How do you handle your money? Do you have multiple accounts at one bank, or use multiple institutions? How much of your savings is in a regular 'account', and how much do you have in investments like real states, stocks, bonds, and precious metals?
When I started my first job, I opened up a checking account at the same bank (AmSouth) my parents used, because they offered free checking. In the seven years since, that bank has been bought out twice, once by RBC and again by PNC. I save a lot more of my money than I did back then, but it's all in my checking account, so I'm considering opening a savings account. But the news of the last few years has me concerned; there seems to be a lot of questionable stuff going on with the banks, and I'm wary about entrusting "big commercial banks" with my savings. I've been toying with the idea of opening a savings account with a local-only bank, one that an acquaintance of mine is the president of. I know that money is used in the local community, and localism is important to me. It's why I avoid using chain stores whenever possible, because they just channel local money to some other place. I'm also open to community credit unions. This is why I am curious about other people's banking practices: I want to learn what the benefits and limitations are.
Also, if anyone reading is savvy about banks, can you answer...
- how do banks afford supporting free checking accounts? Are they just the lure used to attract people to one bank, in the hopes that they'll open up savings accounts or credit lines that do generate profit for the institution?
- what sources are there for finding out how reputable a given bank is?
- how can someone learn about how banks operate? Is there a Banking for Dummies type book out there? (There is, by that title, but I'd prefer something with a more conventional title. :lol:)
When I started my first job, I opened up a checking account at the same bank (AmSouth) my parents used, because they offered free checking. In the seven years since, that bank has been bought out twice, once by RBC and again by PNC. I save a lot more of my money than I did back then, but it's all in my checking account, so I'm considering opening a savings account. But the news of the last few years has me concerned; there seems to be a lot of questionable stuff going on with the banks, and I'm wary about entrusting "big commercial banks" with my savings. I've been toying with the idea of opening a savings account with a local-only bank, one that an acquaintance of mine is the president of. I know that money is used in the local community, and localism is important to me. It's why I avoid using chain stores whenever possible, because they just channel local money to some other place. I'm also open to community credit unions. This is why I am curious about other people's banking practices: I want to learn what the benefits and limitations are.
Also, if anyone reading is savvy about banks, can you answer...
- how do banks afford supporting free checking accounts? Are they just the lure used to attract people to one bank, in the hopes that they'll open up savings accounts or credit lines that do generate profit for the institution?
- what sources are there for finding out how reputable a given bank is?
- how can someone learn about how banks operate? Is there a Banking for Dummies type book out there? (There is, by that title, but I'd prefer something with a more conventional title. :lol:)