The importance of monitoring their investments and follow them constantly with a good consultant
In a day and age when banks are merging or even closing down, it is hard to fathom an institution that gives customers a terrible time when it comes to investing their money and ultimately wanting to either withdraw or transfer their funds somewhere else where they could get a far better return on their investment. I also feel this can be said of credit unions (a slightly different type of banking institution), where management might be sneaky and try to trap you into keeping your investment with them even if it’s in your best interest to move the investment elsewhere.
But you might ask (if you didn’t know already) what is a credit union? One financial institution is non-profit and very much involved with the local community, while the other has to maximize their fees to please stockholders and other investors.
But can any banking or financial institution be totally trusted with any type of account that one could have or even fathom having? I have my doubts about this. From personal experience I have been given bad information regarding an account and the investments that were started with my funds. I had been led to believe that I could access the money if needed and move it somewhere where it could earn a greater return on the investment. But in reality I am not able to even move the money until when it matures at different times. Otherwise if I were to do anything now, I would get hit big on taxes… That is what I am being told. And I don’t believe this is sound business advice. I think that if you find a place where you get a better return on the investment you should be allowed to move the funds there without fear of any sort of penalty regardless of what the original location might tell you.
For example, the credit union’s philosophy promotes thrifty saving that can improve the lives of its members. They are usually owned locally and consist of people from local employers, churches, schools, and communities. However, a commercial institution is far different, since their focus is state-wide and they commonly aim for national customers to achieve profitability and meet their goals.
They would have you believe that it’s good to belong to one because they offer many perks and they aim to please (not always true). You might find a better interest rate than at a commercial institution.
In addition, the differences also matter when it comes to the principles of each bank. It may be hard to find a free account today, but the community establishments seem unchanged and they offer more savings. It’s good to shop around, but its best to join one if you can. Another difference is that you might find a lower interest rate with a credit union.
When a person is seeking to open an account at either type of institution it is always wise to shop around, do your homework to find out which is the correct place for you depending on what services the institution offers. And not just be taken in just because the bank is convenient for you or because someone you know might be happy with the bank. As the saying goes ‘buyer beware.” There are hidden charges or fees that you might not be told of when setting up an account or checking out bank charges and find out only when it is too late at either place of business that you have been ripped off (in a manner of speaking). And if you dare to confront the bank on the charges they try to back-peddle and inform you that you were informed at the time the account was set up which is not always the case.
Even if you have an account open that could be classified as a fund for retirement or other and the interest rate on them are low, they should be allowed to be transferred somewhere so that the return on the investment would be greater and the person not given grief over wanting to move the account before the investment has matured. I know that for a fact that with a financial institution where I had trusted funds years ago based on the recommendation of someone rather knowledgeable (and has since passed away) and the particular institution is proving difficult in giving me access to the money which is rightfully mine so that an effective transfer to higher yield account somewhere else can be done.
I would venture to say to take someone with you, such as a lawyer or a person you trust that is very savvy in the world of finance so that you would receive the best advice possible prior to making any rash decision or get backed in to a corner before making any final decision. This way your money is protected and you are able to get the best return on your investment. I am fortunate now, as I have someone trusted and extremely knowledgeable in this matter helping and guiding me. I am more confident now than before that with this expertise/guidance that I have found, I will be much more successful than I ever dreamed of.
It is also becoming more and more apparent that many people that are involved in the banking and/or financial institutions today really have no business working there as they lack the proper scruples, training, knowledge and so much more. Yes, there are some good, decent people in this industry, but on a whole far too many of them go into this profession and take advantage of the weak and vulnerable among us in order to make a profit and will stop at nothing to continue to exploit the least among us (including those that come from other countries and may not be able to fully understand the language or what they are being told).