Bank Shopping: A Basic To-Do List

Make sure you're getting a good deal on bank products by following a few simple steps.

Review your existing accounts from time to time to make sure they still fit your needs. Also look at the features you use the most and the fees you're paying, then ask if you can do better. Start by going to your bank's web site or speaking with a customer service representative.

Shop and compare. Start by looking at other banks' products by reviewing advertisements in local newspapers or web sites. You can also visit or call banks for information. If you find better deals than what you already have, see if your bank is willing to match those offers.

Before you leave one bank for another, dig deeper into the literature to

make sure you know the most important fees, terms and limitations on the any new account you're considering. Compare accounts carefully so you won't be surprised later.

Check your credit reports for errors or incomplete information that could prevent you from getting the best deals on credit cards, mortgages or other loans. You are entitled to one free copy of your credit report every 12 months from each of the three nationwide credit bureaus — Equifax, Experian and TransUnion. Although you can ask to receive copies from all three credit bureaus at the same time, you also can spread out your requests throughout the year to check for major changes.

Source: FDIC