I spent most of my corporate career in banking. Years ago, it was an honorable profession, counseling and advising customers on the best ways to maximize their hard earned money.
About fifteen years ago, the emphasis devolved from customer service to corporate greed. If you read the fine print in most new checking account packets, it clearly states that any checks received will be processed before deposits. This clearly gives the banks an edge in a culture where success is evaluated by the corporate bottom line. The more fees earned, the fatter the profit margin, naturally at the customer’s expense. If you make a minor error in balancing your account, it can be costly.
I’m not opposed to any corporation making an honest profit. To do it at the expense of vulnerable customers is a travesty. Recently, several large banks have been called to task for this practice, resulting in fines sometimes in excess of ten million dollars.
Does this mean all large banks are questionable? Not at all, but it’s your job to find the one that’s right for you.
If you’re in the market for a new bank, choose a small one. You’re more likely to be known as something more than an account number. I’d also recommend doing a Google search before making any potential banking change
. If any adverse actions have been taken recently, you’ll more than likely find the information there.