Things to Consider while Opening a Bank Account

Anyone need to consider the following points while opening a bank account:

1) Location of Bank: Before opening an account, a depositor considers location of bank from his/her business centre or his/her residence.

2) Efficiency: Efficiency of the employees of bank is one of the issues to be considered before opening a bank account.

3) Multifarious Services: The bank that offers diverse services is more suitable for opening an account.

4) Foreign Exchange: Every branch of a bank cannot do foreign exchange. If you need to have foreign exchange facilities, you should examine whether the bank in which you intended to open your account is allowed to deal with foreign exchange.

5) Good-will: Good-will of a bank plays an important role in considering whether to open account. The bank that is better-known and older has a better good-will.

6) Branches: The bank that has branches is more suitable.

7) Scheduled Bank: As the central bank, Bangladesh bank recognizes better banks as scheduled banks. Scheduled banks are considered more secured compared to non-scheduled banks.

8) Loan Facility: The bank which has more liberal policy in offering loan is more preferred.

9) Interest: Clients prefer the banks that offer relatively higher interest on deposits and lower interest on loan is more acceptable.

10) Service Tariffs: It's better to open an account with the bank that changes lower tariffs on more services.

11) Electronic Banking: The banks which offer services like online banking, any branch banking, ATM facilities, etc. are nowadays more attractive to the potential clients.

12) Electronic Banking: The banks which offer services like online banking, any branch banking, ATM facilities, etc. are nowadays more attractive to the potential clients.