Rattled bank customers have been moving their money from regional banks to national banks. Should you think about it too?
Hello and welcome to Financial Face-off, a MarketWatch column where we help you weigh financial decisions. Our columnist will give her verdict. Tell us whether you think she’s right in the comments. And please share your suggestions for future Financial Face-off columns by emailing our columnist at [email protected].
Are consumers better off parking their money in a big national bank or a smaller regional or community bank? When comparing banks, take a step back and think about whether a bank will serve your current financial needs; how it can serve your future needs and help you achieve goals; and how the bank would respond if you suffered a financial blow like sudden loss of income, Gittleman said.
“Especially in light of the last couple of weeks, it’s even more critically important to make sure that you’re banking with an FDIC-insured bank,” Gittleman said.My reasons While national banks are most popular with consumers, especially people who earn six figures and above, smaller banks may be the better option if you’re looking to grow your cash, according to a recent study by DepositAccounts.com, a website that compares rates on deposit accounts.
His readers have told him that they’ve been able to get their smaller banks to match a competitor’s better rates, or to eliminate the early-withdrawal penalty on a CD account. “Now with banks worried about maintaining their deposits, probably the power of that negotiation is enhanced from the customer point of view,” Tumin said. “Banks might be more willing to waive that early withdrawal penalty if it helps keep those deposits.
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