Think changing banks is challenging?
Financial Expert Talks about Myths of Switching Accounts
JOHN ROSENFELD – EXECUTIVE VICE PRESIDENT OF RETAILDEPOSITS PRODUCT FOR TD BANK
BACKGROUND: Despite consumers’ dissatisfaction with their bank, a large percentage of us continue to do business with financial institutions that don’t treat us well. According to Money Magazine, a logical explanation could be that 58 percent of consumers believe switching banks is too much of a hassle.
Researching the products and customer service offered by banks in your area can take a little digging, but knowing first what to look before you start your search will get you that much closer to a new, happier banking relationship. It should be noted that consumers’ discontent may have risen this year when most banks made changes to their checking accounts and services in response to new federal regulations. One of the changes administered by many banks is requiring a minimum balance in checking accounts in order to avoid maintenance fees. If the balance needed to waive checking fees exceeds $1,000, it’s time to jump ship and look for another banking partner.
There are a few other factors you also need to consider. Some banks with large branch networks have added fees for making in-person transactions through tellers, forcing their customers to conduct all their banking business online or through ATMs. Avoid these banks. In order to cut costs, some banks have also closed branches and reduced their branch-banking hours. Avoid these, too, and instead consider a bank that’s opening branches and has extended branch-banking hours, such as evening hours and Sunday banking. This kind of information is easily found on a bank’s website.
For more information please visit: www.tdbank.com
MORE ABOUT JOHN ROSENFELD:
John Rosenfeld is Executive Vice President of Retail Deposits Product for TD Bank, America’s Most Convenient Bank Prior to joiningTD Bank in September, 2010, Rosenfeld was managing director, online engagement at TD AMERITRADE. In that role, he was responsible for the online client experience and all engagement activities through their online channel. He also managed the online, social media and mobile strategies for TD AMERITRADE. He is noted for leveraging a virtual investment consultant (Avatar) to generate over $300 million in net new assets and over $3.5 million in revenue and cost savings in the first year of operation. Before entering the financial services industry, Rosenfeld worked with General Electric Aircraft Engines, where he was their first e-Commerce leader. He has a bachelor’s degree in mechanical engineering from Norwich University in Northfield, Vermont.
