How to Choose a Bank or Credit Union

When you're looking for a bank or credit union, consider the following:

• Is the bank or credit union close to where you work, live, or shop? Try to find one that's convenient to you. Another option might be a bank located within your grocery store, which would allow you to do your shopping and banking at the same place.
• Does the bank or credit union offer the use of automated teller machines (ATMs)? If so, what are the fees associated with ATM use? ATMs offer convenient ways to deposit and withdraw money, but remember that the money you withdraw will be taken out of your account, so be careful you don’t bounce checks.
• How much does one bank or credit union charge for a checking or savings account compared to others? It pays to shop around. Different banks and credit unions charge different fees for the same service. Credit unions may have lower fees for some services.
• Are you eligible to join a credit union? Members of credit unions belong to a group of people with something in common. Large employers sometimes sponsor credit union memberships for their employees. Also, members of nonprofit organizations, government entities, and other groups are often eligible to join credit unions. If you're not sure whether you qualify, call the credit union and ask.
• Does the bank display the FDIC symbol? This means your money is protected by the federal government. Most credit unions have deposit insurance from the National Credit Union Administration (NCUA). Look for signs or stickers that tell you which entity insures your deposits.