Are you going to open a deposit, take out a loan for business development or just apply for a credit card, first of all, it is necessary to find out which banking establishment is more reliable. Here some tips on this issue.
The reliability of a bank is a guarantee that you will not lose money in the case of bankruptcy and will get the most favorable terms for loans. Therefore, first of all, specify the place of the bank in the professional rating. Such listings are compiled on the basis of credit institutions reports depending on several factors, the main one being the size of the bank’s own capital. This means that a financial institution has a definite percentage of its own funds It is the adequacy of equity that largely determines the reliability of the bank and its stable position. After all, this is a reserve, thanks to which the bank can fulfill its obligations on deposits. If this amount becomes low, the Central Bank of the country has the right to deprive the financial institution of a license.
Let’s consider the most significant factors that contribute to a high reputation of the banking establishment:
- previous bank’s record,
- the size of the branch network s
- a number of ATMs,
- user-friendly official web-site and
- a cutting-edge mobile applications,
- treating clients in branch offices.
Although many people now try to use predominantly Internet Banking, it’s wise to observe how client service operates within the premises of the bank: how long do you have to wait in queues, whether the work of employees is proactive.
In addition, it is important to think about personal data level of protection in both cases: paying by card in sales outlets or on the Internet. Read opinions on the bank on professional portals, review ratings by leading world credit & financial agencies, study opinions of market experts, publications in the media, evaluate the website, visit the bank personally and get your own impression: each detail does matter.
Terms. Banks offer different conditions for loans and deposits. Do not be lazy to find out all the options and find the best one for you.
Just keep in mind that a credit is a serious obligation. Ask yourself some important questions. What are the terms of the loan agreement? How many branches and ATMs does the bank have? Is there access to ATMs 24 hours? Can I repay the loan through partner networks? It is worthwhile to find out these moments before you take the loan or use a credit card so that you do not have problems with repayment afterwards.
However, remember that a reliable bank is not the one which provides the lowest interest on the loan or the highest percentage on the deposit. If bank terms are very lucrative it is a very suspicious sign.