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Archive for January 27th, 2010
Many people are still livid over the bailout of major banks and financial institutions over a year ago, and the over $45 billion in bonuses that these companies are poised to payout has only added fuel to the fire. Several organizations are calling for people to pull their money out of these banks and begin banking as local credit unions and small banks. While this may seem like a way to get back at the banks, the current system makes it difficult for this to be a reality.
Not only do the bigger banks offer premium services like online banking and the option to deposit in ATMs without check envelopes, but they also are a safer option. Most of these institution are still considered “too big to fail,” whereas over 140 small banks went out of business last year. Larger banks also have more ATM locations and tend to have fewer charges for international transactions. While it would be nice to get some redemption against the “fat cat” bankers, they have a stranglehold on how Americans manage their money.
Banks hate it when you dont order business checks through them
Banks love to take your money and have you to do all of your personal and business stuff through them. That could be ordering business checks, credit card, loans, and etc…. The more you have with them, the more they will be your best friend and take care of you, so they could get your money. If you manage your accounts properly, the banks can be your best friend.
Dont overdrawn your account, keep your credit cards paid off every month, and along with good credit, they dont like it when you have perfect credit. Ordering business checks takes alot of money away from them. Their is alot of profit to be made with the business check industry. If you have an merchant account with your bank, that is a great thing. You’ll be able to have your money the next business day.