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| dun dun dun... |
Today, I received my new hire packet for my job! We are getting offish up in here!
As I started to go through the bunches of legal documents I found myself asking more questions than I was answering. Of course I knew my surname, birthdate and SSN, but I started to struggle when it came to bank info.
Basically, my current bank has maybe 1 and a half branches and even fewer ATMs in Richmond. I don't want to pay a $3.00+ non-mybankATM fee every time I make a withdrawal so I'm searching for a new bank.
Here is a summary of my comparative research:
Welcome to $$$ Bank, where we charge you $100.00 to open your checking account and continue to charge you every month. *We will waive this monthly fee if you a. have a way more in your account than you will ever be paid b. make regular deposits valued at more than the monthly fee and more than you can expect to be paid c. buy all of our products and services
Layman's terms:
Basically, I could ask you to watch my purse that has$50 in it while I run to the ladies room, but I'd have to pay you $60* up front and pay you $1 for every minute I'm gone.
*Amount may vary depending on the designer of the purse.
Thanks. I think I'll just take my purse with me to the bathroom. So why don't we all just keep our money under our mattress?
HONESTLY...A lot about banking does not make sense to me. Everything from why we call automated teller machines ATM
machines to how the heck an account can accrue negative interest. Money in general intimidates me. Institutionalized maintanence of money moreso. Anyone else remember that scene towards the end of Mary Poppins?
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| The stuff of nightmares... |
The Disney-induced emotional scarring is probably why banking and financing are all very complicated to me. I do not claim to be anything close to an expert. If it were up to me I'd be out feeding the birds, flying kites, and dancing with animated penguins. I like to think I'm fairly smart about spending, but I've been sucker-punched by many a BOGO sale in my day. So new-born financial-guru adulting Rachel did some research today.
Researching something you know nothing about can be daunting. One of the first steps is simply acquainting yourself with the language of the industry. I turned to the almighty Google and asked (actual quote of my search) "How to pick the right bank"
Top Three Helpful Links:
- How to Choose the Right Bank For You - ABC NEWS
- 10 Things to Consider When Choosing a Bank - HOW STUFF WORKS
- How to Pick the Best Bank - FORBES
One of the unanimous tips put forth by each of these sources called for some evaluation of your personal banking needs. What do YOU need from your bank.
My initial answer to thank question was "UGH I JUST NEED SOME PLACE TO PUT MY MUHNAY!" A few hours ago I had next to no idea about what types of services I could demand from my bank search.
It's kind of like starting a college search. You can't articulate that you want a small liberal arts school, in a rural area, with substance free housing options, a pre-nursing program, one large dining hall versus several smaller ones, and a welcoming Greek community until you've visited a college or two to know that those are things that are offered (or not offered).
Luckily I have the banking equivalent of a college I have visited - my current bank. I asked myself, "Rachel what do you like about your current bank?" which gave me a starting point for criteria I could demand from competing banks.
The biggest breakthrough in my banking search came from a few links suggested in the Forbes article (#3 above).
findabetterbank.com is actually a pretty darn nifty tool. Basically you type in your zip code, refine your search, select a few preferences, and then the website filters and compares banks. It provides really in depth summaries of plans offered by tons of different banks, lists the number of branches and ATMs in your specified radius, and links you right to the banks' websites. You can search this tool as many times as you want. Don't stress if you don't feel like you know how to answer the questions. I refined my search by eliminating bank names I simply didn't recognise and then selected preferences arbitrarily. My first search gave me a starting point for some very (
very) basic criteria.
I went from my criteria being:
- SUMPLAYCE 2 POOT MAH MUHNAY
To banks with:
- several branches and ATMs in my area
- several branches nationwide (I'll most likely move again next year and I won't want to change banks again. I'm coming to terms with the nomadic lifestyle of an artist. Something to consider!
- online banking options
- banking apps for my phone
- a low opening deposit amount
- a low monthly maintenance fee
- several reasonable options for waiving maintenance fees
Many of you probably knew your preferences already and many more of you probably don't need to change your bank any time soon, but these were my break-through discoveries today. I hope even some of this helped you.
At the very least, spend some time clicking around your bank's website. It's tedious boring information, but simply reading it may help you get more out of your bank. Does your bank have an app?
In sum, find what works for you!
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