How To Choose The Right Bank For You
A bank is a place that stores your money, a place that invests your money, a place that loans you money, and a place that provides you with investment opportunities.
Banks vary across a spectrum on all of these metrics, and knowing how a bank’s values align with your own is a good way to narrow down your list of options. For instance, some like to portray themselves as sustainable banks that, despite being for-profit enterprises, try to maximize the amount of good they do in the world.
Examine Their Values
How Do They Treat Their Customers?
If you do business with multiple banks, it is unlikely you would rate them exactly the same on how they have treated you. When shopping around for a new bank, it is a good idea to consider what current and past customers have to say about how they feel they have been treated.
Here are a few questions to consider:
– Does the bank respond quickly when you have an issue? – Is it easy to contact a customer service representative, or are you given the run around with artificial intelligence that is not always helpful? – Does your bank have unfair or predatory terms and conditions in their contracts?
An organization’s corporate culture might seem like an afterthought to someone who has never worked for or done business with a large company, but it lies at the heart of everything they do and often how successful they are.
What Is Their Corporate Culture Like?
If you are choosing a bank to deposit your funds, borrow money, and potentially build a long-term relationship with an investment advisor to help you manage your capital, consider how the bank’s culture incentivizes certain behavior attitudes towards you as a customer.
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