The year 2012 is bringing new perks and benefits for the Bank customers because the banks this year will be rewarding those customers who would do all their banking transaction like mortgage, checking, credit cards, deposits etc from the same bank. If not then the customers might also be charged penalty. Alex Matjanec, the co-founder of MyBankTracker.com says that get ready to become friends with your bank. Even if you think the banks are in a situation of limbo.
As a result of this most of the banks are trying to implement new strategies so that its customers put all their money like that of savings, loans under their roof only. If the customers do so they might get some extra privileges like free wire transfer, free checking etc.
You should be able decide how many banks to use and prepare yourself to pay any number of monthly fees like the account balance fees, online banking fee etc. The Region for instance, is in the middle of ongoing restructuring of our accounts to fee eligible as said by the bank officials. It is in the process of cross selling of new initiatives. A senior official of the Bankrate.com disclosed that, right now all the major banks are busy in increasing their revenue from the already existing customers by offering them perks and rewards.
This strategy is known as relationship banking; it includes offering and cross-selling of numerous financial services and products to Customers so that revenues can be generated from them. Like for example if you have a checking account which you overdrew, the bank will charge penalty fee, if you're using a credit card, an interest will be charged on its usage. If it's a mortgage, the bank charges even more interest. These are sources from where bank earns its revenue.
Although this concept of relationship banking is not new but most of the customers don't care much about it, but this year the impact of revenues from the banks will be felt by many customers from both the small and the big banks. The competition is tough amongst the banks and hard for them to afford the convenience they provide like the ATM, wire transfers and other banking products. If the customers break their relationship with a bank and go elsewhere it's a loss for them. This becomes even more tedious when you have multiple relations with the bank other than just the Savings accounts.
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