Banking And Finance

From The Hoss's Mouth

Banking and Finance

Banks or other financial institutions provide a valuable service in our society. The Hoss asks you to consider which option is better: keeping your money buried in the back yard, keeping it hidden in a mattress, or keeping it safe in a financial institution. Unless you are brain dead, you chose the "safe in a financial institution" option.

Horse race owners insure their primary assets: their horses. You insure your house, your car and your life. It only makes Hoss Cents that you insure your money by depositing it in a bank or financial institution of your choice. Federally insured institutions are protected up to $100,000 ($60,000 in Canada).

Selecting a bank or financial institution is similar to selecting a horse to wager on. You gather all available information, do the research and make a selection. You may not always pick a winner, but by doing the leg work you increase the odds of being successful.

The Hoss was extremely fortunate when it came to choosing a financial institution. When he married Mrs. Hoss she worked for a credit union that offered their employees many benefits (reduced fees) not available to non-employees. In all likelihood you are not in such a favorable position, so The Hoss has compiled a list of items for you to consider when deciding which bank or financial institution best fits your priorities. The Hoss points out that these are suggestions only and by no means a complete list of all items that may be of importance to you when choosing a bank or financial institution.

• Location: Do they have branches in areas frequented by you and your spouse?

• Visit each institution and evaluate customer service.

• Do they offer the type of account(s) you require?
  

• Are the hours of operation convenient?

• Do they have ATMs ?

• Do they offer Internet banking?

Compare the rates, fees and service charges on the following:

• bounced check fees
  

• safety deposit box charges

• ATM charges
  

• checking fees

• annual fees

• interest rates for loans

• interest rates on deposit accounts

Please feel free to leave a comment or add any tips you may have by clicking on the comment section of this blog.

Stay on track,
The Hoss

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