Picking the right bank to trust your money with is no easy decision, and so we’ve decided to go over the best methods of researching financial institutions in 2022. Not every bank is the same, and that’s why it’s important to research as much as you can about them to ensure you are picking a bank that suits your needs.
For starters, there are three different types of banking. There’s retail, commercial, and institutional banking. For the vast majority of Americans, retail banking fits their needs. So, we won’t be going into too much detail about commercial and institutional banks. However, we will briefly go over how to learn more about them as well.
Crunchbase Listings
Every bank worth researching will have their own listing on crunchbase.com. Whether you’re an individual looking to offload some of their salary into a trustworthy bank or you’re a big wall street venture capitalist looking for some institutional bankers, crunchbase will fit your needs.
For example, check out this bank’s company listing on Crunchbase.com. Using the platform’s advanced search feature, you can sift through the business you don’t want to read about and see only banks. If you already have the name of the bank in mind, you can simply type in the name of the business and view their page.
Because of the sheer quantity of businesses listed on Crunchbase, there are company profiles for retail, commercial, and institutional banks.
FDIC’s BankFind
A sure way to find a trustworthy bank is to use the BankFind Suite search provided by the FDIC. On their website, you can view 4,802 FDIC insured institutions. Simply select your state, zip code, and city, and then search in the bank that you are looking to research.
For example, an individual looking to find more information about their local Chase branch in Nashville, Tennessee would be directed to this page. There, you can view relevant information pertaining to all the branches of chase in Nashville, Tennessee.
Bankrate’s 8 Step Guide
As mentioned earlier, choosing a bank is no easy decision. Rather than going through bank listings and company profile pages, we recommend checking out this article from Bankrate. They go over a list of things you should do that will help you make the all-important decision.
For starters, you need to decide on the type of bank account you want. You most definitely will be choosing retail banking, but it’s important to decide whether or not you want a savings or checking account – or both!
The next thing they recommend is to create a list of banks with the lowest fees, or no fees. This way, you can eliminate any banks that will take too much of your money for the services they provide.
They also recommend looking for a bank branch that is convenient to you. If there’s a Wells Fargo ATM right outside your apartment building, but the closest Chase ATM is a mile, then the decision might be pretty simple for you. Most major banks will have branches in all 48 continental states. However, depending on where you live, there may or may not be a bank more convenient for you.
The Bottom Line
There isn’t one bank better than all others, and so it may take some time to gather all the information necessary to make the decision on what bank best suits you. To start out, we recommend looking up any banks you’re currently considering on Crunchbase or FDIC’s BankFind. That way you’ll have a place to go to when you find new banks you want to consider.
Finally, be sure to take a look at Bankrate’s 8 step article discussed above. There’s some really good pieces of advice in there targeted at people looking to find a financial institution for their hard-earned money.
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