The number of banks in Virginia can potentially make choosing a bank overwhelming. Virginia commercial banks, Virginia banks specializing in mortgage and home equity lending, and banks in Virginia catering to individual account holders have sprung up in every city and small town in Virginia.

Your own situation will determine what specifics you need to look for when banking in Virginia. For instance, if you are starting a business you will want to look for a commercial bank. Alternatively, if you are a homeowner, getting a favorable home equity loan rate is important. For others, amenities such as online banking, 24-hour ATMs and fee forgiveness will be important.

When considering Virginia banking institutions, keep these points in mind:

1. Talk to bank representatives about your specific banking needs.

2. Compare banks to see which have the conveniences and amenities you most want.

3. Keep track of fees charged by Virginia banks, and ask whether your bank can lower or eliminate some fees.

Action Steps
The best contacts and resources to help you get it done

Open a business account at a commercial bank in Virginia

Banking in Virginia has advantages for businesses as most banks are eager to work with new or existing companies. From sole proprietorship to large corporations, you will find a bank just the right size for your needs. Smaller businesses will most likely benefit from dealing with a small commercial bank, while larger banks may offer online account management and other special features to aid accounting departments in larger businesses.

I recommend: Wachovia, SunTrust, and BB&T each offer commercial banking in Virginia. Bank representatives will gladly discuss your specific needs and work with your business.

Compare Virginia banks

Get a listing of banks in your region and look at what each one offers. Compare the types of accounts, applicable fees, conveniences, loan rates and other details applicable to your situation.

I recommend: Super Pages quickly delivers a listing of banks with their home pages, making it easy to check on the features that are most important to you. Find Virginia commercial banking, consumer loan banks, and home equity loan banks. Also check the listings of members of the Virginia Bankers Association and banks chartered by the Virginia State Corporation Commission.

Check rates on home equity loans from banks in Virginia

The percentage rate of a home equity loan depends on your credit rating and the amount of money you want to borrow. Home equity loan lenders normally base the rate on home equity loans on the bank's Prime Interest Rate, plus or minus a percentage (typically between 1 and 2%). A home equity loan allows a homeowner to make use of the equity in his or her house in order to finance improvements or maintenance project on the home or pay for a vacation. A home equity loan can also be used to consolidate debt. A potential home equity loan lender will determine how much your home is worth through a reappraisal. Any outstanding mortgage amount is subtracted from the home's value, and the remaining amount, the equity, is used to determine how much you can borrow on a home equity loan.

I recommend: Select "Virginia" on Interest.com to begin a Home Equity Rate Comparison of Virginia banking institutions.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  Research the Virginia banks you are considering to make sure they are secure.
• •  Select Virginia commercial banking with the lowest fees associated with your needs.
• •  Choose a bank that offers online bill payment, which will save you in time and postage.
• •  Look for a bank with locations near your home or business.