Money is always a sensitive subject. Where you put it and what you do with it should not be.
I for one, hate big banks. My first checking account was with Citizens Bank back in 2010 when I got my first job. I was with them for about 3 years, until I left the University I was at and came back home. The school I attended did not have any Citizens Banks around, and my mother was not a member. It was hard for her to transfer me money, and I did not have a job so me being away from home I could not make deposits or have others do it on my behalf. On top of that because I was not using my account very much and kept a low minimum balance of almost zero dollars, I was charged $10.00 a month in fees when I did not use my account and carried a zero balance. The second I got home I could not believe such a big bank did that kind of thing and I was pissed so I withdrew the little money I had left in it and closed the account.
Now the same thing can be said for the next big bank I chose, Bank of America. They have it setup so you have to have a minimum every month of $25.00, or where we rounded to $7.00 a week transferred between your checking and into your savings, in order to avoid fees. Now the real pain of it all that is you better not need that money because you’ll be slapped with a fee if that balance is not transferred every month. And then you can get around it by once a month, at the end of the month, transferring that money back into your checking. It is a useless cycle and a game I quit as well. When I went to close my account with BofA after almost 2 years of having it open, the guy behind the counter asked why and I told him I was going to a smaller bank, a local community one. He tried swaying me and even told me my account had been in such good shape, that I never carried a zero balance or overdrafted, that I could easily apply and be accepted for their credit card. I smiled and said “I’m all set, but thanks”.
The reason I say all of this is pointless is because now I bank with a very local community bank. One that donates money to a different charity every month based on a certain pledged dollar amount from however many checking accounts they open that month. There are only two locations of this bank, and yet they charge me absolutely zero fees a month for having an account and not using it if I do not want to. No minimum balances, and no monthly fees. All I had to do was start it with $10.00, that’s it. There are many deals like this if you look around you.
Some sources to bank at, other than a big bank:
- Credit Unions.
- Online banks (Simple, CapitalOne 360, Barclays.)
- Local banks (Such as the one I go to, they usually have no more than 2 or 3 locations.)
- Regional banks (Banks only found in your state.)
Many local banks will give you better options at getting a car loan, or a loan for a home with a good mortgage rate %. It is important to pay attention to how the banks go about their business, and what that means for you in return. There is no reason to pay ridiculous fees today to put your money someplace, and it is the ones who care the most (Like a local bank), that will show you. There is nothing wrong with banking at a big bank, just look at the fees and make sure you know how to get around being hit with them every month. And if that does not suit you, switch locally.
This was an unpaid post.