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One of the biggest concerns today with regard to banking is the security of the funds deposited. Whether with regard to the economic crisis, or concerns having to do with utilities such as internet banking, consumers justifiably want to make sure their money is secure. So, what are some important questions to ask banks, as well as telling qualities to look for when seeking the most secure banking services?

To begin, it’s always important to look out for a form of guarantee or insurance extended by a bank to its customers. For instance, many banks will insure up to a certain amount of money deposited into an account - and it’s vital to know what this amount is before depositing any money. However, some banks will insure 100 per cent of deposits, no matter what the deposited amount. It’s also important to know the details associated with the insurance, such as the guarantor behind your account’s protection, as well as any processes you might have to undergo if protection was ultimately needed. In short, the more you know about the insurance protecting the funds in your account, the more prepared and at ease you’ll be.

Another aspect you might want to consider is a potential bank’s extent of establishment, in terms of both years of operation and locality. Is the bank well-established in processes, and is it reputable with regard to previous operations and credit ratings? Does the establishment function on a widespread - and possibly international - level, and does it display proven growth? And finally, does its history display transparency and commitment to its clients? If the bank has experienced turbulence in the past - however minor - it would also be worth considering how they dealt with any problems with regard to their customers. It might also be worth looking at the performance of a potential bank’s parent company, if it has one.

Last but not least, remember that in the midst of the current economic climate, banks are well aware of their current and potential customers’ concerns. So don’t hesitate to ask questions and request details, whether over the phone, in person at a local branch, or via online banking. Banks appreciate their customers’ business, and will do all they can to keep them happy.

So, whether you’re in search of safe savings or a secure chequing account, always do your research in terms of your banking insurance rights. It’s your money, after all - so you’ll want to do everything in your power to protect it.

Victoria Cochrane writes for a digital marketing agency. This article has been commissioned by a client of said agency. This article is not designed to promote, but should be considered professional content.

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