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Breaking up is hard, but it’s the right thing to do for both of you when you know you’re not compatible. You’re a night owl gamer who travels a lot, so it was just too hard trying to make it work when you’re each so different. No one’s saying it will be easy, but you’ll both be better off by ending it sooner rather than later.
You know I’m talking about your bank, right? How long has it been that you’ve known your bank isn’t right for your lifestyle, but you’ve been putting off making a change because it would be such a hassle? It’s worth the effort. Just imagine how happy you’ll be when you’ve found the right match–for your banking needs. Find yourself in the list below and your search may be over soon:
“I’m always traveling.” If you want to be able to pay your bills, withdraw money and check your balances no matter where you are, online banking is right for you. Choose between an internet-only account with ATM fee rebates or a large traditional bank which has branches and ATM machines all over the world, offers online banking and may even offer a smartphone app to do mobile banking.
“I’m in the military so I’m always moving.” If you don’t want to have to keep closing and opening accounts at a new bank every time you move, choose an internet-only account that moves with you wherever you go. Another option is a large traditional bank that has branches everywhere.
“I get paid in cash, so I need a place where I can make deposits in person.” You need a place with convenient branches that doesn’t charge extra for service from a real live person. Check out your small local banks or find a credit union you can join.
“Credit cards are dangerous for me, so I pay for everything in cash.” If you make frequent ATM withdrawals, you need to avoid those nasty ATM fees. That means working with a traditional bank which has a large ATM network so you can find an ATM anywhere or an online bank account which offers ATM fee rebates.
“I like to look the person in the eye who’s keeping my hard-earned money for me.” If you want to deposit your paycheck in person every week, you need a place with local branches that have extended Friday or weekend hours. Check large traditional banks, small local banks and credit unions.
“What can I say, I’m a sucker for good old-fashioned customer service. Does it still exist?” Yes, Virginia, it sure does. Credit unions are non-profit organizations owned by the members who do their banking with them, not greedy shareholders, which means their only goal is to keep their members happy.
“I hate paperwork so I want to keep it simple. Can I keep all my money in one place?” That’s exactly what large financial institutions want you to do. Now that banks are offering investments and brokers are offering checking accounts, it’s hard to tell them apart anymore. Do your research and you could make it work for you by consolidating your accounts, whether you bank online or in person, since there are banks and brokers which offer both methods. Just be aware that investments are not guaranteed, even when you purchase them at a bank. Likewise some checking and savings accounts offered by brokers, such as money market funds, are not guaranteed.
“No more nickel and diming!” If you’re tired of jumping through hoops to avoid all the fees the large traditional banks charge, find a credit union, small local bank or internet-only account.
“Seriously? My savings are only earning how much?” If you’re asking this question, pat yourself on the back for saving enough to care about how much your money is earning. Is it possible to earn more than what your current bank is offering? Maybe. The rates banks set are influenced by the Federal Reserve’s actions, but some banks can pay you higher rates because they have less overhead, such as small local banks, credit unions and internet-only banks. Find rates by checking their company websites or searching online.
“Seriously? You want to charge me how much interest?” Shopping around for lower rates on car and home loans can save you hundreds of dollars a year. With less overhead, small local banks, credit unions and internet-only banks can also afford to charge you less interest.
“I like to keep all my money in my checking account, just in case.” Get thee to a financial planner. You can have financial security without keeping all your money in your checking account, but until you understand how, park your money in a checking account that pays a higher interest rate.
“I’m a night owl.” Online banking is available 24 hours a day and is offered by most financial institutions, so take your pick.
“I need my money now.” When you need to put down a deposit for that sweet apartment before any of the 200 other people waiting in line to see it, having a relationship with a bank that has a branch close by and will cut you a cashier’s check on the spot is key. Depending on where you live, small local banks, credit unions or large traditional banks could all fit the bill.
“I’m a hermit or am physically incapable of leaving my computer (I’m talking to you, gamers).” If you can’t leave your house or you seem to have an invisible cord attaching you to your computer, the obvious choice is online banking.
When you think you’ve finally found the “one,” don’t tie the knot until you’ve checked that the bank or credit union is insured.
Find a credit union
Money market funds
Savings account rates
Checking account rates