Banks can be your best friend if they have a pretty good interest rate for your savings account to earn, but sometimes they can turn around and stab you on the back with those unexpected fees you don’t want to pay. You’re leaving your money in the bank’s hands, and you want it there to be protected and grow a little as opposed to paying more than you should be to keep it there. There are a few things you can keep in mind whether you’re choosing personal or business banking account services Katy TX that can help you save your money and make your life easier.
Important Options To Look For In Personal Banking
A lot of banks have savings or checking accounts that either have high balance requirements or minimal payment or withdrawal amounts you have to make to avoid the fees. As Bankrate points out, there are banking options out there that won’t charge as many hefty fees for check accounts, or even some local banks and credit unions that charge none at all. Credit unions can be more preferred because they may just have an initial joining fee and then allow you to practically manage your accounts for free from there on out. Overdraft charges are another thing to look out for, and you may think about signing up for overdraft protection at first. But instead of falling in that costly trap, you should consider using another account to cover overdrawing or keep a close tab on your checking. There are also online banking accounts you can sign up for, though it’s advisable to keep your brick and mortar account open when using them.
Important Options To Look For In Business Banking
Business banking is a different animal from personal banking because it requires a large volume of both deposits and withdrawals. You want to be a little pickier about choosing a bank for your business so that you know the bankers can work with your specific needs and allow you to manage money both for large business inventory purposes and payroll. Just like personal banking, credit unions may be a better option for your business. As Entrepreneur states, fraud and financial data protection are even more important in business banking because losses and accounts freezing can cost your business big if the proper mechanisms aren’t in place. It also may be helpful to go with a bank that has branches located in other cities that you may plan on growing your business into.
There may not be any such thing as totally free banking, especially for business owners. But comparison shopping and going with the best bank could save you hundreds of dollars each year that can be better spent paying off your bills or investing in your business. You should also pay attention to different loans they offer as some smaller banks and credit unions have started including hardship loans for when you need cash in a crunch and don’t have time to wait. But the bottom line is you should never rush to choose a new bank.