Should I bite on this checking account upgrade offer?

[prudent_one]

A local big regional bank solicited us to switch to them to use their high-end checking (but not their top level Private Bank) . I'm trying to understand if any of the special premium "features" they tout are of real value or just marketing hype. We would be able to meet the minimum requirements to qualify for this account type. And they are paying competitive interest on money market accounts, so we'd earn the same amount as putting the required minimum balance in a Fidelity money market fund. No downside, at least for now. Realistically, we are quite vanilla checking and savings account users. But I'm wondering if any of the features would make it worthwhile.

These are the features they say we would get....

• You'll have access to a dedicated team of financial professionals created for [product name], including a network of financial professionals working together to provide you with personalized financial solutions.
• Superior service, characterized by first-class relationship management and access to the [bank] Premium Care phone line. Dedicated loan underwriting and convenient customer service hours means more ease and convenience for you.
• By understanding the unique nature of your financial life, we can deliver personalized guidance, service, and support. We'll help ensure that your financial plans remain aligned with the changes that life can bring.
• We'll work with you to ensure you are getting the most from your relationship, including our collection of innovative financial solutions.

I realize that if we sign up, we'll get prodded to use them for investments which I won't do as we're satisfied with Fidelity's offerings. We manage our own investments with occasional suggestions from a Fidelity CPA (no charge to us). Almost no chance of needing a loan. We're not particularly needy bank customers but if this is a pain-free way to maybe be in a position for some perks or a favor someday, maybe a waived overdraft fee if that were ever to happen, I think I'd rather be eligible than not. Switching banks would not be an issue.

 

[aja8888]

A local big regional bank solicited us to switch to them to use their high-end checking (but not their top level Private Bank) . I'm trying to understand if any of the special premium "features" they tout are of real value or just marketing hype. We would be able to meet the minimum requirements to qualify for this account type. And they are paying competitive interest on money market accounts, so we'd earn the same amount as putting the required minimum balance in a Fidelity money market fund. No downside, at least for now. Realistically, we are quite vanilla checking and savings account users. But I'm wondering if any of the features would make it worthwhile.

These are the features they say we would get....

• You'll have access to a dedicated team of financial professionals created for [product name], including a network of financial professionals working together to provide you with personalized financial solutions.
• Superior service, characterized by first-class relationship management and access to the [bank] Premium Care phone line. Dedicated loan underwriting and convenient customer service hours means more ease and convenience for you.
• By understanding the unique nature of your financial life, we can deliver personalized guidance, service, and support. We'll help ensure that your financial plans remain aligned with the changes that life can bring.
• We'll work with you to ensure you are getting the most from your relationship, including our collection of innovative financial solutions.

I realize that if we sign up, we'll get prodded to use them for investments which I won't do as we're satisfied with Fidelity's offerings. We manage our own investments with occasional suggestions from a Fidelity CPA (no charge to us). Almost no chance of needing a loan. We're not particularly needy bank customers but if this is a pain-free way to maybe be in a position for some perks or a favor someday, maybe a waived overdraft fee if that were ever to happen, I think I'd rather be eligible than not. Switching banks would not be an issue.

Why complicate your life with almost nothing except bank people marketing your personal life?

 

[Lewis Clark]

Sounds like a lot of marketing hype to me.

Do you think you would actually take advantage of these account features? And would they be more useful to you than whatever you get from your current checking account? If not, seems like there is little benefit to you to make the switch.

 

[Texas Proud]

I use my bank for banking, not investments or advice.... I might do it for a high rate MM account but my bank does not have that... their top rate is .02%...

I once reamed out a guy who came to me in a long line at a teller and said he could help with the deposit... well, it was a FA who was fishing for clients... I said I would have come to him if I wanted to have a FA and am mad that I am not getting my deposit made... the only good news is that he did go and get the deposit completed but I really did not save any time...

 

[Mark1]

IMO, this would not be "prudent".

 

[OldShooter]

The offered features are just fluff. The real opportunity here is for them to more easily sell stuff to you.

 

[Jerry1]

We keep about $50K in our credit union and admittedly, it doesn’t earn much interest. We do keep a lot more cash/MM/CD’s and Fidelity and can move it to the credit union in a day if needed. I wouldn’t complicate my finances any further just to earn more on what I have in the CU. Also, as you can obviously see, you’re going to get hit with all kinds of things they can do for you - at a cost. No thank you.

 

[CRLLS]

The offered features are just fluff. The real opportunity here is for them to more easily sell stuff to you.

^ Agreed 110%

 

[CardsFan]

Nothing on that list would entice me to change.

When it comes to my local B&M bank, all I want is free checking, free on line bill pay and a safe deposit box. I get that with a $5,000 minimum balance. Of course, it is not really free, as I am only getting 0.02% interest there, versus 4% or more at an on-line bank, but I can live with that.

 

[Badger]

I don't care to deal with businesses or people who solicit banking especially when they have nothing I need or want in their special features offers. I use banks for banking not for investments or investment advice. This just sounds like more Spam to me.

 

[Aerides]

All those bullet points just say "We have lots of staff to talk to you" - nothing more. If you want that, go for it. I don't.