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Remember: Trust is Earned

Now that you have changed your bank, make sure that your bank earns your trust and your allegiance. In Canada, we really only have about 6 choices, so life isn’t that easy, but make sure that whoever you bank with is in there to help you (or at least, hinder you as little as possible).

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This is YOUR money that they are holding (and using to make money for themselves), so make sure you get all the good stuff you can out of them:

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  • Cheap, if not free banking. The fees most folks pay mean that you are actually paying your bank to keep your money. Think about that, if you stuck your money in your mattress, you’d have more at the end of the year? That is just wrong.
  • Good on line banking or phone banking. A friend’s bank has a very cryptic interface on their on line banking, and more than once the wrong Mastercard bill got paid. If you don’t like your bank’s interface, tell them to fix it!
  • Have they lost your personal info and now want you to close your accounts, because they think they are insecure? This happens RUN don’t walk away from THIS bank!
  • Friendly tellers? Yes, not many of us go into the bank, but when you do, wouldn’t it be nice to talk to a friendly (and competent) face? Think about it.
  • Good hours of access, yes, again, we don’t go into the bank much, but it better have good hours!
  • Interest rates? It would be nice to actually get paid interest on an account, which I am not currently getting anywhere.

Banks need you to exist, don’t keep thinking, it is somehow a privilege to keep your money with them, make them work for it! Remember that Trust is earned.

Feel Free to Comment

  1. Great post! There is a lot of competition out there, so don’t think you’re trapped with what your current financial institution is offering.

    Although coming from someone (me) who has banked with TD for 25 years, I wonder how much of a burden is it to completely switch FI’s?

  2. Good post. In the era of reduced banking services these are important points to consider.

    The most important thing for me when it comes to my primary bank is access to an individual. This can be hard to come by, especially if you call the 1-800 numbers. My advise is to go into the bank to talk about your banking package with a representative (not a teller, but one of the people in the offices). Get their card, it usually has a direct number on it and then use that. Thinks tend to happen much quicker this way.

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