Have you at least threatened your current bank that you might leave if they don’t give you a better deal? Remember I have always said Don’t be Afraid to Make a Change, especially when it comes to your bank.
I must admit that I have not changed banks for a good long time (and given how much I have bitched about TD, you would almost think they might have asked me to go somewhere else), but I also have done my part to get better deals or to complain to get better service.
Right now, you have to work harder to get better deals from your bank, in the area of interest rates, because they are being a little more tight-fisted with credit, but if you don’t ask for a better deal I can give you a 100% guarantee that you will not get a better deal (OK, 99.9% maybe there is a bank that actually treats their current customers better but it isn’t very likely).
I also stand by the statement that if you are going to bargain with your current bank, you had better be willing to vote with your feet and move on, or your bank may not take much notice of you.
Here is an even easier scenario:
- Find a new bank that is willing to give you a much better deal on your: Mortgage, Debt, Investments, or Services (hopefully more than one of those)
- Get them to put it all in writing for you (say you want it for your records).
- Go to your old bank with the document and say, “I want this, can you give it to me?”
You shouldn’t do this very often, but if you are fed up with your current bank, it is a good tactic, and if they refuse, simply walk back to the bank that offered you a better deal and say, “Make it So!”.
Michael James also pointed out that most of the time when you do a change to a different bank or financial institution most of the time the new bank will be willing to do most of the work for you (i.e. do the transfer leg work), all you need to do is remember which bills come out of which account auto-magically and you are laughing.
Sometimes a change is what you need, keep that in mind.