3 Reasons to Rethink Your Relationship With Your BIG Bank
THE BIG THING I WANT YOU TO KNOW:
Look at your banking institution and evaluate if that bank is worthy of your business. Bigger isn’t always better and I want you to give the local underdog a fighting chance.
another banking superpower is forming
SunTrust is merging with BB&T to create the sixth-largest retail bank in the country and their union is the largest banking merger we’ve seen since the Great Recession.
The two southeast banking titans announced they will merge by the end of 2019 and will likely make their new home in Charlotte, North Carolina. If you’re old like me, you’ll remember 15 - 20 years ago and all of the small banks and community banks that punctuated the South. The recession forced a lot of consolidation, but the little guys still exist.
With just a month and a half into the year, the country’s government employees have already weathered a partial shutdown and now the SunTrust / BB&T merger likely spells layoffs.
Even if you’re not local, this merger still impacts you as an employee or customer of ANY banking institution. Who’s to say what’s going to happen next, but now’s a great time to evaluate how you bank and who you trust with your money.
now is a great time to evaluate your banking relationship.
Big banks can tend to put its own interests before its customers’ interests.
now paging SunTrust and BB&T’s complaints department
As a former customer of both banks, I didn’t receive the service that’s emblematic of smaller or regional banks. Smaller banks come with privileges and perks like low to no fees, but most of the time it felt like I was banking with one of the giants like Bank of America, Wells Fargo or Chase.
Before I move on, let it be said that neither SunTrust or BB&T (or Bank of America or Wells Fargo) stepped in during the partial government shutdown to offer relief like no interest loans or fee forgiveness to furloughed workers even though banks of that ilk had a banner 2018.
I promise you that there’s another way to bank.
3 reasons small, local banks deserve your business in 2019
A lot of us can spend hours swapping stories about how the big guys on the block have tried to run roughshod over us, but banking and money shouldn’t be a love-hate relationship.
I know it’s a pain to change banks (TRUST ME ON THIS), but consider giving your business to the small guy on the block. There are credit unions, local and community banks and online banks that care about their customers and work to earn your business instead of taking it for granted. And just think, when you bank small you’ll say goodbye to:
The big banks like Bank of America, Wells Fargo and Chase just LOVE to pop costumers with penalties like overdraft fees, minimum balance fees, transfer fees, withdrawal fees, ATM card replacement fee — you name it! What ever they can do to make a couple extra bucks off of you, they will.
impersonal customer service
I’m honest about my former mishaps and downright stupid financial choices, so I not ashamed to admit that I’ve paid my fair share of overdraft fees to big banks in my time. Overdraft after overdraft after overdraft, do you think the big bank reached out to me to ask if everything was okay? NOT. A. CHANCE.
Instead of a bank constantly on the take, local banks are more likely to inspect your recent account activity and check in to see how they can support you. Those big banks don’t need your business unless you’ve got suitcases upon suitcases of money that you want to bank with them.
embarrassing scandals and pr nightmares
Big banks haven’t given us much of a reason to trust them in recent years. After every deceitful and appalling act there’s a big-budget TV commercial apology, but are you really convinced that the shady dealings of yore are truly over?
Personally, I want to keep my money with an institution that upholds the same morals that I do.
dear bank: it’s not me, it’s you.
customer service, integrity and loyalty really speaks to us. Is that weird?
You deserve to be treated like a human and not just an account number with everyone you work with — and especially in personal finance.
Look, we fully realize that financial conversations tend to reveal your “metaphorical cards.” But that’s why we show you all of our cards (even though we don’t have to). We’re transparent about how we make money and what we’re all about.
But, despite standing on our values, we’re sharing this information to help you find a meaningful banking relationship that benefits you.
If there is something you read that made you question where you’re banking, your insurance provider and how you’re invested for the future — we would be happy to offer you an expert opinion to give you complete clarity.
Our team will answer any of your questions and are always happy to sit down with you and make a personal financial plan that is built for life.
When was the last time you have felt taken care of?