The 5 Qualities of a Healthy and Positive Banking Relationship
Just like any relationship, there are good (and bad qualities) that you find in partners. Of course, no one is perfect... but you want to find a partner that brings more positive than negative to the relationship. We're not just talking about personal relationships, either. We are talking about the relationship with your bank! You shouldn't be settling for just any bank to manage your finances and your lending needs. And you shouldn't feel obligated to stay in a long-term relationship with your bank just because you've been there for years.
"The average U.S. adult has used the same primary checking account for about 16 years," according to a survey conducted for Bankrate and MONEY. "More than a quarter (26 percent) have held onto a checking account for more than 20 years."
Staying in a long-term relationship with your bank isn't a bad thing if you are getting the most out of it. It is important to realize that there are certain things you should expect from a bank to indicate that you have a healthy and positive relationship. We compiled a list of five qualities that a healthy and positive banking relationship should have. If your bank doesn't have these qualities, it might be time to consider parting ways and finding a better partner for your banking needs.
1. A Bank that Doesn't Hide the Truth in the Fine Print
From monthly service fees to ATM fees, there is likely a long list of known (or hidden) fees that are tacked on to your bank statements each month. A few dollars here and there may not seem like much, but in the course of a month it can add up! For example, the average ATM fee for out-of-network machines is around $3.00. If you use ATM's frequently, maybe an average of 10 times a month, you are looking at around $30 in additional fees each month for the use of ATMs alone. That's not taking into account the other fees your bank may be tacking on.
And let's not forget the "teaser" rates out there. The ones that look too good to be true... because they are. Banks will often throw out amazing rates or offers with the hope of getting you in the door, only to show you the truth a few months later. Do you really want to bank with an institution like that?
Bank where "free" means "free" and teaser rates aren't a tactic to get new customers. At SSB Bank, for example, we waive ATM fees at out-of-network ATM's worldwide, with no maximum number of transactions over the course of a month. There are no hidden fees for our Everyday Free Checking Account... it's just free. Oh, and no teaser rates here... it's not our style.
2. A Bank that Listens and Supports You
Quality customer service isn't a lot to ask for from your financial institution. When you have a question or an issue, you don't want to have to jump through hoops to get an answer. If your financial institution is less than responsive, doesn't find solutions that work for you, or provides you cookie-cutter support, you should be receiving more.
You should feel like your needs are a priority when you contact your bank. At SSB Bank, when you call our "Customer Service" line, it takes you straight to a member of our front-line staff who will walk you through your issue and help to find a resolution as soon as possible. What is better than that?
3. A Bank that Provides You Competitive Rates
One of the best reasons to have your money at a financial institution is the benefit of earning interest on your funds while you save them for retirement, a future project, or even an emergency. The benefit? It doesn't take any work on your part other than the original deposit and any additional deposits you'd like to make. The interest does all of the work after that!
There are tons of offers and competitive rates out there. Do your research! Don't believe that the rates your bank is offering are the best out there until you've seen the proof. At SSB Bank, "the proof is in the pudding". We are always looking to remain competitive with our interest rates, offering some of the highest in the industry. Just take a look!
4. A Bank that Offers Unique Services and Products
With all of the new bells and whistles available in the banking world, there is no reason your bank shouldn't have them to offer to you. From mobile and online banking to competitive and unique banking products, you should have options that suit your needs as they evolve.
One thing to do is to look at all of your banking needs and determine what institutions can support them. If you are someone who doesn't like to go to a physical branch, you should be banking where the online and mobile services are available and dependable. If you are a customer who does a lot of deposits after hours or on the weekends, you should ensure that the bank you use has ATMs available in convenient locations or on-site hours that fit your schedule. These are just a few examples to consider (or reconsider) if your bank offers less than suitable products and services.
At SSB Bank, we offer a variety of personal and business products and services to allow us the ability to support anyone that walks through the door. Check out some of our business and consumer products and see what we're talking about!
5. A Bank that Can Support All Your Needs
No one wants to have a handful of banks dealing with all of their different needs: one bank for mortgages, one bank for day-to-day banking, one bank for your investments. If you are shopping around for other institutions to hold your funds for various projects and goals, you should consider finding one that meets most (or all) of your needs.
Over time you banking needs may change and you want a bank that can support those changes and your new ventures. Down the road you may need a credit card, a loan or even another savings account. You want to trust that your bank can offer you products and services that will support it all. A great bank will want to be comprehensive.
At SSB Bank, we don't like to have to say we can't do something for you. Over time, we have done our best to add products and services that can meet a variety of needs and make us the only necessary choice for our customers. From our banking products to our lending products, we believe we have it all.
With a lot of different things going on in our lives, it is easy to move something like "switching banks" to the top of our priority list. But if any or all of the above don't apply to your current banking relationship, "breaking up" with your bank might be worth considering. Doing so could help you to eliminate added stress, save hundreds of dollars by scoring a higher interest rate or avoiding monthly fees, and add convenience to your life. There are so many banks to choose from just in our city alone, but it is important to do your research! Pick the bank that fits your needs and goals. Pick a bank that makes you love banking, not cringe at the thought of it.
At SSB Bank we know how to put the joy back into the banking relationship and we'd love to show you how! If you are interested in learning more about a hassle-free, worthwhile banking experience, contact us and we can show you what sets us apart from the others!
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