Why it is Important to Establish a Relationship With Your Financial Institution
Establishing relationships in all aspects of life is important. Establishing one with your financial institution is no exception. Similarly to when you invest into a relationship with another person and you receive a higher priority and more trust, the same goes for your personal financial institution institution
Creating a relationship in this situation simply boils down to gaining trust on both ends. You have to trust your institution to meet your needs financially while your institution has to trust you to meet your financial obligations. The longer your bond grows and the stronger the relationship becomes, the more financial benefits come for both parties involved.
Building that relationship over time can lead to benefits such as better interest rates/loan terms, fewer fees, added convenience, and higher levels of customer service.
Research suggests that you will most likely start seeing the effects of the benefits once you have deposited $25,000 over time with your institution. The members who meet this amount are more likely to receive priority customer service, higher rates deposits, or even bigger rewards credit and checking accounts. Financial Institutions are more likely to throw benefits at you if you have deposited up to this dollar amount. This is because without your deposits, there are not many benefits for that actual institution.