.
