Home Accounting What Features Should You Check Before Selecting a Bank?

What Features Should You Check Before Selecting a Bank?

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It’s vital to know what banking services come with a new checking account before you open it. Banking and financial management are being transformed by technology, according to research. Faster than half of mobile phone owners with bank accounts in 2017 said they used mobile banking services in the 12 months before the poll, according to a Federal Reserve study conducted in 2017. 

Must have Features of Banking 

As well as the ability to pay bills, make transactions swiftly, and maintain your account balances, some bank account functions are really essential. When creating a new bank account, be sure to search for the following: 

Debit Card 

You may pay for items with a debit card instead of carrying cash around. Withdrawing cash from an ATM is always easier than going to the bank. In a Federal Reserve poll, 30 percent of customers said debit cards were their favorite payment method. A debit card should always be provided when creating a new bank account, and there should be no fees associated with it. 

Online and Mobile Banking 

If you prefer to keep a tight watch on your finances, having the ability to check your balance from your smartphone or laptop is important. To prevent costly overdraft fees, this is of special importance. In the past online banking was considered as one of the priority banking features but nowadays it has become an integral part of the banking sector.

Digital wallet 

“Cash or card?” This question will decrease with time. Cash, card, or smartphone? Services may now be paid for online and in person more easily using digital wallets, which use contactless point of sale terminals and virtual checkouts. Digital wallets will be used by 4 billion individuals globally by 2024, according to a Juniper Research poll conducted in June of 2019. 

Individual Payments 

A cashless society is not necessarily a reality, but you’ve undoubtedly been in a position where you needed to split a check with a buddy or pay someone back. Cash is transferred directly from your bank account to the recipient using mobile person-to-person payments, which eliminates the need to issue another IOU. Users don’t have to worry about when they’ll next meet each other and settle things because the transfer generally takes some time to complete. 

Multiple Bank Transactions 

Having checking, savings and investment accounts at multiple financial institutions is not uncommon. There are a number of possible explanations for this situation. A separate firm may be in charge of managing your 401(k) plan than the bank you use for your personal checking account. Deposit limitations are also set by the Federal Deposit Insurance Corporation (FDIC). The FDIC will insure all of your accounts if you distribute them across numerous institutions. 

Notifications and Alerts 

Your accounts should also be set up to receive text and email alerts when automatic payments are scheduled. An alert might be configured to warn you when your account balance falls below a specific point or whenever a new transaction is posted. If you’re worried about a hacker obtaining your account information and creating false charges, this feature might be quite useful.

Bottom Line 

When looking for the Best premium current account or credit account, it’s important to consider whether or not it’s for you. Mashreq bank knows the needs of its customers. Mashreq offers its customers all type of banking accounts and banking solutions following their requirements.