Which Bank Is The Best? – Smarter Finance Journal

Which Bank Is The Best?

banksSince the economic troubles of 2008, the banking system has adjusted the way its business model operates. Many of the larger banking institutions began to implement fees for once free services, like opening a checking account. Most of these institutions have nearly identical interests rate payouts, fee structures, and services available.

Essentially, there are two types of banks. First, a large-scale bank like Bank of America, which has many locations throughout the United States. Conversely, smaller banks that don’t have as many locations offer a more personalized experience to their customers. Larger institutions have recognized this trend, and have made a significant efforts to place greeters at each location to assist with a pleasant banking experience.

With all of these variables to sort through before making a decision, how do you assess which bank is best for your needs? Unfortunately, the answer to that question has multiple parts. First, banks are aggregated geographically. Therefore, the best banking institution for you will vary depending upon where you reside. As an example, tied for second place, with a score of 796, according to a 2014 JD power ratings analysis was Bank of the West. Other factors to consider include: a minimum balance for both checking and savings, ATM locations, and hours (TCF is open 7 days a week).

As previously mentioned, the best banks vary by region, but the powerhouses Wells Fargo, US Bank, Citibank, and Bank of America scored well across the board.

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