We’ve all heard people say something along the lines of “Valentine’s Day is just a Hallmark holiday. Love should be celebrated the whole year, not just one day!” Funny how so many people forget about that when their significant other takes them out for a nice meal to celebrate or brings home chocolates for them in a pretty pink heart-shaped box.
That’s kind of how I feel about checking accounts. In the financial industry, we call checking accounts “sticky” accounts. If a member opens a checking account, we’re fairly certain we’ve got them for a good long while. Most everyday transactions, bill payments, and automatic transfers flow through your checking account, so switching is a pain.
The truth is, you can go almost anywhere and find a checking account that will work for you. Some are fancier than others, and some have less fees than others, but overall… the financial institutions pretty much leveled the playing field in the checking account game. That’s why you see fancy marketing campaigns to get you in and keep you there. Distracting you with pretty promotions until you’re stuck in the sticky account.
In a relationship, you expect your significant other to be loyal and committed to you the whole year, not just on Valentine’s Day - right? Well, your financial should also care about you all year round, not just on the day you take advantage of a promotion and open your account.
Look for a checking that fits your needs, that helps fills other needs too (no matter the financial). Having an account relationship can often help you down the line when you need other services, so take a look at things they offer other than just checking.
Anyone can take a checking account promotion and paint it pink for Valentine’s Day to lure you in, but in the long run you’ll want them to be true to you the rest of the time too.
Bottom line, your financial should be doing right by you year-round, not just on the day you open your checking account. I’m not saying you’ll wake up every day and choose to love your credit union like you do your significant other (that’d be… weird), but knowing they have your back and are making decisions with your best interest in mind is a good start.