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Best Banks

It is no longer easy to rely on the best banks of the nation after the fall of the biggest financial institutions in the United States of America. The recent economic downturn saw the fall of the banking sector. Various banks are offering different forms of deals to lure their customers. The necessity of having a reliable bank is acute as people are tending to fall for debts day by day.

There are various banks, run by some big names, in America. The largest bank is the Bank of America. It provides one of the best checking accounts and the best interest in the savings account in the whole of U.S. The ill effect of recession has not left the best banks unaffected. It reported a loss of $1 billion in its third quarter, after having reported a profit in the earlier part of the year. Although the federal government gave $45 million to the Bank of America in order to help it to survive the curse of recession, the loss increased to $2.24 billion. This report was published after the bank paid dividends to its shareholders. To add to the losses of the bank, its credit card defaults increased from $4.4 to $9.6 within a year. The $400 payment to the government for the much disputed controversy of Merrill Lynch is a history.

As a matter of fact, the toughest competitors of the Bank of America are shadowing its position in the whole nation. Banks like the Goldman Sachs and JP Morgan Chase reported profits in their third quarter reports. The enormous consumer satisfaction of these banks is increasing steadily. It seems that they have survived the tough times of recession with all the exclusive privileges offered to the customers, intact. They are alluring the masses with their new schemes and better returns. Citigroup, the second largest banking group, is also suffering huge losses and has taken resort of the government help.

The scenario is not very good for investing in the banking sector. If you are frustrated by the services of your present bank, then don’t get surprised. You are one in thousands with similar complaints. If you want to change your bank, then it is not an easy task that it used to be. With changing economic condition, you need to have complete knowledge about the financial condition of your bank. If you are not aware of the situation, then you may be surprised by the increased charges or a sudden new charge imposed on your account. The services that you enjoyed free like money withdrawal from the ATM’s, or electronic transfer, now attract a certain amount of interest.

The banks are not that lenient in providing loans, as the case would have been earlier. The national economy is getting better shape, but the banking sector needs time to reach to its earlier glory. You need to take care of certain facts, before changing your banks. They are:

• Time of working hours: - Generally banks with late working hours or ones that open late in the evening are preferred. The simple reason is that you can manage your funds after relaxing a while after coming home.

• Availability of ATM’s: - ATM has become a necessity nowadays. The freedom that ATM gives you from carrying cash every place you go.

• Wait time: - The wait time is the most important factor in customer satisfaction. If a customer is kept waiting, then there are high chances that they will shift their business elsewhere. The wait times vary among different branches of the same bank. So you need to check this by personally visiting the bank you would like to have your account in and check it out.

• Online transaction: - Most of the online transactions are associated with the checking account. So you need to find out which bank is offering you the best ones. These transactions must be prompt, and enable you to transfer your funds, even from remote places, without charging a single penny as the transaction fees. Chase bank is gaining popularity in this service, as it offers the suitable checking account to all, even to the high school students. This helps them in managing their funds, while they are studying.

• Problem solving efficiency: - This is important, as the bank that resolves the conflicts best, is capable of providing quality services.

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