Before a business selects a bank, they need to look at banking information resources. For beginners, this may be intimidating. Business and personal banking are a bit different. However, bank research will help you make the right choice.

Business owners should think about many different things when doing their banking research. Some of the most important things to look at are:

1. Fees and charges. Look carefully at the banking information your bank provides. It will detail any charges that come with your account, such as monthly fees, overdraft fees or interest charges. These charges vary depending on the bank and the type of account, so it's best to speak with several bank representatives before making a choice.

2. Services offered. Another important thing is the banking resources that banks have to offer. Some banks offer merchant services accounts, which allow business owners to accept credit cards from their customers. This is a big convenience.

3. Location. If you're going to do your banking in person, it's best to look for a bank that has locations near your office. If not, you may want to select an Internet-only bank, which may have higher interest rates on accounts.

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

Look to the U.S. government for information on banking

One of the best sources for banking industry news is the U.S. government. On these Web sites, you can learn about the latest rules and regulations in addition to general information about banks.

I recommend: The Federal Deposit Insurance Corporation (FDIC) offers banking statistics and research. They have a searchable database, so you can look at a specific bank that you were thinking about using. The Federal Reserve also has a wealth of bank information.

Check out bank comparison sites for online banking information

Look for sites that rate various banks and offer comparisons of services and rates. These sites will help you learn about banking and help decide which bank you want to do business with.

I recommend: Bankrate.com is a popular site for comparing bank rates on a variety of services such as savings, credit cards and mortgages. Comparos allows you to open two bank websites on the same page, which makes it easy to compare services and fees.

Get international banking information if you do business overseas

Any business that conducts business overseas should learn about international banking. Having accounts in the countries you do business in can help you work with companies located in that country.

I recommend: Runckel & Associates offers a guide to international banking. They also list the major banks in several foreign countries. Most countries regulate their economies through a central bank. The NYU Center for the Study of Central Banks monitors the activities of these banks and periodically releases reports that you can use to learn about international banking.

When you're searching for a bank, you need to have the best banking information resources available in order to make the right decision for you. Whether you're a small business, a large business or simply an individual looking for banking resources, you'll find that there are answers out there.

Each bank has a different set of fees for their services. It's important to get banking information from a variety of banks to compare these fees and see what is best for you.

When looking for information on banking:

1. Understand how you will use the bank. The key to getting the lowest rates from your bank is not just to compare bank information, but also to know how you will use your account. Many banks have fees according to how many transactions you do, the types of services you need and how much money you have in the bank.

2. Look for online banking information for its ease of use. Many business owners don't have the time needed to make frequent trips to the bank. Online banking allows you to review accounts and make transfers.

3. Periodically review your banking options with the latest bank research.

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

Use bank information resources to compare banks

In most cities, you have several banks to choose from and it's best to do your research to find the bank that's right for you. Think about interest rates and fees as well as their approach to customer service.

I recommend: Bankrate.com allows you to compare the rates of banks throughout the U.S. on things such as checking and savings accounts, mortgage rates and investments. At Epinions.com, you can read consumer reviews of almost all banks.

Sign up to get banking industry news delivered to your email box

Many people choose one bank and stay with it their whole lives. This isn't always the smartest decision. When you keep up-to-date with banking research, you will feel more confident that you are getting the best deal from your bank.

I recommend: American Banker offers a trial subscription to their online and print news services. As a member, you gain access to exclusive articles about the banking industry. You can also customize your email alerts to get only the news that you want. The Banking Business Review also offers an email newsletter to send you the latest industry news.

Consider online banking industry information to see if it's right for you

There are many banks that only exist online. Because of this, they are able to offer higher interest rates. While they often require you to additionally have a banking account with a traditional bank, these online banks are often a great way to increase returns on your investments.

I recommend: Money Magazine offers its list of the top picks for online banking resources. Kiplinger also lists it's top choices.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  If you have a hard time understanding banking information resources, as your banking account representative to help explain the different types of accounts to you. They can help you make the best choice.

With the advent of the information age and its plethora of communication tools, banking research is both easier and more difficult. There is so much information available it can become too much of a good thing. That's why you need to use the resources on the Internet to filter the information into usable data. If you can stay current on the latest news and trends in business, it'll give you or your company a decided advantage on the competition.

To obtain the latest banking information resources news and trends, you'll need to review the banking regulatory agencies, trade journals and thrift institutes. Regulatory agencies and journals usually focus on the banking system as a whole. Conversely, thrifts are local banks that can be a good indicator of trends, which start locally. However, before you begin searching for news and trends, there are a few items to consider:

1. Utilize the reports from regulatory agencies for your bank research.

2. Subscribe to bank information industry journals.

3. Tap into the banking industry news regarding thrifts and saving institutes.

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

Review the online banking information from the regulatory agencies

The banking system in the United States begins with the Federal Reserve and all the agencies that govern various aspects of the banking industry. Each of these entities has a specific role within the system. The primary purpose of the Federal Reserve is to establish monetary policy and each branch of the Reserve works in conjunction with Treasury Department to implement the policies. The Federal Deposit Insurance Corporation insures banking deposits among other things. Finally, FINRA monitors the financial industry, which includes some banking practices.

I recommend: Review the banking resources available from the Federal Deposit Insurance Corporation. Examine the banking policy information available at the Federal Reserve Bank of Chicago. Use the statistics from the US Federal Reserve to spot trends in the banking industry. Evaluate banking news from the Financial Industry Regulatory Authority.

Register to receive the banking industry information from trade journals

Industry journals provide an insider view of the banking industry as a whole. However, there are journals that specialize in the accounting, centralization and credit aspect of the banking system. Each of these angles are excellent resources for each of the parts of the overall banking structure.

I recommend: Subscribe to the ABA Banking Journal for banking information from an accounting perspective. For a review of the role central banks play in the banking system, purchase a subscription to the International Journal of Central Banking. The Journal of Money, Credit and Banking analyzes how the money flows within the banking structure. To purchase pre-made trend reports, examine the information available at Companies and Markets.

Use the thrift and credit union bank information resources to spot local trends

The thrift and credit unions operate on a local banking level but that doesn't mean their data is irrelevant. Local businesses can use this information to gauge a local banking market trend or spot ones that could become a larger challenge or opportunity later.

I recommend: Contact the National Credit Union Administration for the latest news within the industry. Review the data provided by the Office of Thrift Supervision.