How to Find the Right Bank for You
Finding a new bank might seem easy at first. After all, you have so many options. However, having a lot of options can turn into a double-edged sword. With so many choices at your fingertips, it's easy to become overwhelmed and start over-analyzing your choices. How can you truly make sure that you pick the right financial institution? The Bundlefi team wants to make your decision simpler. Here's how you can start searching for your ideal bank or credit union.
Rule Out the Cold-Blooded Businesses
First of all, you should know what kind of banks to avoid. Don't bother with the giant banks without any heart. With these banks, the pitfalls far outweigh the potential benefits. For one thing, these banks prioritize multi-millionaires and billionaires over their day-to-day customers. They also put you at a higher risk for a financial data breach. Hackers, both domestic and overseas, target bigger banks because these banks have more information to steal.
Plus, recent history has shown us that these banks need to be bailed out by the US government once every few years. Megabank owners will argue against small stimulus checks for regular people, but they'll gleefully accept millions of dollars in the form of government bailouts. You can do better things with your money than use it to line multi-millionaires' pockets, especially when those multi-millionaires clearly can't use that money wisely.
Consider Your Alternatives
Once you've ruled out the giant banks, your banking choices will become a lot more manageable and far less overwhelming. Still, people worry that they may not have enough choices. What's left after ruling out megabanks?
As it turns out, a lot. Those options fall into two main categories: local banks and credit unions.
Local banks are small businesses. When you use a local bank, you get the same benefits that you would get by eating at a local restaurant or shopping at a local store. You put money back into your local economy, and you keep that money out of the hands of billionaires.
Credit unions are nonprofit organizations. When you use a credit union, you help support one of your communities, whether that community is based on geography, profession, student status, or military affiliation. Instead of helping a Bezos-type character buy a yacht, your money can help you build your own wealth as you support teacher loans, financial literacy classes, and other positive things.
Use a Simple Search Tool
Again, while you've narrowed down your choices, you still have a lot of choices left, and you'll want to make sure that you make the right choice based on your needs. For example, maybe you need a new bank so you can get a loan, or maybe you need a new place to open a savings account.
The best way forward is to do your research, and fortunately, that process doesn't have to be complicated. We all know how overwhelming it is to have too many computer tabs open. There's a better way, and that better way is Bundlefi. Bundlefi has compiled an entire database of local banks and credit unions. You can search and compare your options from a single location, so you can save yourself a lot of frustration.
Take a look around our site to see the options you might have missed. It's time to find your ideal bank.