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How to Find the Best Banks in CA
There has been a great deal of down and up within the banking world since the recession hit in late 2008. A number of California banks failed, new banking regulations were put in place and small, local banks in California proved they were just as viable an option, if not better, compared to the big national banks.
All of this uncertainty and change has left many consumers questioning which bank they ought to trust with regards to their money. Use this guide to learn more about what to look for, what to prepare for, and how to make the most of your banking experience.
Bank Services in California
If you're considering which bank should get your business, the services they provide should be a key concern. Bank services go well beyond setting up a checking account. Today, banks in California can be a one stop shop that provides:
- Checking
- Savings
- Investments
- Credit counseling
- Budgeting help
- Debit cards
- Credit cards
- Loans
- Direct depositing
As you can see California banks offer a wide selection of services to satisfy all your financial needs. Some even have educational materials and programs to help kids understand money and family finances. However, the most significant bank service is customer service. You'll want to be able to get a hold of a real person 7 days a week, 24 hours a day. The employees at your local bank should be acquainted with your accounts and attentive to your requests.
Your finances are a significant part of your life and well-being. Everyone at the bank should recognize that and care about your financial success as much as you do. Take the time to evaluate what services you need. This enables you to narrow down the selection of banks and ensure they can provide what you're interested in.
California Bank Services for Free vs. for a Fee
Many California banks offer free services like free checking accounts and checks, free debit cards, free educational materials, etc. However, some services are available for a fee. Typically these are more specialized services that require expertise.
When you evaluate you are banking needs, note which services are important enough that you'd be willing to pay for them if necessary. When you're researching and interviewing banks make sure to ask about fees and fee schedules. Based on the service it may be worthwhile to pay a fee versus getting a sub-par service or not getting it at all.
What to Look for When Choosing a Bank in California
As mentioned previously banks in California can fail, and when they do it can be catastrophic for the people that use their services. When you are contemplating your bank options there are signs to look for to ensure you're choosing a bank that is stable.
Good banks offer lots of ways to communicate with them. This consists of online and offline modes of communication. As stated previously they will be quick to respond and handled any issues or concerns professionally.
Look for California banks with a long track record of stability within the banking industry. The longer they've been in business the better, but make certain they haven't ignored the newest trends and technology. A good litmus test is to see how the bank weathered the recent recession when the financial sector was at it's worst.
What do customers have to say about the bank? Customer reviews and personal recommendations are powerful tools for finding a good bank in California. This first-hand experience will give a good idea of what you can expect from working with a particular bank.
Look for California banks that offer you a lot of ways to manage your money. When you've got a busy schedule it's important that the bank have online services so you can access your accounts from anywhere, any time of day.
Make sure the bank is FDIC insured. This protects you from any loss if your bank fails. However there is a cap set at $250,000 per insured bank. If you are worried about loss of deposits and have more than $250,000 the safest bet is to open up an account at two separate, insured banks in California.
If you follow these guidelines and do your due diligence to research multiple options you are sure to find a bank in California that can meet your needs.