Choosing the right bank is a vital decision for your financial well being. It is the heart of your everyday financial life. I chose to bank with TD Bank at an early age of 16. At that time, the Philadelphia branches belonged to Commerce Bank. Being that young, it was no particular reason why I chose that bank outside of the fact it probably was the only bank I could get an account with at that age. I had no idea how to choose a bank. I didn’t know what attributes to look for.
As it was, by the time I became 18 years old, TD Bank had acquired Commerce. There continued to be a free student checking account. Time progressed, with no fees in sight, and I had seen no reason to abandon the green bank. Until this. By the 1st hour of my 23rd Birthday, my student checking account ended and I was charged a $15 fee because my account fell below the minimum balance of $100 which later caused an overdraft . Ok… No warning. No grace period given to get back to the $100 balance…. Cool. After all, this was the account I paid bills from, of course you are going to need every penny of $100 every now and then in college.
Time progressed I became 24 years old, a graduate of college, and responsibilities grew. By this time I was interested in utilizing more “benefits” of my personal bank which was attaining a personal loan. I took heed that TD bank was pretty serious about their $100 minimum and I never fell below it again. With a credit score of 700+ and a stable income, I applied for a personal loan of $7000…The answer was No . Adjusted to $6000???… No! … Ok, Surely I could get $3500???…NO!!!
Let’s Do Math
Hold on. I thought. So you guys get to hold $100 of my money minimum each month of the year…pay me no interest. I been with you for a solid 7 years. $100 x 12 months x 7= $8400. You held $8400 of my personal finances account minimum and never paid me a dime. But I can’t hold a funky $3500 ?? $3500 that will have interest and make the company more money? The most TD Bank could do for me is stay open until 7pm and count my pennies for free. Wow, thanks!
But wait there’s more to the $8400. Macro Economics teaches us that the banks can make up to 9 times your balance by lending out your money continuously. So lets do that math $100 (monthly minimum balance)+ $900 ( created money each month= $1000 x 12 months= $ 12,000 months x 7 years (yrs of being a customer)= $84,000. That’s how much value minimum (and I stress MINIMUM) I brought to the table for the bank over the years but I couldn’t borrow $3500 Personal unsecured.
Banking Benefits!
Being a consumer, your business is soooo valuable. The relationship between any business and customers should be mutually beneficial. Do not patronize these large institutions that seek to make you feel inferior as if they’re doing you a favor by holding your money. Your dollar matters, Every Dollar Matters. In terms of buying power, minorities make up for the majority. Remember that. A bank should offer you security, peace of mind, and assist you with options for your future. They should be returning money on your deposits. They should always seek to give you more benefits in the form of products. More products like: low interests rates and rewards on credit cards, good auto loans when buying a car, personal loans, good rates on your first mortgage, overdraft protection, and more to make your money grow.
Banking: A Partnership
There are many different types of accounts that cater to specific needs. Each financial bank should offer solutions to your specific financial situations and not add stress to them. Credit Unions are the most beneficial financial institutions that exist for consumers. Seek to invest your hard earned money with those who have your best interest in mind. Never be afraid to walk away from a bad situation simply because its most familiar. Remember, eventually you’ll have properties to invest in , children to put through school, etc. A bank should be more than merely a place holding your money. A bank supports your future goals. It’s a successful financial partnership. What has your bank done for you lately?
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