Should I switch banks? What should they be offering?
Banking is a competitive industry, so there’s no reason why you shouldn’t shop around and get the best deal possible. There’s no penalty for moving your money from place to place, so the only consideration is time and convenience. When you’re thinking about what branches are closest to you, don’t forget that there are now web-based banks that often offer the big discounts as a way of getting new customers.
You can compare bank offers at web sites like bankrate.com and go through the various features. The most common offer is free checking, but legally, that only means that you will not have a minimum balance or activity requirement. You may be charged for bounced checks and other infractions, so look at the fine print and see how free it really is.
You might want to consider a bank that offers an ATM card with airline mile rewards (Fiji, anyone?) or a cash back bonus, or a bank that offers a refund for any ATM fees you incur when you don’t use the bank’s own machine. Also take note of their rates on the savings accounts and the options available for CDs and other investments. Don’t forget that you can bank at many places at once if you’d like one for a checking account and one for investments.
Most of all, your bank should offer you convenience, so check out the lines in person to see how long it will take you to get the cash you need at lunch.
by The Nest Editors
7/1/08
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