ArtsAutosBooksBusinessEducationEntertainmentFamilyFashionFoodGamesGenderHealthHolidaysHomeHubPagesPersonal FinancePetsPoliticsReligionSportsTechnologyTravel

Does Your Bank Measure Up?

Updated on August 23, 2013
Image courtesy of David Castillo Dominici, FreeDigitalPhotos.net
Image courtesy of David Castillo Dominici, FreeDigitalPhotos.net

"Banks are money shops."

This is a snippet of wisdom once imparted to me by a friend.

He was spot on, of course.

How do banks work?

When we deposit money with banks, we are not just paying fees for them to keep or manage our accounts.

The cash deposited into our current or savings accounts is capital that banks lend out to others, in return for interest.

This is how banks make their money.

Image courtesy of worradmu, FreeDigitalPhotos.net
Image courtesy of worradmu, FreeDigitalPhotos.net

Are you getting your money's worth?

Just like high street shops or restaurant, banks have differing customer service policies and each bank offers different services, financial products and client perks.

In a recent study, when polled on what they valued most in their bank, 82% of the people felt that friendly service was the key factor, when it came to choosing a bank.

The quality of advice and the solidity of the bank's resources came second and third.

In a way this may seem curious, considering that banks are there to serve us. One might assume that a dependable bank with knowledgeable staff would rank as the number one customer concern.

These opinions reflect, however, the stress many people feel when they conduct their banking.


Image courtesy of 89studios at FreeDigitalPhotos.net
Image courtesy of 89studios at FreeDigitalPhotos.net

How to evaluate a bank?

With so many banks vying for new custom, now is a good time to move your money if you locate a better deal.

Many banks now offer no-fee bank accounts, low cost transfers, small exchange commissions and even 1-2% cash back on household bills direct debited from your account.

The following quiz will help you to work out if you bank is doing the best job for you and your money:

How satisfying is your bank's service?

view quiz statistics

What about comparing banks against each other?

To research your options, visit other banks and tell them that you are considering moving.

Get them to sell themselves.

But...

  • Be wary of banks who try to attract you with gifts if you move your account, mortgage or pension plan to them. A promise of of a cash back voucher, a plasma TV or a new dining set might be genuinely attractive, but it could also just be covering some lack in their services.
  • Use the quiz questions in the above section to interview a potential bank. See the questions in the table below - copy this list and take it with you. Make sure you jot down your answers for your current bank, to be able to compare.

Bank comparison sites

The other way to compare banks is by using comparison websites:

CONCLUSION: What did you find out?

If your bank is working reasonably well for you, it may be more hassle than its worth to make a move to another one.

Doing a study on your current bank's performance, however, is never time wasted. You may discover practices and charges that you do not agree with, and wish to take them up with your bank manager. Or you may simply affirm that your banking is as good, and stress-free, as it can get.

Either way, you will know the facts and rest easier at night, knowing that you are in control of your money.

TOOLS & RESOURCES: Copy this Bank Evaluation Questionnaire for your own use.

 
Yes
No - Why?
1. Do you like the way you are treated as a customer?
 
 
2. Is your online banking site easy to navigate?
 
 
3. Does your bank offer high yield accounts and low rate loans?
 
 
4. Is you money safe? Does your bank have deposit insurance or a guarantee scheme?
 
 
5. Are there plenty of ATM's or cash machines that allow you to pay bills or deposit money, as well as withdraw it, and are they easily accessible and "fee-free"?
 
 
6. Are your bank's admin and account maintenance rates and fees reasonable?
 
 
7. What else is your bank doing to make your life easier and worry-free?
 
 
Take this list with to your bank. Get them to answer the questions for you!

Banking Satisfaction Poll

Are you happy with your bank?

See results

Comments

    0 of 8192 characters used
    Post Comment

    No comments yet.

    working

    This website uses cookies

    As a user in the EEA, your approval is needed on a few things. To provide a better website experience, hubpages.com uses cookies (and other similar technologies) and may collect, process, and share personal data. Please choose which areas of our service you consent to our doing so.

