Top Features you Should Expect from your Bank

These days, people have a lot of options at their disposal where banking is concerned. They can store their money at a traditional brick-and-mortar bank, or a mobile-only or online bank or even go for a credit union. When there is all that competition, people can afford to be picky. The question is how do you make your decision? There are some basic features and services your credit union or bank should offer, but not all of them do so. If yours doesn’t, it might be time for you to make the switch. But, what are these features? Let’s check them out:

Excellent interest on savings

The purpose of putting your money in a savings account is so that you can earn as much interest as possible. The problem is that not all banks will offer you a solid interest rate. Before you make a decision of where to open your account, you need to compare the interest rates being offered in order to make the best choice. Brick-and-mortar banks usually do not offer a very high interest rate so it is best for you to explore other options to get the highest possible return.

No fees

You shouldn’t have to pay to have an account in your bank. There are some financial institutions that don’t charge a maintenance fee for accounts whereas others only charge a fee if you don’t fulfill a certain criteria like performing a specific number of debit transactions or having a minimum balance in your account. If there are such conditions, you might want to look for other options.

Online access

Financial institutions have adopted technology nowadays, but there are still limitations. Nearly every bank and credit union has a website these days, but not all have apps. Make sure you opt for one that can offer you a mobile app because this will give you access to your financial information 24/7 and you will also be able to make transactions. There are institutions, such as SouthLand Credit Union, which do offer this feature and can make your banking a lot more convenient for you.

Free ATMs

Your bank or credit union also needs to provide you with a free way of accessing your cash, which is ideally done through an ATM network. Traditionally, national brick-and-mortar banks have had the largest network, but this is now changing. These days, a lot of online bank accounts now come with use of thousands of ATMs worldwide and lots of credit unions are offering the same. A smaller bank with a smaller network may work, as long as the ATMs are convenient and provide advantages like reimbursement of ATM fees.

Easy loan application process

When you need a loan, whether it is for a car or mortgage, you don’t want to have to deal with a complicated and drawn out process. Make sure you opt for a bank that offers a simplified procedure so you can easily get any financial assistance when you need it.