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...

Earn More with Interest-Bearing Checking Accounts An interest-bearing checking account offers the interest accumulation of savings accounts with the withdrawal and check-writing ease of checking accounts. This best-of-both-worlds combination allows bank customers to accrue some interest on their balance while only needing to meet some minimum requirements. First Bank’s Interest-Bearing Checking Accounts The money in your checking account is yours and earning interest on it matters. At First Bank, we offer three types of checking accounts (two personal and one business) that accrue interest when the minimum balance is maintained. Each is uniquely designed to meet the needs of our many different customers. Interest-Bearing Personal Checking Accounts Everywhere Plus. Our Everywhere Plus account comes with free online and mobile banking, free online bill pay, and free paper or electronic statements. Everywhere Plus customers also have a credit card rewards program for eligible card. Everywhere Premium. The Everywhere Premium account includes all the basics of the Everywhere Plus level while also granting unlimited out-of-network ATM transactions with no First Bank fees, free member checks or 50% off other check designs, and four free official checks per statement cycle. Interest-Bearing Checking Account for Businesses With our Business Interest account, business owners enjoy: 250 free transactions per month Cash or coin deposits of up to $10,000 every month at no charge Rewards benefits with an eligible credit card Free 24-hour telephone banking Online and mobile banking Contact your local branch and get started with an interest-bearing checking account today. Is an Interest-Bearing Account Right for Me? According to the Las Vegas Review-Journal, interest-earning checking accounts are typically good for people who: Carry large account balances Spend less than they earn Keep a stockpile of cash or funds Are retired and want a higher-interest product than most of today’s investment accounts Pay attention to their finances and can meet the criteria needed to open an interest-earning checking account For a related article, visit: High Interest Checking Accounts – North Carolina While First Bank does not charge for mobile banking, your mobile carrier’s message and data rates may apply. The First Bank Digital Banking Apps are available for select mobile and tablet devices. There is no charge from First Bank, but message and data rates may apply. Must enroll in First Bank Online Banking and download the First 3 min read

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 3 min read

Hold That Line: Protect Yourself from Credit Card Fraud We asked our skilled team of fraud detection experts in the BankCard department for the best steps to follow if you receive an unexpected but somewhat convincing call about fraud on your card. 2 min read

How Much Should You Have In Savings at Age 25? If you’re wondering how much you should have in savings by the time you’re 25, you’re already on the right track. At an age where financial independence becomes increasingly more important, how much you can save depends on a number of factors, including income and debt. Savings at Age 25 Many experts agree that most young adults in their 20s should allocate 10% of their income to savings. One of the worst pitfalls for young adults is to push off saving money until they’re older. If you begin at 10% and find that you still have money left over by the time you receive your next paycheck, you may be able to comfortably increase the amount you’re saving per month. You should also consider saving for retirement. CNN Money offers retirement savings suggestions based on your income level: Income Amount Saved Per Year $40,000 $4,000 $65,000 $6,500 $90,000 $9,000 $115,000 $11,500 Financial Goals to Make Saving Easier As nice as saving 10% may sound, there are other factors that can impact to how much you may actually be able to save, including necessary expenses and debt. Here are some milestones that can help you save money each month and help your credit and future purchases: Pay off auto loans, credit card debts and other consumer debts as soon as possible. This does not include student loans and mortgages. You’ll want to focus on the higher interest debt first. Save three months’ worth of living expenses in case of job loss or emergencies. This will allow you to create an emergency fund in case you encounter unexpected financial hardships. Start investing your money in stocks, real estate or bonds. One of the easiest ways to do this is to take advantage of a 401(k) or other retirement fund offered by your employer. Often, employers will match your contribution, so this is a good way to maximize your investment and make it grow quickly. Visit a First Bank Location Today Regardless of your age, it’s important to make savings a priority. If you’re in your 20s and getting started, it can help to have some professional advice. To learn more, turn to the financial advisors at your local First Bank.* We help 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...