10 Features Your Primary Bank Should Have

One of the most significant factors to consider when opening a new checking Account is the range of banking options that come with the account. According to research, technology is taking over banking and financial management in general. According to a Federal Reserve poll, nearly half of mobile phone owners who had a Bank account in 2017 used mobile banking services in the 12 months preceding the survey.

Must-Have Banking Features

Certain bank account capabilities are required if you want easy access to your funds, as well as the ability to pay payments, make transactions swiftly, and maintain your balances. When opening a new bank account, check for the following features:

• A Debit Card

• Online and Mobile Banking

• Mobile Check Deposit

• Online Bill Pay

• Email and Text Alerts

• Excellent Security

• Tight Security and Fraud Protection

• A Variety of Accounts

• Low Account Fees

• Accessible ATMs

• Loans and Other Financial Products

1. A Debit Card

A debit card allows you to make transactions without carrying cash. If you do need money, you can go to an ATM or get cash back at the register. According to a Federal Reserve poll, 30% of consumers prefer to pay with debit.

San Francisco Federal Reserve Bank. “2020 Findings from the Diary of Consumer Payment Choice.”

When opening a new bank account, make certain that a debit card is included and that there is no price for having one.

2. Online and Mobile Banking

If you want to keep a tight eye on your finances, being able to check your balance from your smartphone or laptop is invaluable. This is especially vital if you wish to avoid costly overdraft fees. Banks with more than $1 billion in assets collected more than $11.45 billion in overdraft and non-sufficient funds (NSF) in 2017, according to the Federal Deposit Insurance Corporation (FDIC).

Knowing what you have on hand and what you’re spending will help you avoid fees.

3. Mobile Check Deposit

Mobile check deposit eliminates the need for you to visit the bank. You simply take a picture of your check with your smartphone and, with a few touches of a button, the check is deposited without ever having to visit a teller or an ATM. Just keep in mind that certain banks need a lengthier check hold time when depositing with a mobile device.

4. Online Bill Pay

If you’re bored of writing checks, another feature to look for in a primary bank is online bill pay. According to Federal Reserve data, 80% of consumers who kept paper checks on hand did not use them even once in 2017; instead, three-quarters preferred internet banking.

Online bill payment eliminates the need to write checks and mail them. Even better, you may automate your monthly installments so you never miss a payment.

5. Email and Text Alerts

You should set up text and email alerts for your accounts at the same time you schedule automated bill payments. You could, for example, establish an alert to warn you when your balance falls below a certain threshold or when a new transaction is published to your account. If you’re concerned about a hacker taking your account information and creating false charges, this could be useful.

6. Excellent Security

Identity theft is not something to be laughed at. When comparing bank accounts, make sure to inquire about the security measures in place at each institution. Find out whether your debit and credit cards have fraud monitoring and an on/off button, and take extra precautions to keep your card transactions secure.

7. Tight Security and Fraud Protection

Before you open an account with any bank, you should investigate their security measures. Identity theft is getting more common. You’d also want to know that your money is safe at your bank.

As a result, you should inquire about the safeguards in place at the bank to secure your savings. To avoid losing money, you should first investigate the bank’s financial soundness.

8. A Variety of Accounts

Furthermore, it is preferable if your bank provides a choice of accounts such as checking accounts, savings accounts, CDs, and others. So, if you don’t want to limit yourself to one sort of account, you may open another and manage all of your accounts in one spot. This will make keeping track of your finances much easier.

9. Low Account Fees

When evaluating banks, look for one that has the fewest fees. You wouldn’t want to pay exorbitant fees for every transaction you make. Several banks provide various checking and savings accounts.

So, make sure you take the time to conduct thorough research. This ensures that you pay as little as possible for things like new debit cards or online bill payments.

10. Accessible ATMs

This is a vital feature to have in your bank. It would save you a lot of time and energy if your primary bank has ATMs that you can access from anywhere. When you run out of money, you can easily withdraw it from an ATM.

You’ll also save money on ATM withdrawal fees by using an out-of-network ATM. So, before you open an account with any bank, be sure that it offers an ATM close to your workplace or home.

Loans and Other Financial Products

Aside from a selection of accounts, your bank should also provide loans. In times of financial trouble, you’d be able to turn to your bank. Similarly, your bank should provide you with financial products such as IRAs (retirement savings accounts).

What Are the Features My Online Banking App Should Have?

• 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 their customers with a selection of savings accounts, checking accounts, certificates of deposit, loans, and home mortgages. Banks‘ extra services may include investment-related services and safe deposit boxes.

What Do Customers Want from Their Bank?

Customers expect to be able to manage their accounts easily and obtain banking services from any location. Furthermore, most clients want to learn about new financial products and have easy access to ATMs and bank locations.

What Are the World’s Top Banks?

The world’s leading banks 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?

Retail banks, credit unions, savings and loan organizations, internet and neobanks, commercial banks, investment banks, and community development banks are the various sorts of banks.

What are the key features of banks?

Although banks accomplish many things, their fundamental duty is to accept funds from individuals who have money, pool them, and lend them to others who need money. Banks act as go-betweens between depositors (those who lend money to the bank) and borrowers (people to whom the bank lends money).

What are the three most important things to look for in a bank?

Depending on your financial style and goals, the most significant factors to consider when selecting a bank may include interest rates and fees; convenience; and additional services (such as budgeting tools, cash back, competitive mortgage rates, and so on).

What are the features of modern banking?

Modern banking, often known as Internet banking, provides a variety of services such as online bill payments, financial transfers, online shopping, and investment options. This not only saves time but also allows people to do these things from the comfort of their own homes.

What is a bank and its features and types?

Important Takeaways. A bank is a financial entity that is permitted to accept deposits and provide loans. Banks are classified into three types: retail, commercial, and investment. Banks are governed by the national government or central bank in the majority of countries.

What is the key feature of mobile banking?

Online Transactions: Customers can check account details and account balances at any time and from any location. Account holders can use mobile banking to access e-statements, loan statements, card statements, account balances, transaction history, and even e-passbooks.

In conclusion

Another consideration when looking for a primary bank or credit union account is whether or not it is insured. The Federal Deposit Insurance Corporation and the National Credit Union Administration, respectively, provide up to $250,000 in coverage per deposit account at banks and credit unions.

However, they are not required to carry this coverage. Check the insurance status of banks and credit unions when comparing them to ensure your hard-earned money is safeguarded.

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