Crystal Stemberger

Banks just aren’t what they used to be. A generation ago, competition between banks was fierce and customer service was excellent. Today, things have changed. The Great Recession has consolidated the market and consumers have fewer choices than ever before. However, just because there are fewer options, doesn’t mean you should settle for Mr. Wrong Bank. Bad customer service Not all banks are equal. Large banks have so much of the market that customer service doesn’t need to be a priority – the bank simply exists and, if you need access to your money from a lot of different places, you’re probably a customer of a bank with a lot of branches and ATMs. Luckily, with an increasing number of virtual banks in America, you don’t need to put up with poor service just to have access to your money. Virtual banks often have partnerships with brick-and-mortar banks, allowing their customers to access their money through a large network of ATMs or via cash back opportunities at local stores. If you’re fed up with long lines and rude tellers, tell your bank you’ve had enough and move on. Too expensive Not too long ago, the mere idea of a bank … Read more

You’ve had enough! Your current bank and checking account just aren’t doing it for you anymore and you need to find something new. In this case, it’s definitely not you, it’s them. Millions of Americans change bank accounts every year and the banks are getting wise – they’ve begun offering lots of discounts and promotions to get you to sign up. But, do you know how to spot a really great checking account? The account The first thing you need to look for when trying to spot a great checking account is to find one that’s free. Don’t be fooled by promotions saying the account will be free for three-months or if you have a minimum balance of $5,000 – find an account that has no monthly maintenance fees, no minimum fees and no hidden fees. If the checking account you’re eyeing pays out interest, make sure that you understand the rate and how it’s structured. Some promotions will offer you a great interest rate for a short period, but will end up decreasing the rate once the promotional period is over. Read the fine print and only choose a checking account that has a rate structure you can understand. … Read more

There are a hundreds of reasons why someone would want to get a new checking account – maybe you’ve moved and your bank doesn’t have a branch near your new place, or maybe you’re tired of the service you get from your existing bank. Whatever the reason, you have to be sure to read the fine print on your checking account before signing on the dotted line. With interest rates lower than we’ve seen in decades, banks in the 21st century are not making money off of depositors’ funds. Instead, banks earn money from fees, both overt and hidden. Some more common fees include monthly maintenance fees, transaction fees and ATM fees. Sometimes, when signing up for a checking account, the bank will promise that a checking account is free when, in reality, it is only free under certain conditions. Those conditions can be found in the fine print. Here are four reasons to read the fine print on your checking account: Avoid minimum account balance fees Requiring customers to maintain a minimum account balance has been a popular hidden fee in America for a number of years. If your balance falls below an amount, say $3,000, you are required … Read more