Is your bank robbing you blind?

Black Enterprise, Oct, 1996 by Donald J. Korn

But before moving your funds, investigate how a new bank would handle your money. "Find out what's the bank's policy when it comes to releasing your funds," suggests Carmody. "A bank may insist you wait for two to three days after depositing a check before you can use that money. For some people that may not be a major concern, but for others it's vital to have faster access to their paychecks."

Perhaps most important, you should feel comfortable with the people at the bank. "Get acquainted with your banker," says Booker. "Tell him or her your financial concerns. You'll be surprised how helpful your banker can be." You may also prefer a bank where you can stand in line for a reasonable time and deal "in person" with a teller rather than with a faceless ATM machine. All of these elements should be factored into your decision.

THE BEST DEFENSE: A GOOD OFFENSE

You might find that bank merger activity is not merely something you read about in the newspaper: your bank may be a player, either as an acquirer or an acquiree. If that happens, expect the resulting larger bank to boost fees paid by customers.

"Don't wait passively to see what the outcome will be," says Louis E. Prezeau, president and CEO of City National Bank of New Jersey (No. 12 on the BE FINANCIAL 25 list). Go to your branch manager right away and ask what will happen. Will this branch be closed? Will new management be brought in? If there'll be a new manager, arrange a meeting as soon as possible to find out what new services and fees are being planned for customers."

You may decide to stay with your old bank or start looking for a new one. The sooner you act, the greater your chances of getting the most bank services at the least cost. That's true regardless of whether or not your bank is involved in a merger. The more assertive you are in seeking the best banking values, the greater your chances of getting more for your money.