Why Did I Choose My Bank: A Personal Finance Perspective
When deciding on a bank, the decision can often be complex and influenced by various factors. This article delves into my personal journey and the reasons behind my choice of bank, focusing on key aspects such as customer service, financial services, and overall bank features.
The Role of Tradition and Partnership in Banking
My decision to choose my bank was heavily influenced by the institution my husband had been using since his marriage. Over the years, he had built a substantial relationship with his bank. When we decided to combine our finances upon marriage, I had to make a decision that would affect both of us. While some might argue that my reasons were based on love, loyalty, or the best interest rates, my choice was more rooted in practical and personal considerations.
One of the primary criteria I considered was the bank's location and the attitude of its employees towards customers. For me, the convenience of having a bank near my home or workplace, where I could receive personal attention, was paramount. NFCU, for instance, offered me the assurance of a nearby branch where I could seek assistance, making it a natural choice for me during my time as a midshipman.
Customer Service and Financial Services
The experience with customer service played a crucial role in my decision-making process. Reliable and responsive customer support is essential, especially when faced with financial queries or emergencies. For this reason, the ability of financial institutions to provide immediate voice telephone support was a significant factor. In my case, Navy Federal CU always provided excellent customer support, which kept me a member even after my transition from active duty to civilian life.
Another critical aspect of banking is the functionality offered by the mobile app. A user-friendly and feature-rich mobile banking app enhances the overall user experience, making it convenient to manage accounts, transfer funds, and perform other financial transactions. NFCU's app provided me with these functionalities without any monthly fees, making it even more appealing.
Practical and Financial Benefits
The practical benefits of using a bank also include the ability to make deposits in common locations without incurring fees. For instance, being able to deposit cash at a trusted pharmacy or supermarket like CVS provides convenience and flexibility. Additionally, the presence of a nationwide network of fee-free ATMs in common institutions such as chain pharmacies, supermarkets, gas stations, and various convenience stores can be a significant advantage.
Cashier checks issued by the bank and the availability of overnight courier services for mail delivery offer another layer of convenience and security. While top APY (Annual Percentage Yield) might not have been a top priority for me at the time, the overall package of services provided by the bank made it worthwhile.
The support for modern payment methods such as Apple Pay and contactless payments ensures that the bank is keeping up with the latest technologies, enhancing the user experience. Being a well-established real bank rather than a fintech company, NFCU also offers additional financial products like credit cards, personal, and car loans, providing a comprehensive suite of banking services.
The Importance of Trust and Reliability
A well-known and reliable bank offers added peace of mind, knowing that your financial information and transactions are secure. Choosing a bank that has a proven track record, like NFCU, instills a sense of trust and confidence.
While personal reasons and traditional affiliations played a significant role in my choice, the practical benefits and the overall service quality provided by the bank were equally important. By considering factors such as customer service, financial services, and practical advantages, I was able to make an informed decision that suited my needs and preferences.