Banking Options in South Dakota

How to Find the Best Banks in SD

There has been a great deal of up and down in the banking world since the recession hit in late 2008. Numerous South Dakota banks failed, new banking regulations were set up and small, local banks in South Dakota proved they were equally viable an option, if not better, compared to the big national banks.

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

Bank Services in South Dakota

If you're 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 South Dakota can be a one-stop shop that offers:

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

As you can see South Dakota banks provide a wide selection 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 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 acquainted 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 make certain they can provide what you're searching for.

South Dakota Bank Services for Free vs. for a Fee

Many South Dakota 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. Generally 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 willing 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 South Dakota

As mentioned above banks in South Dakota can fail, and when they do it can be catastrophic for anyone that uses 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 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 South Dakota banks with a long history 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 finding a good bank in South Dakota. This first-hand experience will give a good idea of what you can expect from working with a particular bank.

Look for South Dakota 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 are 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 South Dakota.

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