Banking Options in Maine

How to Find the Best Banks in ME

There has been a great deal of up and down in the banking world ever since the recession hit in late 2008. Numerous Maine banks failed, new banking regulations were put in place and small, local banks in Maine proved they were just as viable an option, or even better, compared to big national banks.

All of this uncertainty and change has left many consumers questioning which bank they ought to trust with their money. Use this guide to read more about what to look for, what to expect, and how to get the most from your banking experience.

Bank Services in Maine

If you are considering which bank should get your business, the services they provide should be a key concern. Bank services go well beyond generating a checking account. Today, banks in Maine 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 Maine banks offer a wide array of services to satisfy all your financial needs. Some even have educational materials and programs to help kids understand more about 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 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 understand that and value your financial success as much as you do. Take the time to evaluate what services you need. This will help you narrow down the selection of banks and make certain they can provide what you're interested in.

Maine Bank Services for Free vs. for a Fee

Many Maine 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. 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 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 Maine

As stated earlier banks in Maine 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 selecting a bank that is stable.

Good banks will give you lots of ways to communicate with them. This includes online and offline modes of communication. As stated previously they will be quick to respond and handled any issues or concerns professionally.

Look for Maine 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 most recent 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 Maine. This first-hand experience will give a good idea of what you can expect from using a particular bank.

Look for Maine banks that give 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's a cap set at $250,000 per insured bank. If you're worried about loss of deposits and have in excess of $250,000 the safest bet is to set up an account at two separate, insured banks in Maine.

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