For banking, a lot of students are not sure which bank to choose. They may have a favorite bank or they may choose a bank that their parents refer. However, good practice is having multiple options when banking. Banks provide a service so students should not be afraid to shop around and see who has the best service to get them the best products.
Have students build as many relationships as they can with banks and credit unions to create at least 2-3 strong banking relationships. Some banks offer better services with lower fees to students versus adults. Many students fail to realize that what one bank will not do, another one will. They can have a great relationship with a bank, money in the bank and so much more, BUT still get denied for financing. Having a relationship with more than one bank allows them to be in a position to compare fees and sometimes play one banking relationship against the other when needed.
Students should never want to get caught in a position where they need financing or anything from their bank, and they don’t provide it for you. Students aren’t the banks only customer, so don’t get stuck on the relationship. Relationships help, but the other bank or credit union may be better able to give you what you need at that time. In fact, having banking relationships can get you pushed through to an approval by a bank manager, even when the account manager did not initially improve it.
To find multiple banks, build relationships, and see which one supports your needs better consider the following:
- Who do I bank with now?
- Who can I start a new banking relationship with?
- Which banks cater directly to students?
- Will this banking relationship help me grow?
- What are the pros and cons of each banking relationship considered?
Now, have students to start building relationships to creating banking besties!