Why does anyone choose one bank over the other?  In my case, I’ve kept my money in the same bank for almost all of my life.  I think I opened an account there because they were located half a block from my first job. They don’t have good interest or mortgage rates.  And I don’t know any of the tellers or the bank manager. On the other hand,  my husband keeps his money in another  bank, and probably always will, because he knows the manager and  most of the bank tellers by name, and they all know him.   Is that a good reason to choose a bank? Should a bank be your friend?

Actually, I enjoy the impersonal nature of my relationship with my bank. It protects my privacy.    Yes, their security measures can be annoying. As an example, I have to show my ID when cashing a check.  My husband doesn’t have to do that, because the tellers all know him.  But his bank has also been known to make minor mistakes with his accounts,  and my bank never has.

When they do make a mistake, he’s very forgiving.  So what if he’s paying for overdraft protection on his checking account, and  they still charge him a fee if they  forget to transfer money from savings?    Yes, they finally get it straightened out when he goes in to complain, but it’s a hassle I’ve never had to deal with.

I guess it all boils down to what you want from a bank. I want efficiency and safety.  He feels safer with people who are friendly and interested in his life. I guess that’s why our city has so many  banks.  Different strokes for different folks.

Should a bank be your friend? For some, it’s important.  But my bank got a five star rating for financial safety & soundness from  Bauer Financial.  and has been  named as one of the best banks in the country by Forbes magazine.  To me, managing money is  what banks are for.