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How dedicated are you to your credit union/ bank?
Oddly enough most folks will stick with their banks through the thick and the thin. Some folks think that checking & savings accounts somehow affect credit reporting (which is not true).
If another bank offered a much more generous savings account return would you jump ship? I move my savings around every year or so chasing great rates but I think I might be alone in this.
If another bank offered a much more generous savings account return would you jump ship? I move my savings around every year or so chasing great rates but I think I might be alone in this.
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| March 01, 2009 02:37 AM |
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February 28, 2009 06:46 PM
*Disclaimer before I answer this one, I do work at one of the largest banks in the country... Personally I do have dedication to the bank I use for the simple reason that they have been great in helping me with my finances in the past. While there is always another bank offering a special rate that would be better for me the long term relationship with the bank helps out more in the end. By sticking with my current bank I may lose out on .5 to 1% interest on my accounts BUT down the road, when I am looking for a loan or other financial items the relationship I have had with the bank is much more likely to get me what I am looking for because they know exactly the type of customer I am and what kind of risk (or lack of) they are getting into.
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February 28, 2009 07:34 PM
I don't know that people are "dedicated" to their banks. However I did see some stats once that showed people change their marriage partner more often than their bank! (This probably varies a lot from country to country though.) Personally, while I don't feel any huge attachment to my banks, I figure one is not that much different to another, and there could be hassles to changing.
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