Banking Options in South Carolina

How to Find the Best Banks in SC

There has been a great deal of down and up within the banking world ever since the recession hit in late 2008. Many South Carolina banks failed, new banking regulations were put in place and small, local banks in South Carolina 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 should trust with 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 South Carolina

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 South Carolina 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 South Carolina banks provide a wide variety of services to fulfill all your financial needs. Some even have educational materials and programs to help kids understand 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 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 understand that and care about your financial success just 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 ensure they can provide what you're interested in.

South Carolina Bank Services for Free vs. for a Fee

Many South Carolina 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. Typically 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 South Carolina

As mentioned above banks in South Carolina 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 will offer 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 South Carolina 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 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 individuals have to say about the bank? Customer reviews and personal recommendations are powerful tools for locating a good bank in South Carolina. This first-hand experience will give a good idea of what you can expect from using a particular bank.

Look for South Carolina 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 South Carolina.

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