What You Should Expect from Your Bank
You don’t need to go to a local bank to get great service and benefits, although a credit union is a great fit for many people. Sometime in the past few years, people began to work for banks instead of the other way around. I was reminded of this recently when a company mistakenly deposited thousands of dollars into my checking account, which cost me thousands of dollars in lost time as I spent hours in the bank and on the phone trying to correct someone else’s faux pas.
There are a few basics you should expect from any bank, and if you’re not getting it, it’s time to move on. There are plenty of other banks and credit unions that would love to get your business. They should be catering to you, because you’re the customer. Here’s what you should expect from any bank, no matter how much (or little) money you keep there.
Customer Service
Customer service is paramount, whether it’s in person or over the phone. Like deer repellent to backyard pests, bad customer service can leave a bad taste in your mouth. You deserve to be treated with respect, which includes not being transferred from one person to another. While bigger banks often list 800 numbers, you always have the option of calling the actual branch nearby which is a better bet. You also deserve to be able to call with questions and not be assaulted with sales tactics.
Before choosing a new bank, test out their customer service. Send them an email, call customer service and go into the bank if that’s possible. What happens if the customer service is poor when you really need them? It’s kind of like testing out emergency equipment before a real emergency happens.
Freebies
There are many banks that give out freebies, so make sure you get your fill. Unless you’re looking for an account with a high-yield interest rate (and there aren’t any in the US that are worth it right now), your checking account should be free with no minimum balance. Anything else is a waste of money and designed to make a profit based on fees. From mega banks to local credit unions, there’s usually at least one option that’s free everywhere.
Free bill pay, free money transfers to other customers with the same bank and free customer service support should also be included. Look closely at the fees and see if anything sounds off. For example, is there a fee for withdrawing a large amount of cash or for using a certain amount of ATM withdrawals per month? Many banks will even reimburse ATM withdrawals from other banks up to a certain amount.
Access
If you travel a lot, know how many ATM locations there are in the US and around the world. Some banks like Charles Schwab even nix foreign transaction fees so you can use your debit card with no penalty around the world. Check the hours of local branches, since some won’t work well with usual 9-5 schedules. After all, what good is a bank if you can’t find one with hours to match your schedule?
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Category: Banking
