Greg Englesbe How to Choose a Bank Thats Right for You

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Presentation Description

Greg Englesbe has been a licensed mortgage banker in New Jersey, Pennsylvania, Delaware and Maryland from 1992 to 1994.

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Presentation Transcript

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Greg Englesbe: How to Choose a Bank That’s Right for You

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Greg Englesbe is an expert on finance managing money and mortgages.You probably opened your first bank account when you were in high school or college so that you could save up some money and pay your bills.

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You have a number of choices when it comes to the banks where you will keep your money. Your goal should be to choose a bank that offers the services you want on competitive terms. You can usually choose between a local bank or a local credit union and a big large chain bank.

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Small local banks or credit unions usually have just a few branches where everyone knows your name. Hours are generally limited. You will also have limited options when it comes to ATMs where you can get cash without having to pay a free. Technically speaking credit unions aren’t banks. They are member-owned financial cooperatives.

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To become a member of a credit union you would usually need to satisfy certain criteria such as residing in a town or a county where the credit union is located or working for a particular employer. Credit unions get federal tax exemptions as nonprofit institutions which allows them to pass the savings to you in the form of higher interest rates on deposits and lower interest rates on loans. However this doesn’t mean that a credit union will always have the best deal. Make sure to compare the rates and the terms from different providers when applying for loans and mortgages.

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Big banks typically have more branches that are open for longer hours and have extensive ATM networks. The drawback is that they often have less competitive terms when it comes to their services and accounts which is why you always want to shop around. If you are looking for a mortgage don’t forget to look at the company of Greg Englesbe.

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