This article will provide you with 10 Features your primary bank should have. Before you open a new account with any bank, there are certain things you need to look out for. One of them is the features the bank has.
That’s because you wouldn’t want to face any issues with depositing money, making transfers, paying bills, managing your balance, or withdrawing.
10 Features Your Primary Bank Should Have
However, this article has got you covered. Check out the key features that your primary bank should have below
Mobile and Online Banking
Mobile and online access make it easier to manage your savings or checking account without always having to visit the bank. Your bank should have a mobile app or offer online banking services. This will enable you to check your account balance, schedule transfers, and do more from your smartphone or PC.
So, check if your bank has a mobile app or offers online banking for more convenience and if they charge a fee for it.
Tight Security and Fraud Protection
Before you open an account with any bank, it’s necessary that you look out for its security tightness. Identity theft is becoming increasingly popular. Also, you’d want to be confident that your money is safe in your bank.
So, you should ask questions about the measures the bank has in place to protect your savings. It’s best that you check out the health of the bank first to prevent yourself from losing money.
Excellent Customer Service
You wouldn’t want to feel undervalued when you visit your bank. That’s why this excellent customer service is another feature your bank should have.
So, while looking for a bank, aim for one with a service team that readily gives attention to your needs promptly. And not only that, but also that its representatives can handle issues whenever they arise.
A Variety of Accounts
More so, it is best if your bank offers a variety of accounts like checking accounts, savings account, CDs, and more. So, if you don’t just want one type of account, you can open another and manage all your accounts easily in a single place. This will make it much more convenient to keep track of your finances.
Low Account Fees
Furthermore, when comparing banks, aim for one that charges minimal fees. You wouldn’t want to pay high fees for every single transaction you carry out. Several banks are offering a variety of checking and saving accounts.
So, ensure you take time to properly carry out your research. This will ensure that you’re paying minimal fees for things like replacement debit cards or online bill paying.
This is one important feature that your bank should have. If your primary bank has ATMs that you can conveniently access from any place, it will save you lots of time and energy. When you are short of money, you can easily run to the ATM to withdraw.
And you’ll also get to save money on fees to withdraw from out-of-network ATMs. So, ensure that before you can open an account with any bank, ensure that it has an ATM stand close to your work or house location.
Online Bill Pay
This is also another feature you should look out for in your primary bank. By paying bills online, you’d save yourself the stress of writing checks and mailing them whenever you want to pay bills. And interestingly, you can even automate paying bills.
That way, the money will be taken from your account at the end of every month for payment. So, you don’t have to bother about missing payments.
Mobile Check Deposit
With a mobile check deposit, you won’t have to visit the bank’s teller window or even the ATM every time. You can just use your phone to take snapshots and within a few taps of a button, the check will be deposited. This feature makes banking very convenient.
Email and Text Alerts
Your primary bank should have email or text alerts to notify you about your account. This is one thing you should be able to set up while opening your account. So that you’ll know when your account balance drops or when a new transaction is posted to your account.
With email or text alerts, you’ll be able to properly manage your account information and monitor for fraudulent charges.
Loans and Other Financial Products
Well asides from your bank having a variety of accounts, it should also offer loans. With this, you’d be able to turn to your bank in times of financial distress. Similarly, your bank should also offer you financial products like retirement savings accounts (IRA).
What Are the Features My Online Banking App Should Have?
The key features your banking mobile app should have include
- Person-to-person transfer.
- Mobile deposit.
- Bank-to-bank transfer.
- Online bill pays.
- ATM & Bank Locator.
- Self-service options.
- Face and Touch ID.
- Account and Fraud alert.
- Up-to-date account activity.
- Account-to-account transfer.
- Card control services.
What Are the Services a Bank Offers Its Customers?
Most banks provide a variety of saving accounts, checking accounts, certificates of deposit, loans, and home mortgages for their customers. However, some additional services of banks could include investment-related services and safe deposit boxes.
What Do Customers Want from Their Bank?
Customers want to be able to manage their accounts without stress and access banking services from anywhere. Also, most customers want to discover new financial products available to them and conveniently access ATMs and bank branches.
What Are the Top Banks in the World?
The top banks in the world are
- China Merchants Bank.
- Bank of America Corp.
- Banca Santander.
- Citigroup Inc.
- BNP Paribas.
- HSBC Holdings.
- JPMorgan Chase &Co.
- Wells Fargo & Co.
What are the Different Types of Banking?
The different types of banks are retail banks, credit unions, savings and loan associations, online and neobanks, commercial banks, investment banks, and community development banks.
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