It Takes A Lot Of Nerve

Shirley and I are in the midst of changing banks. We spent much of this week and last doing online research and than going to a few selected banks to get a feel for how they treated us and get answers to some questions that they didn’t address on their websites. We finally made our selection last night. This afternoon we opened an account at what appears to be a very well run community bank. Everyone at the new bank was enthusiastic to have our business no matter how small. Of course, they didn’t know how small it will be.
But one thing shocked me. After filling out and signing a host of forms, the “Financial Services Representative” looked us in the eyes, smiled broadly, and in the most upbeat manner said, “You are eligible for our high yield checking account at an annual interest rate of 0.45%.” Now that takes nerve.
In case you are wondering, there are a couple of related reasons we are changing banks. We have become increasingly unhappy with the service of the bank we are leaving. It doesn’t help that on several occasions various “personal bankers” complained about their workload by way of excuse for long waits and more than a few mistakes. There are at least two ways to look at such complaints. One way is to think that the business expects more of its employees than they can reasonably deliver. We can’t do anything about that. Another way is to think that they have too many customers. That’s a problem we can do something about.
Also, our old bank was one of those “too big to fail” banks. It turns out that by moving to a community bank we can make a small dent in that problem too.