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How to Find the Best Banks in WV
There has been a great deal of up and down inside the banking world since the recession hit in late 2008. Numerous West Virginia banks failed, new banking regulations were set up and small, local banks in West Virginia proved they were equally 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 regards to their money. Use this guide to learn more about what to look for, what to prepare for, and how to make the most of your banking experience.
Bank Services in West Virginia
If you are considering which bank should get your business, the services they supply should be a key concern. Bank services go well beyond setting up a checking account. Today, banks in West Virginia 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 West Virginia banks offer a wide array 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 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 responsive to your requests.
Your finances are an important part of your life and well-being. Everyone at the bank should understand that and value your financial success just as much as you do. Take some time to evaluate what services you need. This will help you narrow down the selection of banks and ensure they can provide what you're interested in.
West Virginia Bank Services for Free vs. for a Fee
Many West Virginia 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 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 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 West Virginia
As mentioned above banks in West Virginia 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 selecting 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 stated previously they will be quick to respond and handled any issues or concerns professionally.
Look for West Virginia 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 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 customers have to say about the bank? Customer reviews and personal recommendations are powerful tools for locating a good bank in West Virginia. This first-hand experience will give a good idea of what you can expect from working with a particular bank.
Look for West Virginia banks that offer 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 West Virginia.
If you follow these guidelines and do your due diligence to research multiple options you're sure to find a bank in West Virginia that can suit your needs.