There has been a lot of up and down within the banking world since the recession hit in late 2008. Many Colorado banks failed, new banking regulations were established and small, local banks in Denver proved they were just as 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 their money. Use this guide to find out more about what to look for, what to prepare for, and ways to make the most of your banking experience.
Bank Services in Denver
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 Denver can be a one-stop shop that offers:
- Credit counseling
- Budgeting help
- Debit cards
- Credit cards
- Direct depositing
As you can see Denver 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 should be able to get a hold of a real person 7 days a week, 24 hours a day. The employees at your local bank should be familiar with your accounts and responsive to your requests.
Your finances are a significant part of your life and well-being. Everyone at the bank should realize that and value your financial success just as much as you do. Take the 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.
Denver Bank Services for Free vs. for a Fee
Many Denver banks offer free services for example 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'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 it 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 Denver, CO
As stated earlier banks in Denver 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 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 Denver 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 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 individuals have to say about the bank? Customer reviews and personal recommendations are powerful tools for finding a good bank in Denver. This first-hand experience will give a good idea of what you can expect from working with a particular bank.
Look for Denver banks that offer 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 is 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 Denver, Colorado.
If you follow these guidelines and do your due diligence to research multiple options you're sure to find a bank in Denver that can suit your needs.