Banking in 2012: Looking for the Perks

One thing that we discovered in 2011 is that the consumer is alive and kicking. Consumers forced Bank of America and other big financial institutions to roll back plans for a $5 monthly debit card use fees, and they made Bank Transfer Day a big success.

Big banks, which received federal aid even while sticking it to taxpayers with rising fees and less than favorable terms, are finding that consumers are a little more discriminating. With bank profits on the rise again, and consumers showing a level of pickiness in choosing where they will put their money, it looks like 2012 might be the year of perks.

Sign Up Bonuses

Sign up bonuses are back, especially with credit cards. Banks are offering credit card customers $100 and $200 for signing up for their credit cards. Some banks are even offering checking account bonuses for those who open new accounts. With customers abandoning ship in favor of smaller banks, the big banks are trying to lure new account holders.

Lower Loan Fees

Interest rates are at record lows right now, and banks want customers to come back in and borrow money. Mortgage rates are especially low, which makes refinancing particularly attractive. However, refinancing can be expensive, what with all the fees added on.

In order to encourage consumers to refinance, many banks are reducing their closing costs. Some are even waiving a refinancing fees so that you will choose them.

Less than Perfect Credit Required

Just after the financial crisis, banks tightened credit requirements. No one wanted to take a chance on a consumer that might default. However, a few years later, with signs of economic recovery showing through, and the savings rate a little higher, many banks are ready to take a bit of a chance.

Credit card offers are going out to those with less than perfect credit, and lending standards for other loans have also eased a bit.

Choosing the Best Bank for You

All of these efforts by the banks to woo consumers represent an opportunity for you. You can find access to the best perks and the best deals if you are willing to shop around. Indeed, some banks might even waive fees on your accounts if you are willing to stick with them. If you have multiple accounts at a financial institution you might be able to convince the bank to waive monthly fees or minimum balance requirements. It never hurts to ask.

In the end, you have the power. You are the customer. While banks do have the right to try and make money, you also have the right to vote with your wallet and take your business elsewhere. Consider the perks being offered, as well as the long-term costs/savings involved with moving your money. Make a decision based on what works best for you in terms of finances and in terms of convenience. Then, stick with the bank that promises to offer you the best value for your money — and creates less of a chance of putting you at risk for new fees.

Image source: Coolcaesar via Wikimedia Commons