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BankingHaving a bank is almost essential in today's society. Whether it's a checking account, a savings account, a loan, or one of the many other services that banks provide, it seems that we are always in need of one or more of their products. This section will give you a brief description of the banking industry and perhaps provide you with some information that will allow you to make an informed decision when selecting a bank. Federal and State BanksBanks may be either Federal or State, depending on who issued their charter. Federal banks are federally regulated and can operate across state lines, whereas State banks are regulated by an individual state and can operate only within the state that issued their charter. All Federal banks are insured by FDIC (Federal Deposit Insurance Corporation), which insures accounts up to $100,000. Not all State banks are FDIC insured. Services OfferedMost full service banks offer similar services. A typical full service bank usually offers the following:
Although the full service banks offer similar services, they usually differ in the prices (fees) that they charge for each service. These fees are something you should research before choosing your bank. Selecting a BankThere are several things to consider when selecting a bank and location might be a priority. Some banks have several convenient locations (called branches) throughout the area to better serve their customers. Also, a bank's schedule is important to know. Not all banks have Saturday working hours, which may not allow you to get there before they close. Decide whether or not it's important that your bank is widely located throughout the region. Think about what services you are interested in and how much each bank charges for them. Is the bank FDIC insured? Is their staff courteous and helpful? It pays to be informed and to compare when deciding which bank will best suit your needs. Charlottesville BanksListed below are the websites for some of the local banks found within Charlottesville: • Bank of America - www.bankofamerica.com
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this section, we will be providing you with some financial information
which we hope you will find useful. We have a section on Banking which
discusses banks in general and gives you some information that might
be helpful in selecting a bank for your personal use. You will also
find a page on Budgeting. This page could be very helpful to those of
you who are struggling to make ends meet and would like to be able to
afford to save money each month. If you are thinking about making a
major purchase in the near future, the page on Understanding Your Credit
is something you should read. Lastly, we have dedicated an entire page
to the process of Buying a Home.
