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How to Find the Best Banks in CT
There has been a great deal of down and up in the banking world ever since the recession hit in late 2008. A number of Connecticut banks failed, new banking regulations were established and small, local banks in Connecticut proved they were just as viable an option, or even better, compared to the big national banks.
All of this uncertainty and change has left many consumers questioning which bank they should trust with regards to their money. Use this guide to learn more about what to look for, what to prepare for, and ways to get the most from your banking experience.
Bank Services in Connecticut
If you're considering which bank should get your business, the services they supply should be a key concern. Bank services go well beyond generating a checking account. Today, banks in Connecticut 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 Connecticut banks provide a wide variety 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 important bank service is customer service. You should be able to get a hold of a real person 7 days a week, 24 hours a day. Employees at your local bank should be familiar with your accounts and responsive to your requests.
Your finances are a significant part of your life and well-being. Everyone at the bank should realize that and value your financial success as much as you do. Take the time to evaluate what services you need. This should help you narrow down the selection of banks and ensure they can provide what you're looking for.
Connecticut Bank Services for Free vs. for a Fee
Many Connecticut banks offer free services like free checking accounts and checks, free debit cards, free educational materials, etc. However, some services are offered for a fee. Normally 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. Depending on the service it may be worth the cost 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 Connecticut
As mentioned previously banks in Connecticut can fail, and when they do it can be catastrophic for the people that use their services. When you're contemplating your bank options there are signs to look for to ensure you're picking 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 Connecticut 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 latest 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 individuals have to say about the bank? Customer reviews and personal recommendations are powerful tools for locating a good bank in Connecticut. This first-hand experience will give a good idea of what you can expect from using a particular bank.
Look for Connecticut banks that give you a lot of ways to manage your money. For those who have 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's a cap set at $250,000 per insured bank. If you're 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 Connecticut.
If you follow these guidelines and do your due diligence to research multiple options you are sure to find a bank in Connecticut that can meet your needs.