    For more information on managing or withdrawing consents and how we handle data, visit our Privacy Policy at: https://hubpages.com/privacy-policy#gdpr

    Show Details
    Necessary
    HubPages Device IDThis is used to identify particular browsers or devices when the access the service, and is used for security reasons.
    LoginThis is necessary to sign in to the HubPages Service.
    Google RecaptchaThis is used to prevent bots and spam. (Privacy Policy)
    AkismetThis is used to detect comment spam. (Privacy Policy)
    HubPages Google AnalyticsThis is used to provide data on traffic to our website, all personally identifyable data is anonymized. (Privacy Policy)
    HubPages Traffic PixelThis is used to collect data on traffic to articles and other pages on our site. Unless you are signed in to a HubPages account, all personally identifiable information is anonymized.
    Amazon Web ServicesThis is a cloud services platform that we used to host our service. (Privacy Policy)
    CloudflareThis is a cloud CDN service that we use to efficiently deliver files required for our service to operate such as javascript, cascading style sheets, images, and videos. (Privacy Policy)
    Google Hosted LibrariesJavascript software libraries such as jQuery are loaded at endpoints on the googleapis.com or gstatic.com domains, for performance and efficiency reasons. (Privacy Policy)
    Features
    Google Custom SearchThis is feature allows you to search the site. (Privacy Policy)
    Google MapsSome articles have Google Maps embedded in them. (Privacy Policy)
    Google ChartsThis is used to display charts and graphs on articles and the author center. (Privacy Policy)
    Google AdSense Host APIThis service allows you to sign up for or associate a Google AdSense account with HubPages, so that you can earn money from ads on your articles. No data is shared unless you engage with this feature. (Privacy Policy)
    Google YouTubeSome articles have YouTube videos embedded in them. (Privacy Policy)
    VimeoSome articles have Vimeo videos embedded in them. (Privacy Policy)
    PaypalThis is used for a registered author who enrolls in the HubPages Earnings program and requests to be paid via PayPal. No data is shared with Paypal unless you engage with this feature. (Privacy Policy)
    Facebook LoginYou can use this to streamline signing up for, or signing in to your Hubpages account. No data is shared with Facebook unless you engage with this feature. (Privacy Policy)
    MavenThis supports the Maven widget and search functionality. (Privacy Policy)
    Marketing
    Google AdSenseThis is an ad network. (Privacy Policy)
    Google DoubleClickGoogle provides ad serving technology and runs an ad network. (Privacy Policy)
    Index ExchangeThis is an ad network. (Privacy Policy)
    SovrnThis is an ad network. (Privacy Policy)
    Facebook AdsThis is an ad network. (Privacy Policy)
    Amazon Unified Ad MarketplaceThis is an ad network. (Privacy Policy)
    AppNexusThis is an ad network. (Privacy Policy)
    OpenxThis is an ad network. (Privacy Policy)
    Rubicon ProjectThis is an ad network. (Privacy Policy)
    TripleLiftThis is an ad network. (Privacy Policy)
    Say MediaWe partner with Say Media to deliver ad campaigns on our sites. (Privacy Policy)
    Remarketing PixelsWe may use remarketing pixels from advertising networks such as Google AdWords, Bing Ads, and Facebook in order to advertise the HubPages Service to people that have visited our sites.
    Conversion Tracking PixelsWe may use conversion tracking pixels from advertising networks such as Google AdWords, Bing Ads, and Facebook in order to identify when an advertisement has successfully resulted in the desired action, such as signing up for the HubPages Service or publishing an article on the HubPages Service.
    Statistics
    Author Google AnalyticsThis is used to provide traffic data and reports to the authors of articles on the HubPages Service. (Privacy Policy)
    ComscoreComScore is a media measurement and analytics company providing marketing data and analytics to enterprises, media and advertising agencies, and publishers. Non-consent will result in ComScore only processing obfuscated personal data. (Privacy Policy)
    Amazon Tracking PixelSome articles display amazon products as part of the Amazon Affiliate program, this pixel provides traffic statistics for those products (Privacy Policy)