Every industry goes through different changes, and the banking industry is no exception to this rule. If you’re looking for a bank account now, you might not feel that there are a lot of features being offered to you. However, one only needs to look at the history of banking to realize that there are actually quite a few changes being made to banking as we know it, as things have dramatically shifted over the last 10 years alone.
The first thing that’s changed is the number of accounts available. You have more options for saving, more options for investing, more options for loans, and a lot more interaction with your bank. If something isn’t to your liking, you can definitely look into it at a deeper level than in the past. Banks know that the competition is much stiffer than it was in the past, so they definitely want to make sure that your need are being met as much as possible. You just need to be able to figure out which direction that you want to go, based on your own unique needs.
If you want to apply for a bank account today, you get to pick whether you want a liquid checking account, or if you would be better served with a long term savings account. Of course, there’s nothing that says that you can’t have both.
There are even new account features — there’s no need to overdraft when there’s overdraft protection. Students going away to university can still get accounts without having to have their parents in their business — something that every student can definitely appreciate.
If there’s ever a problem, you can reach someone right away and they will work with you to get things handled. The way credit is handled has dramatically shifted as well. There are now more sources of credit for everyone, even for people that have had some credit challenges in the past.
Given all of the benefits of getting a bank account today, one has to realize that the real cost would be found in not getting one vs. opening up your first account. It’s so much more convenient to have an account than carry a bunch of cash everywhere you go. You still want to ensure that you get the finer details of the accounts you want, but there’s really no time like the present to take care of that to the fullest, right? Right — start today!