Mission Statement
I want to create this blog for fellow retail (branch) bankers and banking customers. I would like to share ideas from both bankers and customers as to how we can create a better banking experience for the customers.
What makes a bank a good bank? There are many answers to this questions because each client has unique financial needs. Also, what's important to one customer might not be as important to next customer.
Lets share ideas, comments and questions about this industry. It is a unique time in our nation's history, many banks have failed this past year, it was an unprecedented year for the financial and banking world.
Friday, January 2, 2009
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6 comments:
Hi Frank,
Thanks for your blog, this will really help me in understanding banks better.
Sometimes, I feel that bigger banks take less interest in customers like myself. For larger banks is just another transaction more, I notice that "smaller" banks tend to take the time to learn about each of their customers and that makes a huge difference in the way I feel when visiting that local branch.
I wish you the best and hope to keep learning more about the banking industry. Keep us updated with tips on how to earn more for our money, for example, what savings accounts are more advantegous for the everyday customer, CDs, banking products, etc.
Thank you,
Marvin
Hi Marvin,
There are online savings accounts that pay out a high interest rate. Do your research before you invest your money. For more tips visit www.frugalthinking.com
Jay
founder of GO FRUGAL
Order your shirt now!
What you really need to think about is a few things; mainly how secure is the bank you do or looking to do business with, the strength of the company and it’s holdings. Then you look at convenience, locations and products. Most banks offer Free checking some require direct deposit or use of your debit card. What you need to look at is what do you get with your account, free online bill pay, rewards debit and credit cards, etc….
Thank You Frankie (S.B)
Lee
In Marvin's comments, he states that larger banks do not have the personalized service of the "smaller" banks. This complaint is very common upon customers. Don't get me wrong, not all banks that are large in size treat their customers this way.
Is it the aggressive goals that and quotas that are given to branches and they seem to lose track of quality and focus more on quantity? Yes, banks do count widgets, the more accounts thy can get, the better, it's a numbers game.
Jay has a valid point, check online savings accounts that offer higher yields. Banks are able to do this because it costs less to maintain these accounts; with online accounts you might not be able to access the accounts via the branch and might require you to sign up for e-statements. They pass on the savings to you thus offering a better rate. Look at ING and HSBC online accounts for example.
Lee states that you should be aware of the fine print when opening a "FREE" account. Is it free because you have to meet certain guidelines, like direct deposit or debit card usage. Beware and make sure the banker explains why the account is free and make sure you get account opening disclosures and fee schedules at the time of opening.
Franklin,
I can really feel that you're sincere in creating a blog where customers are part of the dialogue. My concern with the banking industry is that I want to be able to get the most for my money when banking with a certain financial institution. I want the best rate for my CD's, the best rate for opening savings, and a quality customer service that I can communicate with. I would like to receive more information so that I can choose the best financials options for my family.
Jules, I thank you for your comments. In these troubled financial times, I can tell you that there are ways to negotiate your CD rates. Especially if your primary bank sees your value as a client. Find out what the competitors are offering, cut out newspaper ads displaying the rate and terms and bring it to your bank and ask the manager if they can match or come close to that rate. There is a threshold that a branch manager has where they can accommodate any rate negotiations. Hey its worth a try and you have nothing to lose. If you don't see any value in keeping your deposits at the current bank then by all means go for the better rate. Good luck and stay tuned!
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