When choosing a financial institution, it’s important to select one that services all your banking needs, such as Mechanics Cooperative Bank at Somerset. Doing all your banking under one roof is convenient and you may qualify for lower interest rates on loans. Below are some important questions to ask each banking representative before choosing a bank.
Q. Do you offer any special services with a checking account?
A. Ask your bank representative about any extra services you may receive when opening a checking account. This may include free checks, no monthly service fees, higher daily ATM limits, free money orders, overdraft protection and no minimum balance. There are usually several checking account options available and you can choose the one that best suits your needs.
Q. What savings account options do you have at your bank?
A. Banks offer many different types of services for your savings and you can select one or more of these options. These services include a regular savings account, a money market account, that pays higher interest rates and certificates of deposit that also accrue better interest on your money.
Q. Does the bank offer online banking?
A. Online banking lets you track your checking and savings accounts from your home computer. This is a time saving and convenient feature that you should look for if you have internet access at home.
Q. What types of loans are available at the bank?
A. Most banks, including Mechanics Cooperative Bank Somerset, offer auto loans, personal loans and passbook loans. Your personal bank can often give you a better interest rate on auto and personal loans. Passbook loans offer the cheapest interest rates as the loan is secured by your bank passbook or certificate of deposit.
Q. Do you have more than one branch location?
A. Although you may do most of your banking at one main bank, having the option of different branch locations is a time saver. You may be in one area of the city before you realize you need to go to the bank. By having several banking locations to choose from, you won’t have to drive all the way back to the main bank to do your banking.
