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How to Find the Best Banks in RI
There has been a lot of down and up in the banking world ever since the recession hit in late 2008. A number of Rhode Island banks failed, new banking regulations were established and small, local banks in Rhode Island 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 ought to trust with regards to their money. Use this guide to read more about what to look for, what to prepare for, and how to get the most from your banking experience.
Bank Services in Rhode Island
If you are considering which bank should get your business, the services they offer should be a key concern. Bank services go well beyond generating a checking account. Today, banks in Rhode Island 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 Rhode Island banks offer a wide selection of services to meet all your financial needs. Some even have educational materials and programs to help kids understand more about 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. Employees at your local bank should be knowledgeable about 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 care about your financial success as much as you do. Make an effort 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 looking for.
Rhode Island Bank Services for Free vs. for a Fee
Many Rhode Island 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. Generally 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 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 Rhode Island
As stated earlier banks in Rhode Island 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 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 Rhode Island banks with a long track record of stability within the banking industry. The longer they've been in business the better, but make sure 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 people have to say about the bank? Customer reviews and personal recommendations are powerful tools for locating a good bank in Rhode Island. This first-hand experience will give a good idea of what you can expect from working with a particular bank.
Look for Rhode Island 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 more than $250,000 the safest bet is to set up an account at two separate, insured banks in Rhode Island.
If you follow these guidelines and do your due diligence to research multiple options you are sure to find a bank in Rhode Island that can provide what you need.