Best Banks In America

There are dozens of lists out there for the Best Banks in America, but we’re pretty skeptical.  Here’s a DIY guide to help you figure things out for yourself.

 

A Necessary Evil

As much as most reasonable people would rather avoid any contact with financial institutions, and pay for everything out of their pockets, our economic system is heavily dependent on credit and loans.  This nation’s widespread dependence on banks really stems from this.  So, if we’re so compelled to get in line with the banking system, it would help at least to know that we’re getting together with a good one.  There are several lists out there ranking banks by quality and service, but it’s hard to trust anybody who has anything to do with this industry.  For example, Bank of America pops up very high on a Google search for “best banks in America”; it would suffice to say that there are few who would agree with this characterization.

So what are the criteria that separate excellent banks from the generic big boxes?  We suppose that it’s all a matter of what you yourself are seeking.  If you just want to put your money into a safe place, and maybe get a checkbook or card, then you should find yourself a bank with the most straightforward contract and smallest fees possible.  Whatever you do, overdraft protection is the most critical.  Another important consideration with your basic banking experience is whether it is a bank without chexsystems.  You always should steer clear of that erroneous, draconian, blackballing machine… and your search will be immediately whittled down to 20% of all banks if you do.

 

Local Interest

The best banks in America are ones which have a serious commitment to the quality of life in your community.  This means that national chains are, for the most part, out of the question.  No matter how good their marketing is, they almost never have any genuine concern for the place you reside, just as long as there’s a steady flow of income.  If a bank really cares about your hometown, it’s going to show.  There’s no one key statistic when it comes to figuring out a bank’s level of community investment.  The best thing to do is to ask around to people whose opinions you respect. 

 

To your Credit…

The one criterion that really sorts them out – and means the most to a potential client – is the matter of credit.  You ought to find a bank which offers fair terms on loans, with few if any penalties.  Of course, such a bank might be hard to find, or get into, but this should be your ideal.  If you fall short a little bit, you’ve still done the best you could, and kept yourself from supporting soul-sucking monstrosities. 

So, let’s sum it all up. The best banks are the ones with the lowest penalties and fees, no “chex systems” of any kind, free checking, a well-established reputation, a commitment to your community, and the fairest rates and terms on loans.  If you really want to get into it, you should take a look at your options for local credit unions.  But if you are going strictly for banks, then there you have it.  The best banks in America are the best banks for you and your community.  We’d like to hear what you think.