Never Put All Your Eggs in One Basket? Maybe it’s time to reconsider…
Courtesy DATCU Credit Union, Denton LIVING WELL Magazine
Remember that old cliché, “never put all your eggs in one basket”? Well, in some circumstances, that might not be the best advice. Today, when shopping, most people enjoy the simple convenience of swiping a debit or credit card. Now that recent legislation is capping the fees that financial institutions can charge for debit card use, big banks are scrambling to find ways to re-coup that money.
This lost revenue will be made up through new fees including teller-assisted fees, minimum transaction fees, minimum balance fees, and even paper statement fees. As well, many financial institutions are increasing service fees. Some are already beginning to charge fees for replacement of lost debit cards and one big bank is already in a pilot test program that charges $3 per month if a customer uses their debit card for purchases or payments. Customers may begin to feel that they are being “nickeled and dimed” at every turn.
It might not be a bad idea to think about “putting your eggs in one basket” or consolidating accounts. Instead of having various accounts with multiple financial institutions, consider developing stronger and deeper relationships and combining accounts with one single financial institution. This may enable you to avoid extra fees and save money. Financial institutions that are customer centric realize that they need to offer a full array of products and services to their customers. Often, when utilizing multiple financial services like checking, savings, certificates of deposits, individual retirement accounts, and insurance (home, auto, life), it becomes more than a matter of convenience, but one of saving money. And, saving money is important for your financial future.
Economic times have been challenging for many folks. Most folks work hard to earn an honest wage; therefore, I recommend that close attention be paid if you receive a statement of fees. Do not just skim or ignore it because this indicates that something HAS changed and there’s a good bet it’s higher fees.
Remember that being “valued” in your financial relationship, coupled with good old-fashioned customer service, doesn’t have to be a thing of the past. Do your homework and carefully read all correspondence from your financial institution. You don’t want any surprises with hidden or new fees.
DATCU Credit Union President and CEO Dale Kimble may be reached at 866-387-8585.
