There are a few things you can do to ensure you are banking smart and your bank is working for you. Having clear expectations of your bank is a good start; an even better start would be letting your bank know those expectations. They will find it hard to meet expectations they don’t know exist!
Build solid relationships with your bank’s employees. There is nothing more frustrating than ringing your bank and speaking with someone different every single time. No one knows you and it’s very impersonal. As soon as you find someone helpful, do your best to build a rapport with them and ask if it’s possible to speak with them next time you call, more often than not if you’re pleasant and easy to deal with that wont be a problem – and just like that you have someone willing to work for you.
Don’t be afraid to renegotiate. Check out the market and make an appointment to visit your local branch to discuss if you are getting the best deal you can. If they know you have been looking around chances are they will do their best to secure your business. You could do this every 12months. They may be able to refinance a credit card at a better rate, give you a savings account bonus or reassess your banking fees. You’ll never know until you ask, just do your homework on the market first and be prepared when you sit down to that appointment.
Actually read and understand your statements. Sounds like a no-brainer but I think it would be safe to say a lot of people scan the top and bottom of their statements each month, if there is nothing largely amiss then it gets binned or filed away. Go to the next step even and keep all your receipts, withdrawal and deposit slips etc to match against your statement at the end of the month, especially because you’d never want to get into a situation where you have to restore credit for yourself. Anything that doesn’t add up or you don’t understand needs to be queried immediately.
These ideas will get you on your way to banking smarter and should ultimately start saving you some money. Be upfront and come prepared when dealing with your bank and it will pay off.
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