Credit unions are cooperative financial institutions that are restricted to members of a particular company, labor union, church or community. For most people, it doesn't matter whether you do your banking at a bank, savings and loan or credit union. Fees and minimums As financial institutions strive for greater profitability, they often implement fees for services and raise the minimum amounts needed to open an account or maintain a free account. You should look carefully at the bank's entire schedule of charges besides any monthly charges. Those fees include bounced-check charges, overdraft protection, wire charges, stopping payment on a check and ATM usage fees.
Some institutions now charge fees when banking is done with a teller.
There's more to service than a smiling bank teller, even though a personal touch can go a long way toward generating customer loyalty where your money is concerned. Find out whether an institution offers all the services that you might need, now or in the future. With direct deposit of your paycheck and the use of ATM cards, you may rarely need to set foot in a branch office. On the other hand, the number and location of a bank's ATMs may be an important factor, particularly if you'll be charged an additional fee for using an ATM that doesn't belong to your bank. They send checks for deposit to their accounts and check their balances and transfer funds using an automated telephone system.