Choose Your Bank Carefully!
We’ve heard a lot about the benefits of choosing a local bank over giant mega-banks lately. Today, the money gurus at personal finance blog Get Rich Slowly explain how (and why) to move your money to a local bank.
I’d been a customer with Chase (previously Washington Mutual). After reading J.D.’s article on rewards checking accounts and realizing I was missing out, I closed my account with Chase and moved my checking and savings to a local credit union down the street. I have to say, it felt great.
My new credit union insures my money just as well as the big bank, but it also offers a ridiculously high interest rate on my checking account, refunds on ATM fees so I can use any ATM I want (even those $3 fees at the back of the convenience stores), really great customer service, and – best of all — free cookies on Fridays.
Despite all the potential benefits, it seems like a lot of people might be slow to switch—whether it’s a hesitance to trust a smaller “unknown” bank or a matter of going against your momentum.