What to look for in a bank

There have been a lot of changes in the banking industry. Bank closures. Bailouts. Buyouts. And with the current economy, it may have you wondering what's next. And how safe your money really is. You're not alone.

To help you feel more secure and satisfied with your overall banking experience, there are a number of things you should look for in your bank. If your current bank doesn't offer these, it might be time to switch.

Online banking

As the economy changes day by day, it's nice to have convenient access to your bank account, minute by minute. That's the benefit of online banking. It also offers you an easy way to manage money, transfer funds and more.

High Yields

So you deposit your hard-earned dollars, but do all of your accounts work hard for you? With more and more banks competing for your business, you should expect to earn a great yield—even in your checking account. Take EverBank's FreeNet^® Checking Account. Highly competitive yields, convenient online banking and 24/7 customer service. Now that's working hard for you.

Ease of speaking with a live person

Due to cutbacks, some banks have had to reduce their staff. And that can make it difficult to reach someone if you have a question about your account. Thankfully, other banks still make it easy to talk to a live person. If you call your bank, a live person should only be one menu option away—or should pick up the line when you call.

Wide range of products

Most every bank offers checking and savings accounts. Some also provide home loans and equity products or credit cards and CDs. But banks should be offering more to customers to help them take advantage of today's opportunities. Take EverBank, for example. EverBank offers ways to buy foreign currencies—even non-FDIC insured precious metals.¹

Innovative services

Technology in the banking world is constantly changing. And your bank should be keeping up with those changes. Is your bank offering new technology services that make your life easier? For example, at some banks, including EverBank, you can bank from your internet-enabled mobile phone. Same great banking, just more convenient while you're on the go. Take a look by going to mobile.EverBank.com

Stability

No matter what the economy is like, you always want your bank to be stable. Many banks freely share their financial information with customers. So look for letters or other communications from your bank which talk about their stability. Another way to find out if your bank is secure is by using FDIC Bank Find. It gives you access to basic bank information, such as branch locations. But you'll also find the latest financial information on your bank—including a historical profile. Check us out.

Security

Does your bank offer online banking? If so, your bank should have set up an Enhanced Login. It adds one more level of protection to your login process. And it makes it more difficult for scammers or identity thieves to access your accounts. Also, check that your bank has other protections in place as well. That includes 128-bit data encryption for the connection between your computer and your bank. And check for policies, procedures, and other communications programs that protect your personal information.

FDIC insurance

The deposits in many banks are protected against bank insolvency by the Federal Deposit Insurance Corporation (FDIC). Does your bank have FDIC coverage? Use FDIC Bank Find to find out. FDIC insurance currently covers up to $250,000 per depositor.²