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Words to Live By
"If you would be wealthy, think of saving as well as getting."
Benjamin Franklin
Choosing a Bank or Credit Union
THINGS TO LOOK FOR IN AN INSTITUTION
Insurance and Protection
Ensure that the institution offers substantial protections for your information and account, including insurance against bank failure and other financial crises.
Look for a bank insured by the FDIC and a credit union insured by the NCUA.
Minimum Balances
Know the minimum balances required on accounts. If you go below the minimum balance, they will not close the account, but may charge you a service fee.
ATM Fees
Ask about the ATM service provided and if they offer no surcharge ATM's. Many times if you use an unauthorized ATM you are charged a service fee, sometimes as high as $5 - $10 per withdrawal.
Transaction Fees
Find out if you are charged any fees for money transfers. Will you be charged for sending or receiving money? Often times, you can transfer money without fees if it is to an account within the institution.
Bank vs. Credit Union
Bank = profit-seeking organization that takes and lends money to clients.
Credit Union = non-profit organization that is collectively owned by its members.
Do Your Research
Research several institutions before settling on one in your area. This will insure that you will receive quality service and get a competitive rate on your account.
Read the Fine Print
Ask questions and read the fine print before signing any agreement. Watch for hidden fees and other charges associated with an account.
Avoid Free for Signing
Avoid signing up with an institution "just because" you get a free item, discount, or cash. Often there are stipulations for signing up with this kind of deal.
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