Establishing a New Bank Relationship

Selecting the right banker makes all the difference in the world. There’s one out there that’s perfect for you, you just have to find them. You need to locate a banker who truly want to help you get established, and are willing to do anything in their power to help you achieve your financial goals.

The most efficient way of finding a well qualified banker is through referrals from family and friends, as well as many hours on the phone. There are even people working for organizations extending micro-loans to low-income people within the community.
A great banker will provide many important things as you begin your road to financial stability.

One thing they will offer is a secured bank loan using the loan proceeds as the collateral. This avoids the need to put the loan amount as collateral. The banker should also offer free checking and savings accounts with a minimum checking activation deposit of $25.00. They should also provide checks starting at higher number instead of 001, and an automatic approval of a Visa debit bank card. There should never be a charge to use their Automated Teller Machine (ATM) .

The best bankers are usually those with authority, such as a bank manager. Bankers without authority aren’t likely to help you in the long term. Sometimes one banker isn’t enough to handle all of your financial needs and multiple bankers are necessary.
The main thing a great banker can do for you is help you establish your credit by using a secured bank loan. There are two different types of secured bank loans.

The first type requires you to put the amount of loan in cash as collateral before they will give you money. The other type only the greatest bankers do. It’s still considered a secured loan but the loan is secured by the loan proceeds, so you don’t have to come up with the cash up front. Many bankers wont even provide secured bank loans, let alone the type where you use the proceeds.

The hidden benefit of the secured loan is the saving account. Now you can officially write on any credit application that you have so many thousands in a savings account. The lender will usually call and verify this to be true.

A great banker will gradually trust you with unsecured lines of credit. This can start with a few hundred dollars connected to your checking account. You must remember it takes time to get to the place where you can get unsecured credit with your bank.

Credit unions do not report your timely loan payments to the credit reporting agencies. This means you may establish new credit with your credit union, but it’s not helping you because no other potential lenders can see your timely payments. If you find yourself using a credit union currently, call and speak with the branch manager.

Ask them which of the three credit reporting agencies they report to. If they don’t report to any, it is advised to locate one that does.