Sun. Jun 16th, 2024

Choosing Who to Bank Your Money With

One of the biggest decisions that any businessman would have to make in the process of building a business is who to bank your money with. Banking is when you take your cash, transfers and cheques to a banking institution with the hope that they can invest it for you, keep it safe until an appointed time when you have need to use it. It therefore involves deposits and withdrawals from time to time. When one opens an account, they provide signatures of people who have signing rights in order to perform transactions in that account. It is important to make a careful assessment of who is handling your money as many have been ripped over having been promised so much and yet very little was delivered. In some instances, some banks have been trusted over the years only to be shutdown or put under the management of the curator due to the rampant banking malpractices, fraud and misuse of banker’s funds for private matters by top executives in the banks. Some have been found wanting in terms of actual capitalization requirements which vary from country to country. In other instances, some banks have deviated from their core business; which is banking into other sectors of the economy.

Some pointers to consider

– Reliability – Delivering what they promise – Banks have a tendency to advertise a lot about the services they have on offer. In some instances, the taste of the pudding is in the eating. You actually have to open a bank account (maybe a personal one) to try them and see how reliable and flexible they are. Some banks offer good services to attract the customers. Once the customer base has grown significantly, the same banks begin to treat customers casually, breaking every promise ever made.

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– Global Reach – What they offer the traveler – In how many cities of the world is the banking institution represented. Furthermore, should i travel from one country to the other and I wan to access cash wherever I go, how convenient is it to do so via a particular bank. Choosing a bank that is found in one country only can be a disadvantage sometimes for someone who travels a lot.

– Stability – When the economic meltdown happened in your area, which banks were adversely affected. Which ones were never shaken. It is important to lean on banks that have the relevant financial muscle and stability. Always check the bank’s assets and whenever their results are published in the newspapers to ensure your funds a safe with them.

– Customer Service – Banks thrive on vibrancy of customer service staff. People will always have queries to ask and this side of the bank should be strong and have people who are also patient enough with temperaments in customers.

– Value Added Services – what is it that bank A offers that other banks do not have. Always find that niche in banks that you are considering to put your money in. There must this one reason for doing so. What are those services. Some banks offer convenience through Online Banking, telephone banking and so on Some bank will offer customers soft loans with reasonable repayments

By Miracle