Banking 101: Choosing a Bank in Kingston, NY

(it will probably be good to visit at least one: regional bank, national bank, and credit union, to understand the differences and pros/cons of each)

Some banks in the midtown/uptown area of Kingston include…

Ulster Savings Bank (regional bank) 280 Wall Street 

Citizens Bank (national bank) 273 Wall Street

Rhinebeck Bank (regional bank) 27 Main Street

Bank of America (national bank) 451 Washington Avenue

Wells Fargo (national bank) 235 Fair Street

Rondout Bank (regional bank) 300 Broadway

TD Bank (national bank) 411 Washington Ave

M&T Bank (national bank) 108 North Front Street

Ulster Federal Credit Union (credit union) 127 Schwenck Drive

Questions to ask/things to consider when choosing a bank:

• What different kinds of bank accounts are there, and what do they offer a customer? (checking accounts, savings accounts, money market accounts, certificates of deposit)

• What is the difference between a national bank, a regional bank, and a credit union? What does this mean for you? (a national bank will have ATMs all over the country, a regional won’t, etc., local banks have more personal relationships with the community)

• Is this bank FDIC or NCUA insured? (this means that the loans made by the bank are backed up by the federal banking system, which means your money is secure of $250,000 even if the bank fails)

• What are the ATM Fees? What fees are associated with opening a bank account with this bank? 

• Are there monthly maintenance fees? Overdraft fees?

• Which banks have the most ATMS where you live and work? Do you travel often (if so you may be better served by a national bank)?

• Does the bank offer a useful app for customers to use (some local banks do not), is this important to you?

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