Have you at least threatened your current bank that you might leave if they don’t give you a better deal? Remember I have always said Don’t be Afraid to Make a Change, especially when it comes to your bank.
I must admit that I have not changed banks for a good long time (and given how much I have bitched about TD, you would almost think they might have asked me to go somewhere else), but I also have done my part to get better deals or to complain to get better service.
Right now, you have to work harder to get better deals from your bank, in the area of interest rates, because they are being a little more tight-fisted with credit, but if you don’t ask for a better deal I can give you a 100% guarantee that you will not get a better deal (OK, 99.9% maybe there is a bank that actually treats their current customers better but it isn’t very likely).
I also stand by the statement that if you are going to bargain with your current bank, you had better be willing to vote with your feet and move on, or your bank may not take much notice of you.
Here is an even easier scenario:
- Find a new bank that is willing to give you a better deal on your: Mortgage, Debt, Investments, or Services (hopefully more than one of those)
- Get them to put it all in writing for you (say you want it for your records).
- Go to your old bank with the document and say, “I want this, can you give it to me?”
You shouldn’t do this very often, but if you are fed up with your current bank, it is a good tactic, and if they refuse, simply walk back to the bank that offered you a better deal and say, “Make it So!”.
Michael James also pointed out that most of the time when you do a change to a different bank or financial institution most of the time the new bank will be willing to do most of the work for you (i.e. do the transfer leg work), all you need to do is remember which bills come out of which account auto-magically and you are laughing.
Sometimes a change is what you need, keep that in mind.
I am currently with TD bank as well but have never switched or threatened to get a better deal (Just in college so havent been with them long). I’ll try being more aggressive about getting better deals though, afterall I need all I can get for tuition payments!
Hi.
I was in getting my apartment insurance paid at the place I had dealt with back before I moved away and back here. I got asked what I was paying for fees for my bank accounts and that tog me thinking about it so I made an apointment with one of their financial people, and it turns out I can save about 150-300 dollars depending on how many transactions I do per month. thie particular month I had the paperwork with me was $10.95 per month and an extra $20.50 for the extra transactions I had done…
Good enough reason to move!
EXACTLY!
I have never switched banks – but I switch my investing bank always (some companies are better – I switched from Questrade to RBC recently).
Circumstances always change so it is good to know what is out there.
I admit that I’m pretty hesitant to switch banks. I’ve been with the same bank since I was a kid. Since I have such a long history with them, I find that they do treat me pretty well. I probably should be more aggressive with asking for better deals on stuff though. I only intend to use them for a mortgage or investments if they really can give me the best deal.
You need to ask for a better deal, all they can say is NO! Then you know where you stand with them.