The start of a new year is a time many look to make financial changes. Perhaps you wish to save more in 2025. Maybe you need to take a fresh look at your budget. Review ways to shore up your retirement funds. But have you thought about evaluating your financial institution? Banking experts have a few suggestions for ways you can ensure your accounts are working best for you:
Prioritize Security
With fraud growing more common and sophisticated, prioritizing security needs to be top of mind. Zachery Calkins advocates using two-factor authentication (2FA) for an added layer of protection, while Kimberly Kam advises electronic payments to reduce exposure.
“Ask your bank about their fraud prevention options, like Positive Pay and ACH Fraud Filters,” said Kam. “If you opt out of these services and fraud occurs, you might be responsible for the losses.”
Evaluate Problem-Resolution Processes
Consumers often don’t know how their bank resolves a problem until they have one — which is not the best time to assess. When evaluating a new bank, find out upfront if you have a designated point of contact or a customer service line to dial.
Kam explained, “It’s essential to understand how long it will take to get assistance and whether you’ll be transferred between multiple departments.”
Ensure Zelle Payment Compatibility
With paper checks becoming less common, “Zelle has become a popular way to send and receive payments…,” Kam says.
If Zelle payments are important to you or your business, verify that your bank can support them and, if so, find out if there are any restrictions.
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