You don’t have to be a counselor to know that some relationships are better than others. Some bring out the best in you, while others can leave you feeling under appreciated and alone.
But shouldn’t you feel good about all your relationships, especially one of your most important ones – your banking relationship?
Your bank should not only be there to appreciate and understand your changing needs, but also help support them – at every stage.
Put your bank through the relationship test.
So how does your bank measure up in the relationship department? Here are some signs that your bank is “just not that into you.”
Increased fees. With interest rates so low over the past few years, many banks have been forced to find new ways to increase revenue. One of the ways they’ve accomplished this is by instituting fees for services that were once free. For example, some checking accounts that used to be “free” now require you “to jump through transactional hoops” or pay hefty maintenance fees. And some banks now charge for services that were previously free, such as online and mobile banking.
Poor rates. In today’s challenging economy, every dollar can make a difference. That’s why it’s important to get competitive rates on your loans and deposits. If your bank isn’t competitive with regards to rates, it may be time to move to a real competitor.
Lack of convenience. Technology has definitely changed the way we bank. With ATM banking and services like online banking and mobile deposit, you should be able to bank when, where, and how you want. If convenience is important and your bank isn’t keeping up, it may be time to move on from the relationship.
Impersonal service. Convenience is great, but what happens when you have a question or problem and want to talk to someone about your account? Are you able to reach an actual human being or do you get lost in a sea of endless automated telephone systems? If you actually speak with someone, are they knowledgeable and responsive to your needs?
Limited products. A good banking relationship should work for your complete financial needs. So you should be able to get your mortgage and your business loan in the same place you have your checking account. And your bank should reward you for all your business with preferred rates and other benefits. Your bank should also be able to serve your needs at every stage of life – from building your financial future to retirement.
It’s not you, it’s your bank; switch today.
If after reading this, you think your banking relationship is unhealthy, it may make sense to end the relationship by switching banks. At DNB First, we have a Switch Kit that makes moving your checking account and other accounts easy. We also have great rates, low fees, and local people who are here to help you. Try us out. We’ll have you at “hello.”