Your bank is a critical partner in your personal finance journey as it is the custodian of your financial resources. How then do we choose abank? Or how can we determine if our current banks are the right ones for us? There are generic criteria for selecting a good bank but when it comes to determining the perfect fit, the individual’s circumstances must be considered against the services and fees of the banks.
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For a generic assessment, the acronym CAMEL [Capital Adequacy (enough owner’s capital unimpaired by bad debts), Asset Quality (few bad loans), Management (qualified, professional and ethical), Earnings (enough real profit – not just paper profit), Liquidity (enough money to meet obligations like customers’ demands for deposit withdrawals, salaries of staff, operating expenses etc.)] is the time-tested way to judge the…
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