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How to Find the Best Banks in MI
There has been a great deal of down and up within the banking world ever since the recession hit at the end of 2008. Many Michigan banks failed, new banking regulations were established and small, local banks in Michigan proved they were just as viable an option, if not better, than the 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 find out more about what to look for, what to expect, and ways to make the most of your banking experience.
Bank Services in Michigan
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 Michigan 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 Michigan banks offer a wide variety of services to satisfy all your financial needs. Some even have educational materials and programs to help kids learn about money and family finances. However, the most significant bank service is customer service. You need 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 attentive to your requests.
Your finances are an essential part of your life and well-being. Everyone at the bank should understand that and care about your financial success just as much as you do. Take some 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 interested in.
Michigan Bank Services for Free vs. for a Fee
Many Michigan banks offer free services such as free checking accounts and checks, free debit cards, free educational materials, etc. However, some services are available 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. 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 Michigan
As mentioned previously banks in Michigan 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 picking a bank that is stable.
Good banks will offer you lots of ways to communicate with them. This consists of online and offline modes of communication. As mentioned previously they will be quick to respond and handled any issues or concerns professionally.
Look for Michigan 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 Michigan. This first-hand experience will give a good idea of what you can expect from using a particular bank.
Look for Michigan 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 in excess of $250,000 the safest bet is to open up an account at two separate, insured banks in Michigan.
If you follow these guidelines and do your due diligence to research multiple options you are sure to find a bank in Michigan that can meet your needs.