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At what acct. balance does a bank value your business?

Discussion in 'The Okie Corral' started by geofri, Jan 12, 2018.

  1. geofri

    geofri Poikilotherm™ Lifetime Member

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    Do banks loose lose money on small private accounts?

    -Middle school kid's $700 savings account?

    -Free student checking account with a $1,500. avg. balance?

    -Laborer who has his $1200 paycheck direct deposited.. but balance never seems to pass a 1,500-2,000. balance.
     
  2. DonD

    DonD

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    If it is a conventional bank, I'd say the don't care until you have serious $ with them, probably north of $500K.

    If it's a credit union, I don't think they care at all, all are members and in my experience they won't cut you a deal on CD interest rates no matter how much you have with them. Don
     

  3. KBKEITH

    KBKEITH aka The Wolf Silver Member

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  4. catman71

    catman71 Spewer of TROOF

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    Get your mortgage there.

    They will love you.
     
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  5. elsolo

    elsolo

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    The "free checking" account I had for decades became a fee based acct unless you kept $10k in it. That seems to be the limit that bank has. My credit union is $25, that is their limit.
     
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  6. Adjuster

    Adjuster

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    Its got to be in the million range. Anything less is chump change and not worth their effort. But from what I understand they make all the money off the small timers the fees and late charges type of crap.




    /
     
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  7. czsmithGT

    czsmithGT

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    Banks make money on $700 savings accounts because the overhead for the account is minimal and they can lend that $700 out at 10X or more what they pay in interest.

    As far as valuing your business, I'm not sure what difference that makes. Obviously they value a million dollar deposit more than $700 but from a practical standpoint, so what? If you want to borrow a bunch of money from them, your earnings, cash flow, credit rating means more to them than your savings account balance at that bank.

    If you are looking for a bunch of interest look elsewhere than a bank. Yes, there are a lot of banks where you can get a percent or percent and a half interest on your account if you go paperless + have a direct deposit + use their debit card for 10 pin transactions a month but even there they set a maximum of $10,000 or $15,000 deposit balance on which they pay the decent interest rate.
     
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  8. czsmithGT

    czsmithGT

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    So you are saying they may sent me a box of cookies at Christmas or just a card with glitter snowflakes?
     
  9. ddbtoth

    ddbtoth

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    Pay it off in 7 years. Ask for another one. No more love.
     
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  10. czsmithGT

    czsmithGT

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    I have four banks within spitting distance that will give me a free checking account with no minimum balance and no fee except paying for the checks, which isn't an issue since I use about 4 checks a year. And all of them have free on-line bill pay.
     
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  11. G30SF/F-250

    G30SF/F-250 Pinky Out Platinum Member

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    My bank values me because I flirt with the chicks and the gay dude if he is around....
     
  12. SARG

    SARG

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    All our local banks pay .0124% interest .... that's $12. per year on every $100k you let them use.
    The internet (brick-less ) banks are paying 1.55% or $1550. for the same $100k
     
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  13. joeG26er

    joeG26er Millennium Member

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    I started getting called by name by the credit union manager once I hit a certain balance. It wasn't over 500k but it was not under 50k
     
  14. fjrdc

    fjrdc

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    I have not done business with a bank in over 20+ years . Credit unions are the ONLY way to handle money.
     
  15. DaleGribble

    DaleGribble Sandwich!

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    I once had $123,896.08 in a checking account and I never got the red carpet treatment. They didn't know me from Adam's house cat.
     
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  16. Bruce M

    Bruce M

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    I think it may depend on the bank and on the branch and even the individual employee. A couple years back I needed to do a few things with my Dad's accounts. One was in a bank named Citizen's Bank. He had a few thousand dollars in a checking account there. They offered me use of a fax machine, phone, said they would be glad to help me reconcile the account or balance it themselves if I wished. The other bank he actually had more money in and if they could I am sure they would have slammed my hand in the door a few times.

    My bank for the most part could not care less if they never saw me again. But a few individual employees there have been very nice and helpful. A couple of times tellers who I had only dealt with once or twice thanked me for being a customer there for three plus decades.
     
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  17. janice6

    janice6 Silver Member

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    My bank seems to like 10 Grand or more.
     
  18. DonD

    DonD

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    Normally I'd agree with you but last time I looked, Ally Bank had the highest rates of anyone on Bankrate.com with 2% for a 1yr CD. No credit union matched that. Don
     
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  19. J. Gambolputty

    J. Gambolputty

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  20. Jon_R

    Jon_R

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    I think the accounts with little money in them are the accounts most likely to take 20 bucks out of the atm and pay a 4 dollar fee to do so. Banks can make some good money off of them. Then sell them some sort of over draft protrction or credit protection etc... plenty of ways to make money off people that aren’t whales.