Q&A: What Should I Consider When Selecting a Bank?

When looking for the perfect bank, ask yourself, “Does this bank complement my lifestyle and financial goals?” At First Bank, we believe it should. You may also want to consider the following 4 criteria:

Community Involvement
Longevity & Stability
Personalized Customer Service
Breadth of Financial Service

1. Community Involvement

When comparing your banking options, consider how your prospective bank is involved in your community. If local economic growth is important to you, prioritize a community-focused bank that is committed to reinvesting in local economic development. An actively involved bank can provide your neighbors with increased access to small business loans, mortgages, charitable donations, and overall financial wellness.

For example, First Bank has invested over $1.2 billion in community development loans to revitalize low- and moderate-income areas. Additionally, in 2022, we donated $500,000 to support education-focused initiatives across the Carolinas. As First Bank grows, so do the communities we serve.

2. Longevity & Stability

Do your research – find a bank with a track record of success and the ability to remain steadfast during uncertain economic times. Consider how long the bank has been established and how they plan for growth into the future. First Bank began in 1935 during the height of the Great Depression in order to safeguard the hard-earned funds of local farmers, community members, and business people.

Throughout our organization’s 87-year history, we have seen recessions, depressions, and many banks come and go. While we stay current with modern banking trends, we will continue to operate our company with an intense focus on safety and soundness, so our customers, clients, partners, investors, and associates know that we will provide safe and stable long-term success.

3. Personalized Customer Service

It’s important to think about what your perfect banking relationship would look like. Do you value a tailored in-person experience or do you prefer online banking services with less one-on-one interaction? Regional banks, like First Bank, have the ability to offer the best of both worlds. The personal relationships that we develop within our communities help us advocate for our customers’ best interests. We can offer competitive rates and recommend the best financial tools to the right businesses, municipalities, and families at the right time.

When you’re traveling or if you prefer a more hands-off banking relationship, our all-in-one digital banking platform lets you transfer or deposit money, check your accounts, pay bills, and more. You’ll have full in-branch service, from the comfort of… anywhere!

4. Breadth of Financial Services

While you may not operate a business today, in 5-years’ time you might be able to open the bicycle shop you’ve always dreamed of owning. The ability to grow with your bank is a factor to consider. Does your bank offer a comprehensive suite of business services? What kinds of personal loan and credit products are available? Are there different kinds of checking accounts designed to fit different stages of your life and different members of your family?

At First Bank, we offer a wide range of personal and business financial services. Our specialty is providing holistic solutions that fit your needs now and will grow with you into the future – no matter what life or the economy throws at us.

We hope that after considering these factors, First Bank will be a good fit for you. We’re eager to meet you and learn about your financial goals. Click here to find your local First Bank branch.

Share:

Sign up for our newsletter and be the first to know about new tips, insights, and products from First Bank.

First Bank may use this email address to contact you about products, services, and promotions.

You may be interested in...

Lock It Up: Protect Your Login Info These days an increasing number of people are online creating accounts for shopping, streaming services, or to stay connected with other people. Of course, with all those accounts on various websites, who wants to create a different username and password every time? Well, it turns out the extra effort is worth it. Having different logins for your online shopping or subscription accounts can reduce your risk of fraud. Here’s why: if you use the same username and password across multiple sites and one of them is compromised, access to the other sites is automatically at risk. Fraudsters will then use the stolen credentials on those other sites to see if they can gain access and attempt various forms of fraud or other data mining activity. Please note: First Bank has several protective measures in place to ensure that your information is secure and that your account is safe from this type of fraud. But your other online accounts may not be so well guarded. Here are some tips to help you make each of your log-ins stronger and more secure: Use different login information. Not surprisingly, this is the best thing you can do to keep fraudsters out of your retail or subscription accounts. This means you will need to resist using your favorite username or password over and over again because it is the easiest to remember. Create strong/unique usernames and passwords. When using different usernames and passwords, use information that is not easily identifiable, but something you can remember. The more complex, the less likely it is to be guessed. One more tip: use numbers, capital letters, and special characters throughout your username or password, not just at the beginning or end. Enable two-factor/multi-factor authentication where available. By enabling this feature, a user is provided a second form of identification to verify a log in attempt. Think of it as a second layer of protection against potential attackers. This can be as simple as receiving a code via text or email, or clicking a link to confirm a log in from an unfamiliar device. Keep second factor information confidential. Never give out your second factor code to anyone – even if they say they are from a favorite 3 min read

What is an Unsecured Personal Loan? If you need help covering unexpected expenses, you may be asking the question, “What is an unsecured personal loan?” An unsecured personal loan is a loan given out without the involvement of any collateral. It is based solely on the trust that the borrower will pay back the money under the terms of the loan. Unsecured vs. Secured Personal Loans According to Investopedia: “A loan that is issued and supported only by the borrower’s creditworthiness, rather than by a type of collateral. An unsecured loan is one that is obtained without the use of property as collateral for the loan. Borrowers generally must have high credit ratings to be approved for an unsecured loan.” This is different from a secured loan, where an item of collateral such as a vehicle or piece of property is put down to secure the loan. If you fail to repay the loan, the lender takes the item of collateral. What do Unsecured Personal Loans Cover? Most personal loans are taken out for things like costly medical procedures, home renovations, and vehicle purchases. First Bank offers a personal credit line* that may or may not require any collateral. Typically, the better your credit history, the better your chances of qualifying for an unsecured personal loan. Because you’re not risking the loss of any collateral, unsecured personal loans typically come with higher interest rates than secured loans. Contact First Bank Today If you need an unsecured personal loan, seek out a First Bank location and speak to one of our friendly associates about getting the money you need. *Loans subject to credit approval. ——— Sources: Investopedia: http://www.investopedia.com/terms/u/unsecuredloan.asp#ixzz3sGyigwlj 2 min read

Are You a Financial Wellness Wiz? Take our quick quiz to find out! Create your own user feedback survey If you got: 1-2 points: Good start! We’re here to talk you through the basics and to help you plan for the future. Also be sure to check out our free financial basics course. 3-4 points: Well done! You’ve got the basics down; but if you need help planning for a big purchase or life event, we can help. Start with our free course: Major Life Events. 5 points: Look at you go! Capitalize on all that great financial savvy with the right mix of tools and products you need for your plans. No matter your score, we’re committed to helping you achieve your dreams (big and small!). Visit your local branch today, or give us a call. Let’s start something amazing together. 2 min read

Hand handing a lightbulb to another hand on a ladder

10 Easy Ways to Save On Home Energy Costs Looking to save on home energy costs? You could shell out big money for new, more energy-efficient appliances. You could move to a more energy-efficient home. Or, you could start with the low-hanging fruit. 3 min read

Q&A: What Should I Consider When Selecting a Bank?

Ready to talk to an expert?

Ready to talk to an expert?

You may be interested in...