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Choosing a bank
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Get it right.
Banks and Building societies are there to provide you with a service, so it is important to make sure that the bank or building society you choose will be able to take care of all your financial needs.
Getting the right bank or building society can be a daunting business, which is why it is important to shop around and make sure that your all your financial needs can easily be taken care of.
First of all, you should make sure that the bank or building society has a branch located near you. You don’t want to travel long distances just to pay a cheque in.
If, for whatever reason, it is difficult to visit your local branch during normal business hours, then you need to find out what other facilities are available, such as, are you able to use an ATM (automated teller machine)?
Will you be charged for using another banks ATM machines? Most major banks will not charge non-customers for using their cash points, but you bank may still incur a charge from your bank if you do, so be careful!
Check and see whether telephone banking is an option. Many of the high street banks now offer a telephone banking service. This can prove to be extremely helpful, especially if you find it difficult to visit your local branch. Check and see whether the call will be free, or charged at local rate.
Online banking is another helpful service that most banks now offer. Make sure that you are able to check the balance of your account, transfer money between your accounts, pay your bills, amend or cancel direct debits, and apply for other products from your bank, by using their online service.
How often will you be sent a statement of your accounts? Statements show the transactions that have happened on your account over a certain amount of time (usually a month, but can be longer). It is important to keep an eye on your finances, so make sure they send you a statement on a regular basis.
Also, what kinds of account do they offer? You will need to make sure that your account will allow you to do the things you want. If you want a cash card, make sure your bank will offer you one. If they don’t, then find someone else who will.
You may also want to see if there are any additional services that your bank provides. Free financial advice, share dealing, and a mortgage centre are all service that you may find beneficial in the future.
Remember, banks and building societies are there to provide you with a service. If they can’t provide you with the products and services you need, get them from someone who will.
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