Banking Options in Iowa

How to Find the Best Banks in IA

There has been a lot of down and up in the banking world since the recession hit at the end of 2008. A number of Iowa banks failed, new banking regulations were established and small, local banks in Iowa proved they were just as viable an option, if not better, than the big national banks.

All of this uncertainty and change leaves many consumers questioning which bank they should trust with their money. Use this guide to learn more about what to look for, what to prepare for, and ways to make the most of your banking experience.

Bank Services in Iowa

If you are considering which bank should get your business, the services they supply should be a key concern. Bank services go well beyond setting up a checking account. Today, banks in Iowa can be a one-stop shop that delivers:

• Checking
• Savings
• Investments
• Credit counseling
• Budgeting help
• Debit cards
• Credit cards
• Loans
• Direct depositing

As you can see Iowa banks offer a wide variety of services to meet 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'll want to 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 knowledgeable about your accounts and attentive to your requests.

Your finances are an important part of your life and well-being. Everyone at the bank should realize that and value your financial success as much as you do. Make an effort to evaluate what services you need. This enables you to narrow down the selection of banks and make certain they can provide what you're interested in.

Iowa Bank Services for Free vs. for a Fee

Many Iowa banks offer free services for example free checking accounts and checks, free debit cards, free educational materials, etc. However, some services are offered for a fee. Typically these are more specialized services that require expertise.

When you evaluate you're banking needs, note which services are important enough that you'd be ready 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 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 Iowa

As stated earlier banks in Iowa can fail, and when they do it can be catastrophic for the people that use their services. If you are 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 Iowa banks with a long history 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 people have to say about the bank? Customer reviews and personal recommendations are powerful tools for finding a good bank in Iowa. This first-hand experience will give a good idea of what you can expect from working with a particular bank.

Look for Iowa banks that give you a lot of ways to manage your money. If you 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 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 Iowa.

If you follow these guidelines and do your due diligence to research multiple options you're sure to find a bank in Iowa that can meet your needs.