All banks have different levels of relationship banking. If you have several accounts and are still paying fees on your checking account, then you need to ask your banker if you're in the right type of checking account that meets your needs. Banks have checking account packages that are tiered, based on your deposit balances and in some instances, loan balances.Banks will reward you for having a mortgage or home equity or even a personal loan and these loan balances may help you qualify for a higher tiered relationship and help you avoid any maintenance fees. The best thing to do is to pick up a brochure of the types of checking accounts that your bank offers and review your accounts and loans to see if you're in the right one. In addition, if you have a basic checking account that does not give you added benefits like free checks or a free bank checks and you have the qualifying balances to upgrade to a better checking account then by all means request for that upgrade. You could be losing out on free stuff or even losing out on higher interest rates by not having the type of checking account that fits your balances.
You as a customer always have life changing events like marriage, new job, birth of a child, retirement, etc. and these life changing events often have an effect on your finances and most likely have an impact on your banking relationship.
When you go into a bank to start an account, make sure you allow the banker to ask the qualifying questions so that you can be placed in the proper account. It is the job of the banker to ask the right questions about your finances without feeling like you're being pressured into something. I think it's Chase that says "the right relationship is everything", and it's so true. So don't settle for that free checking account if you have other accounts and/or loans and investments, you could be leaving money on the table in the form of lower interest rates or free stuff like checks or discounts on safe deposit boxes. Ask your banker for a review of your accounts and start building that relationship.
1 comment:
Very interesting article touching on the importance of relationships with your bank! I've always expected prompt and considerate service wherever I bank but you hit the nail on the head stating the consumer should feel comfortable asking their banker for a review. So many people never do this.
On a side note I wanted to share a piece of banking news from MSNBC titled: "December Data Confirms Community Banks Winning Battle for Deposits"
Highlights of the study include:
1. Deposits in REWARDChecking accounts jumped another $183 million in December.
2. Demand deposit accounts are now being offered by 477 community financial institutions across the country, an 82% increase in the network from a year ago.
Follow link for the original report:
http://www.msnbc.msn.com/id/28757512/
Cheers!
Erik (CheckingFinder.com)
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