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Banking Smarter: Building the Foundation for Financial Wins in 2025

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Happy New Year, wealth builders! As we dive into 2025, let’s make this the year of financial wins and fresh starts. And where we begin? With one of the most overlooked yet critical parts of your financial journey: your bank account.



Have You Ever Thought About Why You Bank Where You Bank?


At the end of every year, my husband and I review our financial goals for ourselves, our family and businesses. During this year’s review, it dawned on me: I’ve been with the same financial institution since I was a teenager.


Yes, my bank has gone through several mergers and even a name change, but I haven’t. It made me stop and think. Why have I stayed?


So, I am asking you: Why do you bank where you bank?

• Was it the closest bank to your home?

• Did your family or friends recommend it?

• Or, like me, were you signed up through a program like a youth entrepreneurial initiative?


Whatever your reason, it’s worth asking yourself: Does this bank still meet my needs?


Why Your Bank Choice Matters


A bank account is more than just a place to deposit money. It’s the centerpiece of your financial life, forming the foundation of your financial planning. The right bank account:


• Protect your assets.

• Offers convenience for paying bills without high fees.

• Builds your banking history, giving you access to capital for major purchases like a car, home or business venture.


Key Considerations for Choosing the Right Bank


Not all banks are created equal. Here are some things to consider when choosing or reevaluating your financial institution:


1. Fees: Avoid surprise charges by understanding monthly fees, overdraft penalties, and ATM fees. Many banks waive fees with direct deposit or minimum balances.


2. Convenience: Do they have nearby branches or ATMs? Does their mobile banking platform meet your needs?


3. Services Offered: Look for features that fit your lifestyle like financial planning tools, mobile banking, etc.


Building Your Banking Foundation


At a minimum, your financial setup should include:


1. A Checking Account: This is your daily operations hub where your paycheck is deposited, bills are paid, and daily transactions take place.

2. A Savings Account: This is your financial cushion for emergencies and plans for long- and short-term goals. Consider exploring High yield saving account and credit union for a better return on your money.


Starting Fresh: How to Open an Account


Whether you’re new to the country, heading to college, or seeking a fresh start, opening a bank account is possible. Below is a list of documents that you will need. Please note some banks may have additional requirements.


What You’ll Need:

• Social Security Number or ITIN

• Government-issued ID (passport, driver's license, Foreign ID, etc.)

• Proof of address (recent Utility bill or lease)

• Initial deposit

• Personal information (contact information, DOB, etc.)


Pro Tip: if your banking mistakes are holding you back, request your ChexSystems report to resolve any issues. Mistakes from your past don’t have to define your financial future!


Reevaluating your banking relationship is a small but impactful step toward your financial goals. Remember: your bank should empower you, not hold you back. Action Step: Spend 15 minutes this week reviewing your bank’s fees, services, and benefits. If it’s not the right fit, explore alternatives that better align with your financial journey.



About Petra-Ann Brown

Petra-Ann Brown is the founder of Brown Financial Solutions, LLC, a financial coaching practice that empowers individuals to take control of their financial lives. She is also the host of Island Money 365 podcast, where she shares inspiring immigrant stories and provides invaluable financial resources to the community.


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