If you are looking, like a large percentage of the population to discover the benefits of online banking, Guaranty Bank in Austin is a very viable option. Before you fully digitize your finances, though, it pays to take a measured and sensible approach to finding the right bank or institution and you also need to be aware of the things you should be looking for and expecting from an online banking service.
To help you out, we are going to look at some of these important aspects.
Is the Bank Insured with the FDIC?
Although this may not be the first thing you think of because you may just assume that they are, if you are walking into a new or lesser-known organization, it pays to be safe rather than sorry. You need to check whether a bank is financially stable and that your money will always be protected.
Try to Look for Banks With ATM Networks or Reimbursement Schemes
There are many banks that have their own ATM networks. Even if they don’t though, many offer reimbursements to their customers who use the ATMs owned by other bands. It makes sense, therefore, to find a bank that either has their own or that will cover the cost of the fees. It’s also wise to look for one that does not offer a capped reimbursement amount or one that is quite high, especially if you tend to use ATMs a lot.
Test Out the Customer Service
If you are looking to keep everything digital, you need to make sure you are still going to get access to a high level of customer service. Look for live 24/7 customer service and research their response times for general questions, account issues and lost debit card reporting.
Research the Interest Rates On Deposits
Online banks and smaller institutions often have lower overheads so can offer higher interest rates on deposits. So always try to find the highest you can, being wary when an organization offers an extremely high interest rate as this is often done as a promotion or special deal to entice you to switch to them or to open a new account.
Compile a List of Perks You’d Like
What else would you like to benefit from with your online-centered bank account? Would you like to be able to use an app to do most of your banking? Would you like the option to make payments from one person to another person? Banks that offer online banking solutions are all different from one another, with some offering certain perks that others don’t. Think carefully about what you expect and would like and then try to find the bank that offers something that meets your expectations most closely.
What Other Products Do They Offer?
It’s a good idea to make yourself aware of the other financial products they offer. For instance, do they offer credit cards, loans, money market accounts or even CDs? Although not all smaller banks and online institutions offer these things, you may be able to get good deals if you are intending to open a checking account with them in the first place.