Creating Your Own Stress Test
The government is conducting stress tests for banks across the country. It’s also time for consumers to conduct their own personal satisfaction tests with their banks to ensure that they’re truly getting the service they deserve. Roma Luciw from the Globe and Mail insists that you make sure your bank is working for you. Afterall, the banks are supposed to be working for us.
Consumers aren’t so proactive when it comes to choosing the best banking institution for our needs. We may give in due to its convenience, location, size, or family recommendation. However, many people pay a price in the form of lower interest rates, bureaucracy, delayed customer service, and rigidness. In these economic times, it’s time to give your banks your own tests!
Ask yourself the following questions:
• Does my bank charge outside ATM fees?
• How does my bank process my purchases? (Believe it or not, some banks do not process your purchases in order and go as far as to charge larger purchases first.)
• Does my bank charge debit card usage fees?
• Do I feel a personal connection with my bank?
• Do they offer free checking?
• Are there free checking minimums?
• Does my bank offer interest rates above or below the norm? (Check bankrate.com)
If they fail your test, zoom away like Michael Phelps doing the 200 m butterfly!
*Image courtesy of Ariel Skelley.
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