I know I just told you why it is such a good idea to keep every account at one bank. It is convenient and can save you money. However, it might not really be that great of an idea.
While it is nice to have instant transfers and keep everything at one place, it is not always a good idea to keep everything at one place. You are not always in control of your accounts if you make a mistake.
In my time as a banker, I once had a customer that screwed up really bad. She didn’t make her credit card payment for months, she didn’t answer our calls, she didn’t answer her mail, and she ignored us. She owed a few thousand dollars on her card and we didn’t want to have to write it all off.
As one of those types of people who probably does not read what she signs, she probably did not notice that we had the right to take money from her checking or savings account to pay delinquent bills that she owed us. So we did.
She did not have a lot of money in her account, so on direct deposit day our credit department made a catch up payment on her behalf. All of a sudden, she had time to call us back.
If you have bad customer service from your credit card company, it is easy enough to move your account. If you have a bad experience at your bank, you only have one account there, so it is not that big of a deal.
If everything is at one bank, you are stuck. If you have bad service or an irreconcilable problem, you don’t have any recourse. You can always try a manager or try for a ‘good customer’ refund or discount, but you can’t really control anything.
Now that you have seen both the benefits of having everything at one bank and the drawbacks, what do you think? How do you have your accounts? What have your experiences been like? Please share in the comments.
Image by NCDOTcommunications.
Get the FREE Personal Profitability Playbook
Earn more, spend thoughtfully, grow your wealth, and live a better life through mindful personal finance.