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Choosing a bank account Louisiana

Opening a bank account can often be confusing, since there are so many types. In this article, we'll explain various kinds of banks and bank accounts, to help you select one that is right for you.

Local Companies

Sabine State Bank & Trust Co
(318) 871-1606
601 Polk St
Mansfield, LA
M C Bank & Trust
(985) 385-4988
6413 Highway 182 E
Morgan City, LA
Central Progressive Bank
(985) 386-2265
200 W Hickory St
Ponchatoula, LA
Capital One
(318) 281-5363
101 S Franklin St
Bastrop, LA
Hibernia National Bank
(504) 533-5626
New Orleans, LA
Capital One
(504) 533-3586
137 Royal St
New Orleans, LA
Bancorpsouth
(225) 755-4750
6051 Jones Creek Rd
Baton Rouge, LA
Richland State Bank
(318) 377-3636
1214 Homer Rd
Minden, LA
Midsouth Bank
(985) 446-5677
317 N Canal Blvd
Thibodaux, LA
Hancock Bank
(225) 248-7192
2927 S Sherwood Forest Blvd
Baton Rouge, LA

There are many kinds of banks:

1. Savings Banks – these banks can also be called “Thrifts”, and are businesses that are for-profit. Savings Banks take deposits of money, invest that money, and pay the depositor interest out of the money made from those investments. Some Savings Banks give credit to depositors.

2. Credit Unions – these banks are non-profit financial institutions. A Credit Union is owned and controlled by those doing business there. Membership is needed to get into a Credit Union, normally determined by where the person works, their location, or possibly where the go to church.

3. Commercial Banks – these banks used to only deal with businesses, but have extended their services to individuals. Commercial banks offer individuals most of the same services as other types of banks.

4. Savings & Loans – these banks usually provide savings accounts. Money deposited into these banks is then loaned out to local residents in the community, normally for home loans.

5. Investment Banks – these banks do just what the name says…they invest. Investment Banks buy and sell stocks and bonds and give investment advice to its clients. These banks do not accept deposits, make loans, and are not insured by the FDIC (Federal Deposit Insurance Company).

There are many kinds of accounts:

1. Savings account – this type of account is probably the most basic account offered by banks. You deposit money into a savings account and earn interest on that deposit based on the APR, or Annual Percentage Rate.

2. Checking account – this type of account allows for depositing, withdrawal, and the writing of ‘checks’ to pay bills and for purchases. Many banks now offer ATM or debit cards along with the standard checkbook when you open a checking account.

3. Certificate of Deposit – this type of account, also known as a CD, is for deposit only. You don’t touch the money deposited in a CD for an agreed upon amount of time, ranging from 6 months to several years, and you will earn a guaranteed amount of interest. If you do withdraw the money before the agreed upon date, many banks will charge you a fee.

4. Money Market account – this type of account is similar to a savings account. The interest rate of a money market account is higher than the traditional savings account, but the minimum balance is typically $10,000 or more!

These are the basic kinds of banks and accounts available. Look around, and shop around, for a bank that is right for you.

About the Author:

Sintilia Miecevole

http://www.flexbanks.com is a great resource site with information from banks, accounts, credit cards, bank rates, foreclosures to mortgages, loans and much more. Be sure to visithttp://www.flexbanks.com with host, Sintilia Miecevole for further information.


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