Selecting a financial institution for your personal finances or your small business is an extremely significant step to ensuring financial success. Many times, the importance is underestimated which can cause unnecessary and costly challenges. The relationship you have with your financial institution should be a partnership, where you both work together to manage your spending, grow your assets and plan for your future. You will depend on them to work with you in finding solutions to your financial needs and to create a plan to achieve your goals. Whether you chose a credit union or a bank, there are a few things you should do before making the right choice for you.
It’s a good idea to make a checklist of the things you or your business will need from its financial institution. Of course institutional stability, service reliability and minimal fees will be on that list, but what else is important to you? Location, office hours, funds availability, interest rates and overdraft options are just a few of the items you should consider.
Talk with your family, friends and neighbors to see what financial institutions they use. Asking those you trust about the service they receive and the products they use at their credit union or bank is a fantastic way to get a real life perspective.
Research the top 4-5 institutions that were referred by your friends and family. Compare product lines, convenience features and services they offer to your checklist of wants and needs. This will help you narrow the search down.
Finally, visit the local offices of those top few and meet with an account specialist, loan officer or the manager to discuss your needs and goals. Then, you’ll know if that credit union or bank is the right fit for you based on the way your request for time and assistance is handled.
If you would like to talk with someone about your specific situation to help determine what services you need in a financial institution, stop by or give us a call. Truliant’s goal is to assist you in improving the quality of your financial life!