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 M¢25  Funded By Mahalo ? |  February 28, 2009 05:20 PM

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.
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March 01, 2009 02:37 AM
I'm pretty dedicated to my bank. I tried out several different banks and credit unions years ago. I never really like any of them. Poor customer service, undisclosed fees, etc. The bank I'm with now I am very happy with. I know what the fees are, they have really good customer service, the employees at the bank know me, and their online banking is one of the best I've seen. Also, the history I've built with them in respect to checking and savings accounts will help down the line if I should need to take out a loan. I see no reason to jump ship and go to another bank.


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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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