Bank Shopping (Mike Rich Signal)

[royalfan5]

So it looks like I am going like I am going to be in the market for a new bank, as I am moving away from where my old one is located, and they didn't act like they gave a **** about keeping my business today when I talked to them. I haven't switched banks before, but I imagine that it involves some hassle. Any frequent bank changers here have any useful tips?

[soonerbrat]

yep, it's a hassle, especially if you have anything that you pay automatically from your bank account or debit card.

If you have a lot of those things, I would recommend a gradual change.

[royalfan5]

yep, it's a hassle, especially if you have anything that you pay automatically from your bank account or debit card.

If you have a lot of those things, I would recommend a gradual change.
I only have my car payment, which will be dispensed with shortly.

[soonerbrat]

then it shouldn't be any problem.

[Scott D]

The only question is will Mike Rich direct you to a bank, or a credit union.

[Frozen Sooner]

Find the right person at the new bank makes it a ton easier, but yeah, it'll involve a little easier.

Here's what I coach my staff to ask:

What are you going to use the account for?
What's the lowest balance you think you'll have in your account?
How important is it to have instant access to all of your funds?
Does you employer offer direct deposit?

Anyhow, once those questions are answered they can make an intelligent recommendation as to what kind of account you should have.

Generally, when someone opens a new checking account I want my staff to print them off some temporary checks (ours have name and address printed on them, which is nice-they don't look like counter checks) order a free box of regular checks, find out what bills the person is paying out of the account and help them get any automatic things switched, and prequalify them for a credit card, line of credit, and auto loan. The prequalification is handled by an automatic "one click" system and doesn't count as a credit pull for scoring purposes, so they can go ahead and offer those things as part of the process.

Edit: use a credit union!

Good things to bring with you, depending on where you go and what PATRIOT Act compliance programs they have in place:

1. Valid state-issued identification.
2. If the address on your ID does not match the address you're using to open the account, a current utility bill showing the correct address with the name matching the one on the ID.
3. Your current bills-that helps them set up online bill pay.
4. Guaranteed funds with which to open the account. A cashier's check will do nicely.

[Scott D]

Edit: use a credit union!

:D

[royalfan5]

Find the right person at the new bank makes it a ton easier, but yeah, it'll involve a little easier.

Here's what I coach my staff to ask:

What are you going to use the account for?
What's the lowest balance you think you'll have in your account?
How important is it to have instant access to all of your funds?
Does you employer offer direct deposit?

Anyhow, once those questions are answered they can make an intelligent recommendation as to what kind of account you should have.

Generally, when someone opens a new checking account I want my staff to print them off some temporary checks (ours have name and address printed on them, which is nice-they don't look like counter checks) order a free box of regular checks, find out what bills the person is paying out of the account and help them get any automatic things switched, and prequalify them for a credit card, line of credit, and auto loan. The prequalification is handled by an automatic "one click" system and doesn't count as a credit pull for scoring purposes, so they can go ahead and offer those things as part of the process.

Edit: use a credit union!
My issue with using a credit union is that there aren't any Ag oriented ones, and funding my cow herd and associated operations will come into play in the medium term, and I don't want to deal with loan officers that don't know **** about what I am doing. Finding Ag oriented bankers in Nebraska won't be a problem. Finding the right one is.

[Frozen Sooner]

Ah. Yeah, also, for business-purposed accounts unless you find a REALLY big credit union, commercial banks are generally your best bet.

Like us-we're huge. But your average mom-and-pop CU isn't really cut out for business lending.

[King Crimson]

i switched my main checking account to the university credit union in the last few months after *years* of planning to do it. i've had the same checking account at now CHase for 15 years almost. but, it used to be First Affiliated of Colorado then something else then something else then BankOne and now Chase....but i was tired of the people there, i'd had some weird problems with deposits not showing in my account over long weekends, and all the employees seem generally miserable (turnover rate appears VERY high). so i switched. it wasn't hard, and i couldn't be happier. i still have a CD and a smallish money market account at Chase but i don't use the bank for anything in day to day stuff. though, i do pay my rent with the United Chase debit card since i get miles for it. hey HEY.

i'm surprised there aren't ag credit unions. that seems like something that you'd see.

[royalfan5]

i switched my main checking account to the university credit union in the last few months after *years* of planning to do it. i've had the same checking account at now CHase for 15 years almost. but, it used to be First Affiliated of Colorado then something else then something else then BankOne and now Chase....but i was tired of the people there, i'd had some weird problems with deposits not showing in my account over long weekends, and all the employees seem generally miserable (turnover rate appears VERY high). so i switched. it wasn't hard, and i couldn't be happier. i still have a CD and a smallish money market account at Chase but i don't use the bank for anything in day to day stuff. though, i do pay my rent with the United Chase debit card since i get miles for it. hey HEY.

i'm surprised there aren't ag credit unions. that seems like something that you'd see.
The Farm Credit System is a lending Cooperative, but they don't do any retail bankings. Some random local co-ops here or there have credit unions, but they don't have the resources to do much in the way of operating loans and what not.