Business & Finance

Safeguarding Your Finances: Tips for Selecting a Trustworthy Bank

Choosing which bank to use can be one of the most important decisions you make about your finances. After all, a good bank will protect your money in the event of a failure, charge reasonable fees and offer competitive interest rates and additional helpful features like online and mobile banking.


Check the Fees

Checking a bank’s fees before opening an account is a good idea. Banks frequently publish fees on their websites, so you can quickly compare them to other banks. A few of the most common fees include overdraft and service fees. Spending more than you have in your bank account can result in overdraft fees, costing you hundreds of dollars a year. Service fees are another way that banks can rip off customers. You’re paying these charges just for having a bank account!

Check for these and other fees, such as monthly account maintenance and transaction fees. If you see any suspicious activity or are paying too many costs, it may be time to look for a new bank. Safeguards to protect your money and reliable customer support are also essential when choosing a bank. Tri-County Bank and Trust employ security measures to safeguard its clients’ private data and financial transactions. They place a high premium on protecting and safeguarding your hard-earned money.!1m14!1m8!1m3!1d12221.132477548077!2d-86.9011624!3d40.0244579!3m2!1i1024!2i768!4f13.1!3m3!1m2!1s0x881329fe2c03c023%3A0x8ce15cdfbb416a05!2sTri-County%20Bank%20%26%20Trust!5e0!3m2!1sen!2sus!4v1705605071360!5m2!1sen!2sus

Check the Customer Service

It could be time to switch if your bank needs better customer service. Whether shopping for a new home, car, or checking account, customer experience is a big factor in determining which financial institution best fits your needs. Banks should provide omnichannel support across all channels. It means offering the option to resolve issues on your own through a knowledge base, a live chat or a phone call. It also means preventing cyber threats and providing customers with the necessary security tools.

Safeguarding your finances can be easy with the right steps. By closely monitoring your accounts, separating your finances, and never giving out personal information to strangers or the internet, you can reduce your chances of losing your assets in the event of a bank failure. Additionally, using a company lets you make business payments quickly and efficiently while safeguarding your funds. You can protect your finances and build wealth with a few simple steps.

Check the Security

In this hack-happy world, you should look for security features like biometric identification, password protection and two-factor authentication. These can help safeguard your money, personal information and accounts. You can also learn about a bank’s financial health by checking its credit rating, which assesses its ability to repay debt and protect depositors. This ratio is typically calculated by comparing a bank’s assets to liabilities. A low credit-deposit ratio indicates healthy finances, while a high credit-deposit ratio indicates a riskier balance sheet.

Finally, it’s a good idea to choose banks that offer FDIC insurance or, in the case of credit unions, membership with the National Credit Union Administration, which guarantees up to $250,000. It gives you peace of mind if something goes wrong and helps ensure your funds are safe. It’s also smart to spread your money among several banking institutions to reduce the likelihood of a big loss in the event of a bank failure.

Check the FDIC or NCUA Insured Status

The last thing you want is to have your savings wiped out in case of a bank failure. Thankfully, the FDIC and NCUA provide protections for depositors so that you don’t have to worry about losing your money. FDIC insurance covers checking, savings and money market accounts up to $250,000 per depositor at each insured institution. Additionally, it protects individual retirement accounts (including traditional IRAs, KEOGH and 401(k) accounts), revocable trust accounts established under written legal documents, and irrevocable trust accounts subject to an ongoing power of attorney.

The NCUA offers similar coverage for member credit unions up to $250,000 per account owner. You can find out if a bank is FDIC or NCUA insured by searching online or looking for the official sign in the lobby. In addition, the FDIC has a database where you can search for insured banks. The only difference between the two agencies is that the FDIC insures banks, and the NCUA insures federal credit unions.