Are you underutilizing your bank? If you are only taking advantage of the “free checking account” and you still think are getting all of the worth out of your bank, you may really be mistaken. Your bank uses the money you store with it to make money of its own. They loan it out for home loans and mortgage refinance loans. When you consider the amount makes off of you as a customer, you might want to consumer just how much you are getting out of the relationship.
Around 8.2% of people in the United states do not use a bank at all. That’s more than 800,000 people who are – in no way- benefitting from all that a bank has to offer. An additional 29% do not have a savings account with their bank and 20% are “under banked” or they are lacking the services they truly need to manage their finances. Some of these individuals on the high end could benefit from a private accountant. However, many on the lower end would be well served if they simply utilized all that a bank has to offer.
When shopping for a bank, most people go straight for security. Will you protect my information? Will my finances be kept confidential? And then they settle. The issue is, this is a a standard across the board. You can ascend this criteria and find a bank that offers all the services you need to manage your life. Large banks may offer online banking and mobile technology while community banks offer far less but are truly invested in their surroundings. You may not be able to secure a no fee mortgage refinance with a small bank, but you can get personal service and the good feeling of knowing that your money is staying in your community. It all depends on what is important to you.
A mortgage is perhaps the most obvious service use a bank for. There are all different kinds: no fee mortgage refinance, upside down mortgage, etc. This is a good example to consider when you pick a bank. How will said bank treat you when you want to buy a house? Will they give you care and attention to the details of your life? These are all important questions when choosing a bank.