Save & Share |
|
|
|
|
| Share on Facebook | |
Breaking up
With your Bank
By Diana M. Galban
In these times of recession, part-time working high school and college students have it rough – even if your financial issues are merely caused by your BlackBerry bill and Starbucks addiction.
Consumers are switching banks, hoping to relieve some of their bank fees through a better institution to house their money, but what exactly makes a bank the “better” choice?
MyBankTracker.com provides some points to consider when evaluating your current bank, or analyzing alternative institutions.
As a compulsive shopper completely oblivious to the value of the dollar and a chronic over-drafter, I made the switch from newly-named Chase to Bank of America. (Their Hello Kitty cards made this switch extra appealing.) This was done in hopes of escaping the $35 overdraft fee for every time I bought useless things without funds. The fact that Bank of America doesn’t charge overdrafts on their student accounts and the good services they offer, came as a plus.
MyBankTracker.com provides some points to consider when evaluating your current bank, or analyzing alternative institutions. Convenience (and location), trust in the bank, customer service and mergers are some of the points listed.
$ Convenience and Location:
When choosing a new bank, it is important to consider if its branches are located near your house, school or any place you frequent (like your job).
ATMs should be considered, since ATMs from other banks do allow you to make withdrawals but charge you a couple of
dollars to do so. Bank of America’s ATMs allow you to deposit checks without having to go inside the bank, in case you’re terrified of bank robberies like me.
Most banks have free checking, meaning you are not charged to keep your checking account open, or need a minimum balance.
$ Student Accounts:
Student accounts have less abrasive fees. They also often provide credit cards with high credit limits which can help immensely when it comes time to buy those $200 textbooks. Bank of America and Chase both have student options and Wachovia is a trusted lender for education loans, including law school loans.
$ Customer Service:
A critical part of the banking experience is how you are treated by bank employees. After many run-ins with the clerk over at Chase, I had enough of her. This is also why I favor limiting my human interaction and swear by the ATM deposits.
Overall, there are lots of points to consider, but looking closely into what the banks really offer is the trick. “Before opening an account, read the fine print,” says Bill Pratt, author of The Graduate’s Guide to Life and Money for MainStreet.com. Also, making the switch from one bank to the other can be quite painless through Switch Kits, offered by every bank. These will help if you have automatic payments or direct deposits linked to your account.
As far as my money goes, the switch has definitely helped keep expenses on track; I just question Bank of America’s decision to grant someone like me a credit card.
Have you switched? Tweet us @outloudonline