How to Choose a Financial Institution

Where to sack away your hard-earned money and who to work with when you need to borrow are important decisions. It’s a good idea to shop around before forging a financial relationship.

Here are seven things to consider when deciding where to bank:

1. Security. This should be your top priority. Is the organization insured by the Federal Deposit Insurance Corporation (FDIC) or the National Credit Union Administration (NCUA)? Are there features like instant alerts on account activity and card lock/unlock to help keep you safe from scammers?
   
   
2. Fees. You’ll be hard-pressed to find a financial that doesn’t charge fees, but such add-on charges can range greatly. Research and understand what fees and minimums are involved with opening accounts, making mistakes (hello overdraft!), and using services. Pay attention to how many fee-free ATMs are available within their network. Ask questions if you’re unsure about anything – a trustworthy organization will patiently walk you through their fee schedule.
   
   
3. Convenience. Mobile banking is no longer a nice-to-have; it’s essential. Make sure the financial you’re considering has a robust online banking platform as well as a mobile app that includes a secure way to contact customer service for help.
   
   Choosing a financial that also has an easily accessible physical location is beneficial for when you want to chat with someone F2F, instantly replace a lost or stolen card (instead of waiting 8-10 days for it to arrive in the mail) or grab a pile of coins for laundry.
   
   
4. Social Responsibility. How does the institution you’re considering contribute to the community – and what are they doing to promote sustainability? These behaviors have a ripple effect on us all.
   
   
5. Financial Literacy. If you’re new to managing your money, it’s helpful to partner with an organization that offers financial literacy resources. These might be self-serve modules or in-person seminars on topics like budgeting or financial aid.
   
   
6. Perks. While these aren’t essential, they can be the cherry on top. Perks include discounts at local retailers, priority ticket sales for sporting events, coin counting machines, and more. If deciding between two financials, perks can be a tiebreaker.
   
   
7. Customer Service. Learn what customer service channels are available at any financial you’re considering. Is there a toll-free number? A secure messaging platform? What hours are the customer service reps available? When visiting a branch, what’s the vibe when you walk inside? Do you feel comfortable? Are you taken care of? Do your questions get answered?

As you plan how to manage your money, always consider where and with who you want to partner. These seven guidelines will help you find your best fit.

UW Credit Union believes in empowering individuals to control their finances through ongoing learning. Whether it’s your first bank account or your fifth, we're Here for Every You