If you've had your checking and savings accounts at the same bank for many years -- maybe since you first opened a bank account -- it could be a great choice, especially if you've built a personal relationship with your banker. On the other hand, it could be time to see what other banking institutions have to offer.

For example, have you checked lately to see if you are wasting money on checking account fees? Does a credit union offer advantages? Or maybe you've started a new job in a different area and are considering finding a local, more convenient bank.

Especially in today's economy, it's smarter than ever to take charge of your finances and that includes making the best decision about where and how you bank.

Figure out your financial banking needs

"Innovations in retail banking provide consumers with more choices and convenient ways to access bank services. It's no wonder that consumer banking is one of the most competitive areas of banking," notes the American Bankers Association (ABA) web site. Since 1875, the ABA has represented banks of all sizes and charters that now comprise the U.S. $13 trillion banking industry.

Competition has prompted banks to create sleek and easy-to-use online banking web sites, multiple convenient branches (sometimes located right in a grocery store or office building), well lighted drive-right-up-to ATM machines for accessing cash 24/7 and more perks -- in addition to all the standard banking services.

But the bottom line for your bottom line is to pick the bank that is the best fit for your specific financial needs. The ABA Education Foundation offers a free, downloadable worksheet to help with that decision:

www.aba.com/NR/rdonlyres/A2F15447-39FA-4520-8C11-5A7BCABAD6D5/45303/BankAcctComparison.pdf

A mega-bank (such as Citibank, Chase or Wells Fargo) can offer several advantages, including the fact you can most likely move your account with you if you are transferred to a new area. In addition, you’re more likely to find your large bank’s ATMs when you travel.

On the other hand, some people feel they become more of an account number than a person when they deal with a big bank. You may prefer a small community bank that's more focused on customer service. However, smaller banks may not have the account options and services you need. For instance, if you travel internationally a lot, a small bank may not be able to exchange foreign currency for you.

For some people, the best bank may be one that you never visit personally at all. In the computerized, smart phone age of the 21st century, banks have emerged that do all banking online, over the phone and by mail. By saving brick-and-mortar expenses, these banks can offer specific savings to customers.

For example, ING DIRECT, a global financial institution with over 85 million private, corporate and institutional clients world-wide, is a pioneer in the cyber banking field. It offers an easy-to-use via the internet checking account that is not only free but pays interest. Like other banks, ING offers mortgages as well as online brokerage accounts, too.

Tips on identifying your "banking personality" so you'll know what to look for as you "shop" for a bank:

1. What are your banking goals? Simply having a checking account, saving money, or financing a home or car or all of these?
2. How much money will you deposit each month and how many checks do you usually write? Your answer will help you figure out if you are better off with a "multi-service" account that offers several services for one fee, or a simpler "no frills" account with a low or no fee.
3. Making a large purchase, such as buying a home, in the near future? Zero in on the variety of loan products offered at various banks and compare.
4. Saving for a big expense such as your child’s college education? Find out what kind of savings plans are available - some banks now offer uninsured investments, such as mutual funds, in addition to traditional insured deposit accounts.
5. Get the specifics about hours, days and location. How much does it matter to you where your bank's branches are located? What time of day do you expect to do most of your banking? Do you need a bank that has Saturday hours?

Other banking specifics to consider

You don't ever want to bounce a check, but mistakes do happen. Make sure you get the details of a bank's overdraft options. Some banks allow you to opt for an automatic transfer from a savings account to your checking account if you are overdrawn while others offer an overdraft line of credit (but be aware that service usually involves a transfer fee and/or interest on the amount transferred).

Although virtually all banks are insured by the Federal Deposit Insurance Corporation (FDIC), it makes sense to check, especially at a small community bank. Being federally insured means your money is covered against losses up to $250,000 per depositor per insured bank. Look for FDIC stickers on bank doors and teller windows .

It's no secret that some banks have suffered failures during the recession. If you have questions about specific banks or need additional information about how money is insured, visit the FDIC web site: www.fdic.gov.

What about credit unions?

Credit unions are another option to consider for managing your money. They operate a bit differently than banks because, when you join a credit union, you become a member instead of only an account holder. You'll need to ask the same questions you ask a bank, however, before deciding on a credit union -- make sure the services offered, location, and more match your specific preferences.

Because credit unions are non-profit organizations, loans and other services often have lower interest rates than banks and fees associated with credit union accounts are usually lower, as well. For example, Bill Cheney, president of the Credit Union National Association, pointed out in a press statement that 80 percent of credit unions offer checking accounts with no minimum balance. In addition, fees charged for insufficient funds average around $25 for credit unions compared to the $35 average charged by banks. Much like the FDIC insures funds in banks, the National Credit Union Administration (NCUA) insures money deposited in credit unions.

According to a Wall Street Journal analysis of data from the Federal Reserve, the National Credit Union Administration and the Treasury Department, credit unions' share of the total household-savings market has been climbing in popularity in recent years. Statistics show there are about 8,000 federal credit unions In the U.S., serving nearly 90 million people.

To join a credit union, a potential member must be first eligible under certain provisions, submit a membership application, and purchase of at least one share (typically $5). Some credit unions are open only to employees of a certain company, profession, or community. But a growing number of credit unions are open to all. To find one convenient to you, visit the Credit Union National Association web site (www.creditunion.coop).