Banks Fighting for Customers
My local newspaper Florida Sun-Sentinel www.sunsentinel.com did a story today about banks in South Florida fighting for new customers. In this market two banks Bank of America and Wachovia control approximately 50% of the business. In South Florida with alot of retirement wealth, these are huge banks. The banks said they want middle income customers because they really dont care about prices for services, basically they are looking for long hours and banking convenience. They will offer you good service so basically you get no interes in your checking account and small interest on your deposit products in my opinion. We live in an age of direct deposit, ATMS, online banking etc. I hate going inside a bank branch and I go for the best deals online. The key is to get a FREE checking account from a bank or credit union and to move all excess cash into a money market fund like Emigrant Direct www.emigrantdirect.com. and get 5.05% on your money. You can move money back and forth using ACH (automated clearinghouse) totally FREE. Spend the time to find a good deal and use ATMs and direct deposit to avoid banking lines. I use online banking and credit card websites to pay as many bills as possible. The same goes for utility bills and such. The paper check is a dying technology. I suggest using a good point credit card for everything and paying your bills monthly. You get all sorts of FREE stuff with the points.
