Quite possibly the most critical piece of the banking puzzle, tellers are the face of most banks. 95% of the time you go into your bank (if you actually go into it at all), you will meet with one of the customer service representatives, or tellers, as they are most commonly called. There are many things you probably don’t know about your ordinary bank tellers. What are they? I’ll let you know today.

Most tellers are under paid.

I know that many tellers in my area make around $9 an hour and up. If they’re really experienced, they may make $12 an hour. Personally I think they are under paid for the work load they carry: perform transactions for customers, answer phones, solve small problems, balance their drawers, organize money, meet sales goals… the list goes on and on. Without tellers, banks would have a hard time being in business.

Even the best tellers make mistakes.

I remember a few years ago I made a deposit into my savings account with the second bank I had an account with. The teller added a zero to the end of the deposit, so instead of depositing $1,000, I had deposited $10,000! I thought it was my lucky day until the next day when I checked my account and the money had been taken out and the mistake corrected. Believe me, they’ll fix the mistake.

Tellers take a lot of abuse. They aren’t there to make your life difficult. They are trying to protect your money.

They can’t help it they have to charge to cash a check. They don’t make the rules about holds. Your ID is not tattooed onto your forehead, so when they ask for it, they need it! Chances are, the teller is going to recognize you if you throw a fit or are nasty. Also, they are going to remember you more if you overdraw your account all the time and are asking for refunds. Be responsible with your bank account!

Tellers (or any bank employee for that matter) DESPISE when someone walks in the door 5 minutes until closing.

If you’ve got a check to cash or a simple deposit to make it’s not too bad. But for goodness sake, if you have your life savings worth of change to cash in, or you are wanting to open an account, don’t expect to get the same treatment as if you had come in earlier in the day. They want to go home too.

These are just a few things that you probably didn’t already know about bank tellers.  Good or bad, just remember they are people too, just trying to do their jobs the best they can.  Treat them as you’d like to be treated, and I’m sure they will take the best care of you!

Posted under Bank Secrets

We’ve all been there before. Some months we just fall short on our budgets and see ourselves in the red in our bank accounts. Every day I am faced with people wanting to get overdraft refunds. Let me tell you a few tips on how you can maximize your chances of getting some (or all!) of your overdraft fees refunded.

1. Call your bank and talk with a manager.

Normally there are two managers in each branch office of a bank. Both managers should have the capabilities to be able to refund fees for customers if they choose to do so.

2. Calmly and respectfully explain to the manager what happened to your account.

They hear sob stories all day about how “I’m not going to be able to put food on the table!” or “My child won’t be able to go on this field trip now!”. Let them know what happened, admit it’s your fault, and ask for some leeway this one time. You’ve also got a better chance of getting a refund if this isn’t your 54345 time.

3. Let them know you are keeping a check register and recording all your purchases that you make, both with your debit card and checks.

Nothing aggravates managers more than people who aren’t keeping their own records of what is clearing their account. It is not the bank’s responsibility to keep up your checking account. Also, don’t go by the ATM or online banking balances. Those don’t reflect any checks you have outstanding and any debit card purchases that may not have hit your account yet. Read More…

Posted under Bank Secrets, Save Your Money

The Feds decided today to lower the prime rate from 7.25% to 6.5%.  Needless to say, when I heard this decision, I was floored.  It’s great for people that are looking to buy a home, consolidate a loan, or apply for a new loan.  The interest rates are down, there will be better lending rates coming out, but this could mean trouble for people wanting to invest in savings accounts or certificates of deposit.

Fed has lowered prime a few times since September 2007.  It was then 8.5%, and today is 6.5%.  It is almost unbelievable that it has dropped two percentage points in four months.

If you have been considering getting any type of loan, my advice to you would be to wait until mid-February.  I am assuming interest rates will be reflecting the decision to lower prime about them.  It takes banks awhile to lower their lending rates to reflect the drop in the prime rate.  I would wait until Mid-February just to be on the safe side.

If you are looking at investing in a savings account or certificate of deposit, I would shop around, but I would do it quickly.  Banks are quicker to drop their savings and CD rates than they are to drop their lending rates unless they are prime based.  You are much better off to have your savings account with a high-yielding online bank, such as ING.

Now is the time to buy a house or refinance if you are in the market.  Shop around to a few different banks to get the best rate.  Always ask if there are any hidden fees or upfront costs.  They can get you that way.   My best advice to you is be a smart shopper.  Call around and see what is the best rate you can get.  Knowing is half the battle!

Posted under Bank Secrets, Save Your Money