MoneyMinding Monitor

Is Your Bank Causing You More Financial Stress?

And, if you’re a bank, ‘are you causing your clients more financial stress’?

For over 3 months, I have been in the process of switching banks so that all my personal banking is at the same institution as my corporate banking. To say that this process is daunting is an understatement – hence the reason this process is taking so long.

It seems that almost daily, I discover something new about the new bank that I hadn’t even thought to ask. Today, it was about deposits through the ATM, compared to the teller. Now I know to ask different questions – next time. But, how often will I be switching my banking? Not likely for years if at all.

There are so many things: I call the 800# service to find out and they say I have to go to the branch for that. I go to the branch and they say that both my husband and I must come in together. I log on to the computer and find my temporary password has expired. I phone the 800# and I have to reset the password. I find out that the new bank has a process to help switch the automatic debits from one account to another. They say go to the branch. I go to the branch and they say I have to go online.

As you can imagine, it’s not a simple process.

Banking. It’s the cornerstone of where we interact with our money on a day-to-day basis. Is this process stressful – you bet it is! Even simple things like the name of my bank account and which account is connected to my ATM card.

We all spend money every single day and the relationship we have with our bank begins with the banking process. When my bank can help me with my banking, they will certainly be able to help me with my mortgage, my investments, and all the rest of my financial life.

I’m always looking for the teaching tip in any financial transaction so here are some of my tips to help banks and consumers communicate in a stress free way. For detailed banking tips, please refer to Step 7 in the MoneyMinding Makeover Course.

1. Know what you need your bank account to do for you.
2. Write out how you will use your bank account.
3. Get or create a checklist of bank account issues to be aware of from your bank. These are things like number of deposits and withdrawals before fees, holds, ATM access, etc.
4. Balance your checkbook as well as check your online statement – i.e. keep good records.
5. Allow lots of time and make banking a regular activity in your schedule.

And above all, remember that banking is your daily connection to your money and therefore your best wealth building tool.

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MoneyMinding is going to the Big Apple

Well at least Tracy and Sue are.  In just a few weeks time the National Publicity Summit is being held in New York and we have been accepted as one of the 100 participants they take.  We could have gone in October but as far as we are concerned there is no time like the present. It’s a good thing we have access to cash so we can take advantage of unexpected opportunities.

Tracy has to choose the top media people she wants to make contact with and then has to prepare for one on one meetings; pitch and do it quickly.  There have been meetings with different specialists: Media (a producer for 7 years with Oprah), Image, and PR. Tracy and Sue are making copious notes and like always we will share all the tips and tricks in our weekly calls and communications with MoneyMinding Certified Advisors.

We have big plans for the knowledge and contacts that will come from participating in this summit. Our MoneyMinding Certified Advisors will receive the maximum beneft we can give in order to reach the countless people who need a fresh perspective in today’s economic environment.

Posted in Media Mentions, MoneyMinding Milestones | No Comments »