Introduction
In this series, we will delve into banking institutions. Most of us have bank accounts, but very few of us know how a bank works. This series is the result of a personal investigation of starting a bank. I wanted to share this information because a better understanding of how a bank works, leads to more effective, and sound financial decisions with money such as where to keep it and how best to leverage it.
Part 1: What is a bank?
Banking is one of the oldest industries of the world born from the barter system; exchanging goods for goods. For an industry that has existed for thousands of years, it is amazing how little its customers know about how the business works.
Part 2: Common Banking Problems and Solutions
As a consumer, we are faced with many challenges in dealing with banks; finding the right bank for our money, good customer service versus higher interest rates, banking hours and convenience, and fees for everything including ATMs, NSFs, account maintenance, etc. We have captured some of the common issues and provided possible resolutions to help improve our banking experience.
Part 3: NSFs and Overdrafts
Americans paid the banks approximately 38.5 billion dollars in overdraft fees in 2008. This number is a grossly high. This means that every American citizen accounts for approximately nine (9) separate NSFs (we know that didn't happen). So even with the banking industry's problems in the past few years, they have found ways to continue to turn a profit.
Part 4: Choosing YOUR Bank
It's your money! Choosing the right bank to fit your banking needs is a shopping experience. When it comes to managing your money, there can be no shortage of information, research, and resources. Shopping for the right bank can provide several benefits to your longterm financial health; failure to shop will almost always ensure that you will not receive the best deal. This article details several factors to consider when selecting a bank.
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