The best bank for your financial needs - includes an article on private banking

Black Enterprise, July, 1992 by Evette Porter

These services are normally targeted at customers with accounts totaling $25,000 or more. "But most people don't even realize that they qualify for special services," says Brown. "because they fail to combine all of their accounts [i.e., checking, savings and investments] which often add up to more than that amount."

What is so special about priority service? At some banks, customers are assigned a personal banker who will handle all of their bank transactions directly. Some preferred customers receive a sticker on their bank cards, which allows them to avoid standing on line and instead walk right up to a teller that handles special-service clients.

The major banks also are responding to the demands of the community. For example, Citibank N.A., one of the nation's largest consumer banks, offers express banking and investment services for busy commuting professionals. In addition to longer banking hours, customers can take advantage of automated teller machines (ATMs) that have been expanded to handle a greater number of transactions and investment planning.

Getting What You Want

Regardless of what your bank has to offer, the bottom line is, what do you really want? Is it the new high-tech big bank with diversified investment products and a financial planner on staff? Or is it the friendly neighborhood banker who remembers your name, finances your mortgage and pays 3.5% interest on a personal savings account?

According to a recent survey conducted by the Gallup Organization Inc. and American Banker, an industry publication, consumers want the best of both. Of the bank, thrift and credit union customers surveyed, 70% say they would be inclined to invest in a money-market fund offered by their bank; 60% would invest in stock and bond mutual funds or annuities. The respondents are less likely, however, to invest in insurance products, only 39% responded yes.

When it comes to service, according to the survey, credit union customers were the most satisfied. Nonetheless, banks remain the financial institution of choice--57% of the respondents say their primary relationship is with a commercial bank. Another 23% listed thrifts, followed by 12% at credit unions.

The survey also revealed that consumers are concerned with the cost of banking. For instance, most customers say they want hassle-free checking--no-charge fees, low minimum-balance requirements but high activity (interest). Overdraft protection is another feature deemed important, at least by 69% of the survey respondents.

All financial institutions have their strengths and weaknesses. Before deciding if your bank is the best place for your money, determine what you want to accomplish, says Robert Rinfrow, a certified financial planner with IDS Financial Services Inc. in Columbus, Ohio.

"If you're conservative and only interested in such bank investments as CDs or money markets, or your risk tolerance is low, you are probably a good candidate for the investment products that banks have to offer," says Rinfrow.