Skip to main content
_FB_2018-Icons-finalized-cleaned-up_new_FB_2018-Icons-finalized-cleaned-up_newGroup 9

Important Information: We’re here to help, click here for important information on our coronavirus response.

Back
Scroll to top

Financial Institution: Definition and What to Look For

The definition of a financial institution typically describes an establishment that completes and facilitates monetary transactions, such as loans, mortgages, and deposits. Financial institutions are a place where consumers can effectively manage earnings and develop financial footing. Consumers can make an informed choice when choosing a bank to keep their money by knowing the core features of financial institutions.

What to Look for in a Financial Institution

Financial institutions facilitate some of life’s biggest events. When choosing a place to keep your money, it is important to make sure the bank meets certain criteria. Here are some key features to look for when you select a bank:

  • Online Banking — The convenience of being able to access your bank accounts from anywhere isn’t something you should overlook. Look for a bank that offers online banking, as well as mobile banking and tablet banking.
  • High Yield Accounts — High yield checking and savings accounts are a great way to get more for your money. If earning interest is important to you, choose a bank that offers high yield options and competitive rates.
  • Accessible ATMs — When you’re on the go you need to have access to cash as you need it. That is why choosing a bank with accessible ATMs and reasonable ATM fees is important.
  • Great Customer Service — When you have a question about your account, you want to speak with a bank representative that is friendly and helpful. A great bank will have friendly representatives ready to help you in any way possible.
  • Reasonable Fees — Some banks charge multiple fees — such as ATM fees, withdrawal fees, and monthly maintenance fees — just for using their services. Check to see if the fees your bank charges sound reasonable, or if they provide ways to avoid fees altogether.
  • FDIC Insurance — You work hard to earn your money, so you want to make sure it is safe at the bank you choose. Look for banks that are members of the Federal Deposit Insurance Corporation (FDIC). The FDIC will insure the money in your deposit accounts up to a certain amount.

These Features and More From First Bank*

First Bank strives to provide you with these key features and more. We offer digital banking options, financial expertise, excellent customer service, and flexible investment options, making us the ideal bank to partner with during life’s biggest decisions. Our branches extend throughout North and South Carolina. Contact us today to schedule a consultation with one of our financial advisors.


Sources:

Investopedia: http://www.investopedia.com/terms/f/financialinstitution.asp

Investopedia: http://www.investopedia.com/terms/a/apy.asp

Investopedia: http://www.investopedia.com/terms/f/fdic-insured-account.asp

Trending Topics

Mobile Banking – Jacksonville NC

If you’re looking for more flexibility in managing your accounts, First Bank provides mobile banking in Jacksonville, NC. Access your accounts from the comfort of your own home, our free Mobile Banking service brings...

Best Small Business Bank in Asheville, NC

Between managing a payroll, paying utility bills, budgeting overhead costs, and balancing your revenue and expenses, running a small business brings big financial responsibilities. First Bank¹ can help small...

Balance Transfer Calculator

If your current credit card isn’t meeting all of your needs, consider switching to a First Bank credit card. First Bank now offers the option to transfer your balance from your current credit cards to a First Bank...

Loan for a Brewery – Asheville NC

Need a Loan for your Brewery in Asheville? Breweries have become a booming business across the state in recent years, particularly in Asheville. Between 2006 and 2013, the number of breweries in North Carolina skyrocketed...

Get a Stress-Free Student Checking Account at First Bank in Wilmington, NC

If you are a college student in Wilmington, North Carolina, you’re probably more worried about studying than paying attention to your checking account. First Bank gets it — we offer a hassle-free student...

Best Small Business Bank – Albemarle, NC

If you’re looking for the best small business bank in Albemarle, NC—the search stops with First Bank. As a local bank, First Bank has a reputation for being an instrumental part of small businesses. Our...

Rental Property Mortgage Rates – Florence, SC

Owning a rental property is a popular way to build some equity, qualify for tax benefits and earn some easy cash.* In Florence, SC, competitive rental property mortgage rates can be found at our First Bank locations on...

High Interest Checking Accounts In Florence, SC

If you are looking for a high-interest checking account in Florence, South Carolina, look no further than your local First Bank. Our high-interest checking accounts provide you with a safe and convenient way to store your...

Small Business Loan Rates in North Carolina

For competitive small business loan rates* in North Carolina, stop by your local First Bank branch to compare loans with flexible terms and highly competitive rates. We make borrowing money for your business easy and...

Lowest Mortgage Rates – Jacksonville, NC

If you are looking for some of the lowest mortgage rates in Jacksonville, NC, your local First Bank can help. Now is a great time to buy a home in Jacksonville, North Carolina. The median sale price for homes in the area...