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

Community Banks Near Me

Where can I find banks near me? When it comes to banking, customers want banks nearby that are part of the communities where they live, work and play. First Bank is rooted in a community focus that dates back to the days...

Get Maximum Flexibility With a Small Business Credit Card

Many small business owners often find themselves managing their business operations, financials, customer service and more. First Bank wants to lessen your workload with a small business credit card to streamline your...

Apply for a Personal Loan in Lillington, NC

If you’re looking to apply for a personal loan* in Lillington, NC, stop by the First Bank on South Main Street for competitive loan rates and flexible terms. Our banking experts will help you customize your personal...

Best Savings Account Rates In Florence, SC

If you want to save money, there are plenty of ways to do it. You can put your money into an IRA, CD, the stock market, or other financial tool. However, you can also put your money into a simple savings account. With...

Small Business Loans – Albemarle, NC

If you are thinking about opening a small business in Albemarle, North Carolina, First Bank can provide you with a small business loan to get you started. Albemarle offers lower utility rates, real estate, construction...

What Are 30-Year FHA Mortgage Rates?

If you are considering applying for an FHA loan to purchase a home, you may be wondering, “What are 30-year FHA mortgage rates?” If you want to find out what the current average 30-year FHA mortgage rates...

Block Out Stress with a Worry-Free Savings Account at First Bank in Sanford, NC

According to research from the American Psychological Association, money is the second-leading cause of stress falling closely behind job pressure. At First Bank, we strive to eliminate money-related stress by offering a...

Checking Account Comparison – South Carolina

With over 75 banks located in the state of South Carolina, checking account comparison can be overwhelming. If you live in South Carolina and are looking at opening a checking account, consider stopping in...

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...

Best Personal Loans – Florence, SC

What makes for the best personal loan in Florence, SC? Interest rates and other terms aside, it all boils down to which personal loan is best for you. In Florence, SC, First Bank offers a number of different ways to...