Choosing the Right Bank for You!

by Kristina on August 9, 2011 · 2 comments

credit cardGood Morning DINKS.  Today we are discussing our banks.  Deciding which bank to use, is just as important as deciding how to invest our money.  Did you choose the same bank as your spouse if you merged your finances, or did your continue dealing with your individual bank? I opened a bank account at a bank branch close to my house as a young child; of course it was with the guidance of my parents. However my bank was not the same bank that my parents used, this is odd now that I think about it.

My parents moved to our city from their hometown in their early twenties, and they both continued their banking relationship with their original financial institution.  Later on, my Dad started a banking relationship with a credit union that was sponsored by his employer.  My Dad says that he switched from a major financial institution to a local credit union for the personalized service and employee benefits, as well as the convenient location (there was a credit union branch in the same building as his employer).

There you have it; we were a family divided by banking.  My Mother kept her original banking relationship, I opened an account close to our home, and my Dad dealt with a credit union because of the benefits.

How did you choose your bank? Is it the bank with a branch closest to your house, is it the same bank where your spouse deals, or do you share the same personal values as the corporate values of your bank? I surfed the internet to research 4 different banks; here are my personal opinions on their homepages, their images, and their values. My opinions are as a client, and not as a Banker.

Do you deal with one of these 4 Banks?

PNC was my favourite homepage of the four banks because it was colourful and welcoming.  PNC makes finance fun with their Virtual Wallet; they also keep finance informative with their interactive savings and budget tools.  PNC is a DC bank whose mission is to provide their clients with great service and powerful financial expertise to help them meet their financial goals. PNC is proud of their longstanding history of supporting the communities they serve in education and the arts.  The core values of PNC are Performance, Customer Focus, Respect, Integrity, Diversity, Teamwork, Quality of Life.

USAA is proud to be serving Americans, the Military, and their Families since 1922. The USAA homepage has information about the current Debt Ceiling Crisis which shows that they care about the concerns of their customers. I got the impression that USAA is a bank that helps clients by working together with them, as opposed to clients just being another number. USAA matches their products with client’s life events to create a balanced banking relationship.  We join USAA as a member and not as a client to take care of our Insurance, Banking, Investments, and Retirement needs. USAA stands ready to serve with Service, Loyalty, Honesty, and Integrity.

Bank of America has a totally different image and I know that some DINKS are seriously fed up with BOA.  However, I wanted to include them in my research because I definitely understand why clients are not happy with Bank of America.  Their homepage is a mortgage advertisement with the slogan “See what you can comfortably afford.” I had to ask myself is this the right time for BOA to be soliciting mortgage business? I know that BOA is a bank and they have to make money, but seriously where is the compassion? You tell me! Are Americans thinking about housing right now?  Is applying for a new mortgage on your mind?

Chase I personally love the accessibility and convenience of Chase Bank. However, their homepage is not overly inviting or friendly; the Chase image is definitely more professional and then personal. However the features on the homepage are Cash Back, Low Interest, and Travel Rewards Credit Cards; this tells me that Chase is giving back to their clients. They are offering something that is in their clients benefit; they are not just soliciting business because they need to increase profit earnings.

As a client I would open a bank account at PNC or Chase Bank.

Photo by Money Blog Newz

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{ 2 comments… read them below or add one }

1 Carrie Smith August 9, 2011 at 10:41 am

I have only done business personally with Chase bank and for the most part I agree with you, they are a good solid bank. Until recently I was a pretty big fan of them, but since the law changes with debit card fees, they cancelled their rewards program, and I found a different bank that offers great cash back on my debit card purchases. I still enjoy the convenience of ATM locations and I get a pretty low interest rate on my car loan (3.59%) but like you mentioned, they could use a more personable approach instead of coming off so professional.

I’ve heard good things about PNC and the Virtual Wallet software is a very interesting tool for a finance junkie like myself. Thanks for sharing!

2 harry August 14, 2011 at 8:02 am

I am using bank of America. Before this I used wells fargo, and the service is really bad, so I switched to BoA. So far so good.

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