What You Need to Know Before Choosing Your First Bank

It’s time to become financially responsible and take the reigns on yourspending and saving habits. No more cashing your checks at the check cashingplace or hiding money under your mattress. You’re too old for a piggy bank, andyou have no idea how much is in your current one. It’s time to open a bankaccount and get serious about your finances. It’s time to chose a bank.

Banking is apart of adulthood and there is more to it than savings and checkings accounts, or depositing your money only to withdraw it moments later. Banks also offer products and services. Yes, banks have products, and they provide more services than just holding your money in a safe building. The right bank can get you on the right path financially and help you develop healthy economic habits; they can also assist you in getting the things you want and need like a new car, or a nice bachelor or bachelorette pad, and then a family home later on.

Before you rush out and open an account with the first bank you see, you have to consider some important details before you decide what bank you’ll bank with. There are so many things you have to research about that banking establishment. You want to make sure that they can provide you with the services you are looking for. If you are in need of an installment loan, consider Western Shamrock Corporation for your needs. They are an industry leader in the consumer installment loan business. 

Types of Banks

Industrial or Investment Banks – Investment banks are usually owned by a private company that supplies finance-related products and services to corporations, governments, and individuals. Examples:JPMorgan Chase, Morgan Stanley, Citi Group, Goldman Sachs

Foreign Exchange Banks – Foreign Exchange Banks deal with the foreign exchange markets and the trading of currencies. Examples: Citi Group, Bank of America, JPMorgan, Deutsche Bank

Private Banks – Private banks provide financial services to high-net-worth individuals who have substantial revenue and sizable assets and annual income. Examples: Bank of America, Morgan Stanley, BNY Mellon, Federal Bank, Merrill Lynch

Commercial Banks – Commercial banks offer financial services to the general public, small businesses and companies. Examples: Wells Fargo, Goldman Sachs, TD Group, Bank of America, PNC

Exchange Banks – Exchange Banks perform the conversion of currencies foreign to local currency. Examples: SunTrust, Chase Bank

Agricultural Banks – Agricultural Banks serve farmers and other agriculture producers. They provide financial products, services, and loans to farmers for more extended periods and charge them less interest. 

Products and Services provided by Banks:

Debit and Credit Cards – A card medium used to access your funds and accounts

Merchant Services – A bank account which is used by businesses to accept payments

Cash Management – Services provided which involve the handling, usage, and collection of cash, assessing cash flow and investments

Business Loans – Monies provided to businesses for their development or creation

Checking Accounts – An account used to deposit your cash, checks, and funds. Checking Accounts Allows for transactions and transfers pertaining to funds

Savings Accounts – An account that bears interest while holding your funds, savings funds can charge fees if minimal monetary requirements are not met

Travelers Checks – A substitution for cash while traveling.

Personal Loans – Personal loans are loans that are given by banks without collateral and can be for any purpose

Home Equity Loans – A loan which is backed by the value of your home

Mortgages – A loan given by banks for the purpose of purchasing a home with a down payment

Now that you’ve received enough information about banks and the products and services that they provide, you may have a clearer picture of what kind of financial facility you want to use. There are so many different banks to chose from, each one providing various products and services for your financial needs. It’s all right to have more than one bank, and it’s also okay to only use one. There are also credit unions which are great places to go and build your credit. Banking is the first step toward a prosperous future. Being more responsible with your finances is one of the best decisions you’ll ever make. So chose the home for your funds wisely, and always use financial education when making financial decisions.

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