Compare Reviews for Banks & Credit Unions

Technology is ever-evolving, and today's customers want to access their banking information online and on the go.

• Account access: At a bare minimum, consumers should look for a financial institution that offers activities such as reviewing the accounts, ordering checks and transferring money between accounts online.
• Mobile banking apps: Consumers with a smartphone, may want to take advantage of the mobile banking apps for check deposit, bill pay, money transfer and general account access on the go.
• Online bill pay: The convenience of paying bills online, allows customers to quickly pay their bills with the touch of a keystroke.

Hidden fees can make for nasty surprises on a monthly statement. When choosing a bank, especially a checking account, understand fees before signing up.

• Minimum balance: Some accounts require customers to maintain a minimum balance at all times to avoid a monthly surcharge. Others waive these fees for those with direct deposit and/or for student accounts.
• ATM: While most banks and credit unions allow customers free ATM use, consumers may be charged a few dollars per transaction when using an out-of-network ATM. Out-of-network ATMs may result in a dual charge, one from the customer’s bank and one from the ATM owner.
• Withdrawal fees: Some types of accounts limit the number of free withdrawals or other services. Once that minimum is met, future transactions can carry a small fee.

When borrowing, the consumer’s credit score is a determining factor in the interest rate. When opening a savings account, customers can request the interest rate structure in advance. Rates may vary by institution and credit unions occasionally offer higher saving and lower lending rates.

• Loans: The interest rate makes a significant difference in the amount of a monthly mortgage or auto payment, so it's important to shop around for a bank with low interest rates. In addition to considering interest rates, customers should investigate fees and points associated with generating a loan.
• Accounts: Most interest-bearing checking accounts require a substantial minimum balance, but savings accounts often come with no-strings-attached interest payments. In today’s low rate environment, the interest payments are low. Yet, money deposited at a bank or credit union is easily accessible for withdrawal and insured.
• Revolving credit APR: Consumers with bank credit cards need to be aware of the interest rates charged on the card’s balance. These interest rates can be quite high for consumers that don’t pay their bill in full at the end of the month.
• Branch access: Retail branches are important for those who want to purchase cashier’s checks, cash a check made out to them or simply interact with a bank employee. Consumers who prefer branch access should investigate the proximity of bank locations.
• Convenience: Some banks are regional, and the proximity of branch locations may vary. For in-person banking, customers should check out the location of the closest bank branches. For convenience, and to keep fees low, customers should check on the ATM locations as well.
• Customer service: Banking is a customer-driven industry, and the financial institution should offer easy access to knowledgeable customer service representatives. Find out when, where and how to contact the customer service representatives—by phone, email, online chat and/or in a bank branch.
• Service hours: Given many customers’ busy schedules, should be aware of branch, phone and electronic communication hours when choosing a bank.

More and more banks are popping up, and it can be tempting to jump on the bandwagon and take advantage of new customer promotions. However, consumers must read the fine print to make sure the bank is insured up to the legal limits and that the website is equipped with the highest security levels.

• Federal Deposit Insurance Corporation (FDIC): Created in 1933, the FDIC is an independent agency that ensures the security of depositor's funds. The FDIC typically insures accounts up to $250,000.
• National Credit Union Administration (NCUA): The credit union's equivalent of the FDIC, the National Credit Union Administration regulates credit unions and protects consumers. This insurance typically covers balances of up to $250,000 per share owner.
• Encryption software: Stolen personal identifiable information makes it crucial for banks to utilize more sophisticated security measures to protect your accounts. Many banks have moved to a tokenized and end-to-end encryption to help protect consumer funds, so consumers should look into banking with an institution at the forefront of security technology.

It's easy and convenient for consumers to take care of all banking needs in one place. It’s a good idea for customers to look for banks or credit unions with a wide range of services for now and the future.

• Loans: Auto and home loans are fairly standard, but one might also need a home equity line of credit or personal loan. When borrowing, consumers should read all the fine print to avoid extra charges or fees.
• Credit cards: Most banks offer a range of credit card options from debit to secured credit and everything in between.

CDs are similar to savings accounts in that they pay an agreed upon rate of interest on the deposit amount. They differ from savings accounts in that they are issued for a specific length of time. Some banks offer higher rates of return and products that allow the customer to withdraw the funds early, with limited penalties.