It’s time to open up a new bank account. The problem is…there are a lot of options to choose from.
Do you choose the bank all your friends and family use or the one that speaks to you as a businessowner? Has it been a while since you filled out an application for bank account or is this a process you’re familiar with? Figuring out these questions right off the bat will help you create a decision that will provide you with steady benefits to carry you throughout the years. Whether it’s saving up for a new house or starting a business, your banking choices will make sure you’re always on the right path.
From mobile optimization to community outreach, there’s a whole world of potential at your fingertips. Let’s take a look at the kind of bank that will suit you best.
Did You Know?
Banking today takes on many forms. Some even choose to forgo a bank and use an online payment account to conduct their business. When you fill out a checking account application you do the work necessary to start steering your life on a more reliable track. Today community banks hold more than $4 trillion in assets as well as $3 trillion in loans to consumers and small business orders, thanks to data provided by the Independent Community Bankers Of America.
Reduce Your Debt
A major reason more people are choosing to supplement their banking experience is to reduce their debt. Millennials are deeper in debt than previous generations. Not only that, but the average salary of a Millennial today is 20% lower than the average salary Baby Boomers had at that same age. The total amount of outstanding student loan debt passed the $1 trillion mark for the first time in American history back in 2012, according to data provided by the Consumer Financial Protection Bureau, and the average student has over $20,000 in student loan debt.
Build Solid Credit
A banking account can work to help you organize your funds and reduce your debt. In doing so you will not only reduce your stress, but build solid credit. While reports still vary, experts believe the first true debit card hit the market back in 1965 from the Bank Of Delaware. According to a much more recent study provided by the Federal Reserve, payments made using debit cards grew from $2 trillion to nearly $3 trillion in the span of a few years. That’s as many as 70 billion debit card transactions.
Support Your Goals
When you have student loans to pay off and projects to save up for, a banking account can make all the difference. Community banks account for an overwhelming majority of 99% of all American banks. More than 600 counties (or one out of five in the country) community banks are the only physical banking locations available. Your banking account should be more than just a place for you to store your cash until later. It should be a resource you can tap into to better organize, plan and eventually reach your goals. If you need to find a bank, keep these features in mind.
Choosing A Bank For Your Lifestyle
A good bank should provide you the means of assessing your income in an intelligent way. This means consolidating your debt, organizing your savings and providing you rewards for customer loyalty. A mobile banking account is a major plus for today’s on-the-go lifestyle, as well, and many banks today have their own apps to support you wherever you go. A 2016 Gallup survey saw six out of 10 Americans agreeing with the statement ‘The United States will become a cashless society in which all purchases will be made with credit cards, debit cards and other forms of electronic payment’.
Ready to apply for a new bank account? There are a lot of options out there just waiting to help.