Banking for financial relationship?

[Anonymous]

Hello,

Currently I bank with fifth third. I have one CC through them secured, 2 CC through capital one, and all my checking and savings is with fifth third currently.

My question is. I plan to open cards with chase and possibly a home loan eventually (or with another bank not fifth third). Should I look into banking with a different establishment to begin a financial relationship with the institution I plan to open CC or home loan with?  Or should I leave my banking with fifth third and not worry about it?

thank you.

[LakeLife]

For me personally, I think it's a good policy to start and maintain relationships with at least a few financial institutions.  The old saying "don't keep all your eggs in one basket" comes to mind.  I recently opened a savings account if NFCU just for the purpose of beginning a relationship with them.  Their savings accounts are free, so there's no service fee. 

I also have checking with M&T and Wells Fargo which are free due to allotments I send them every two weeks.  I use them to pay the same bill every month.  My Chase checking and savings are my main daily drivers.  

[pinkandgrey]

Getting in with Chase wouldn't be a bad idea if you're able to do so. Relationships often help (not ALWAYS, of course) when it comes to future approvals. 

Good luck! 

[Anonymous]

Im considering doing NFCU. Had them while I was in the corps. But no longer active duty or retired. Does that matter?

[pinkandgrey]

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@Anonymous wrote:

Im considering doing NFCU. Had them while I was in the corps. But no longer active duty or retired. Does that matter?

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Lots of people around here love NFCU. I assume you're still eligible, so if you can, that would be a good way to go. 

[LakeLife]

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@Anonymous wrote:

Im considering doing NFCU. Had them while I was in the corps. But no longer active duty or retired. Does that matter?

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Being a veteran qualifies you for an account.  They do it automatically online.  They did ask to verify my identity by sending them a W-2 and copy of my DL.

[Remedios]

The level of "relating" to the lender is directly proportional to the amount of the money in the bank. 

Opening an account and putting some change in it leaves them underwhelmed, and in most cases, it's completely unnecessary unless approval is conditioned by having an existing relationship such as US Bank with AR criteria. 

I'm not interested in having DDA account with every lender that has a card I'm interested in. If my CR and income are displeasing to them, me putting a few hundred wont change that by much. 

[KLEXH25]

If you think you can benefit more from another bank's financial products, then it makes sense. If you're happy with your current bank, then I don't think it's necessary unless you have a good chunk of change you can throw at the new bank. I stayed with Wells Fargo for far longer than I should have. I thought it would look good if I showed a long relationship with them, but they never offered me anything better that I couldn't get from another bank, so I left. Plus I hated their business practices.

[iced]

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@pinkandgrey wrote:

Getting in with Chase wouldn't be a bad idea if you're able to do so. Relationships often help (not ALWAYS, of course) when it comes to future approvals. 

Good luck! 

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I would actually disagree with this and flip it around. Banking relationships -- particularly of the small amounts that the typical person is going to be placing with the bank -- rarely help with "getting in" on other cards. It might allow for the occasional bypass of 5/24, but if you don't qualify for the card on the merits of your credit report or internal data they already have on you, having a checking or savings account isn't going to change that.

If you want to put money in a bank like Chase because it's going to result in higher returns or better access to your money, by all means do it. If you're considering taking a lower interest rate or other disadvantage at the prospect of getting a Sapphire or some other card a little easier, don't bother unless you plan on moving hundreds of thousands of dollars or more over. And in that latter case, don't bother either because the lost opportunity cost on half a million dollars is far greater than any value in getting a credit card with a Chase logo on it.

[Green456]

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@Anonymous wrote:

Hello,

Currently I bank with fifth third. I have one CC through them secured, 2 CC through capital one, and all my checking and savings is with fifth third currently.

My question is. I plan to open cards with chase and possibly a home loan eventually (or with another bank not fifth third). Should I look into banking with a different establishment to begin a financial relationship with the institution I plan to open CC or home loan with?  Or should I leave my banking with fifth third and not worry about it?

thank you.

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I never bank for relationship. Most banks don't care. The only exception seems to be the US Bank. So I will be redirecting small portion of my DD there as I want to Churn their credit cards