Banking Information Resources for Beginners

Look at banking information resources before you choose a bank
By Shannon Tani 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.

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.
Try:  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.
Try:  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.
Try:  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.