Do You Know How They Work?
What do you need to know about your bank or credit union?
| 2019 Q1 | story by Julie Dunlap | photos by Steven Hertzog
Whether you are a fresh graduate, ready to move on from your parents’ bank, new to town or simply ready for a change, selecting a bank or credit union is one of the most fundamental and important decisions you will make. And with thousands of financial institutions to choose from nationally, dozens of which are in the Lawrence area, it’s easy to get overwhelmed when deciding where to go to deposit and borrow money.
A local panel representing four area banks and credit unions answers common questions and offers some insight here into how to choose one that is right for you and your own personal finances.
Meet the Lawrence Business MagazinePersonal Banking Panel:
- Michelle D. Fales, Commercial & Mortgage Services Officer – Envista Credit Union, established in 1957
- Chris Kollman, Market President of Lawrence RCB Bank – RCB Bank, established in 1936
- Tori Newell, Branch Manager – Silver Lake Bank, established in 1909
- Glynn Sheridan, Market President and Regional Director – Sunflower Bank, established in 1892
- Gabe Gutierrez, Manager – Business Services – Truity Credit Union, established in 1939
Many institutions, products and types of transactions are available now. Knowing this, what questions should customers ask of banks and credit unions when opening a personal checking or savings account?
Gutierrez: We would recommend that they ask to see a rate and fee schedule, as this will show all of the different types of accounts a financial institution provides, along with the fees associated with each account type. As a secondary question, we would suggest asking what the advantages and disadvantages would be between account options.
Newell: What kind of account is best for me? What fees are the fees associated with my account?
Fales: What kind of rewards will I receive? Because if your checking account isn’t paying you, it isn’t paying attention. Do you offer ATM fee refunds? Envista does, believing every ATM should be “yours.”
Kollman: What rewards are included with checking or savings accounts? What is the minimum opening amount? What items do you need from me to open an account?
Sheridan: When a customer is starting a new banking relationship, they need to know whether they will be able to sit across the table from their banker and look them in the eye. Will their bank be an advisor and a partner for the future?
Michelle D. Fales, Commercial & Mortgage Services Officer, Envista Credit Union
With so many banking services automated and available online, it no longer seems as necessary to find a new bank or credit union when moving to a new town. What are some reasons a person may want to consider changing to a local bank when moving to Lawrence?
Newell: Lawrence is a small business-oriented, tight-knit community. While a lot of other banks move to digitize their services, we pride ourselves on the fact that when our customers call in, they always talk to a live person. Be it a question about accounts or inquiring about loans, you’ll be on the phone with an actual SLB employee. Additionally, we offer some really cool incentives to our Lawrence customers (including) waiving ATM fees across the country up to a certain dollar amount, internet banking, mobile banking and mobile deposits.
Fales: At a local institution like Envista, you have “a person.” Someone who takes the time to build a relationship with you. We know who we’re doing business with and are empowered to serve your best interests.
Kollman: At RCB Bank we build relationships. We are looking to add customers to our RCB Bank family and help them succeed. Of course, local is best and knowing your bankers makes a better relationship, but RCB Bank does offer great online services and over 50 locations across Kansas and Oklahoma, giving you access throughout your travels. We recommend for our customer to visit our location and get to know us. As a customer, you join the RCB Bank family, and we treat our customers as such.
Sheridan: Employees of local community banks are members of the community themselves, so they tend to be better equipped to understand the specific local needs and businesses they serve. Sunflower Bank encourages employees at all levels of the organization to get involved in the community and donate their time to local causes. We have a great time sponsoring “Mic Drop,” an annual fund-raiser for The Willow Domestic Violence Center. Lawrence Public Schools USD 497 and Perry-Lecompton Elementary participate annually in our ABC program, and we love giving back to them. Our employees also volunteer with worthy organizations: Go Red Lawrence, Douglas County Extension and Independence Inc., a nonprofit assisting those with disabilities.
Gutierrez: One reason to switch to a local financial institution would be to have that personal connection to be able to turn to. Whether it be from a transaction standpoint, a fraud standpoint or looking at financing options for a consumer or business, we have found that being able to put a face with a name brings the financial relationship to a whole new level.
Gabe Gutierrez, Director of Business Services, Truity Credit Union
Most people don’t have much time to spend searching for documents and returning home for forgotten items in order to open a new account. What will people typically need to bring to open a personal account?
Fales: Driver’s license, opening deposit and any questions they may have.
Kollman: You will need to bring one form of unexpired identification $100 opening deposit, social security number, and valid mailing address.
Newell: We require a government-issued ID (such as a) driver’s license, state-issued ID or passport; social security number; and means of first deposit.
Technology has ushered in and allowed for new and ever-evolving services for financial institutions. How do these online and other tech-oriented services benefit the customer?
Kollman: RCB Bank has the technical services that you’re looking for, including our newest service, an ITM. Our ITMs (Interactive Teller Machines) can do much more than ATMs, including the ability to video chat with a real RCB Banker during video banker hours. You can even deposit cash and checks, withdraw money (in increments other than just $20), cash checks (during video banker hours), transfer money between RCB Bank accounts, make RCB Bank loan payments, view account balances and access recent account activity. Our new Lawrence location, set to open late June 2019, will provide 24/7 secure access to our ITM for RCB Bank customers. Plus, customers have the access to their account whenever and wherever they are through our online banking services.
Gutierrez: The bigger advantage to online or mobile applications is convenience. You will have access to a “real-time” look at your deposit accounts, which makes doing business from a click of a button easy no matter where you are in the world.
Sheridan: Technology is a great aid for conducting everyday transactions. Online and mobile banking with check deposit, bill pay and other features, such as those we offer at Sunflower Bank, provide conveniences to simplify customers’ lives.
Chris Kollman, Market President of Lawrence RCB Bank sitting by the sign for their future home at 3300 W 6th Street
In spite of all of these advances and benefits of technology, what can that technology never replace?
Newell: Technology can never replace the relationships and personal interactions that emerge from small-business dealings. We are an incredibly service-oriented and relationship-driven bank. We like knowing our customers on a first-name basis and sharing that interaction, but we also understand that we need to provide our customers with the modern conveniences of technology. We provide our customers with the opportunity to do their banking online via internet banking, mobile banking, ATMs, etc., but we also have “old-school” customers who would still prefer to call in and get their account balance because of the relationship they have with our customer-service representatives and tellers.
Fales: With online and mobile services, we make it easy. However, technology can never replace seeing our customers’ smiling faces. We’d love to see you, but we know you don’t always have time in your day to see us. And that’s why our digital services give you the Envista experience anytime, anywhere.
Glynn Sheridan, Market President and Regional Director for Sunflower Bank
Even with electronic banking, customers may still accidentally overdraw their accounts because of delays in debit transactions, automatic withdrawals and delays in cashing checks. Short of reverting back to handwritten transaction registers, what are some tools customers can use to avoid overdrawing their accounts?
Gutierrez: Truity Credit Union provides Courtesy Pay (which) covers items up to $800; Sweep account, pulling necessary funds from another account; and/or Line-Of-Credit (which) pulls remaining amount needed to cover a transaction.
Sheridan: Through online and mobile banking, customers can easily monitor their accounts on a daily basis. We additionally provide customers with the option to set up account alerts through online banking to notify them when the account is below a certain dollar amount. However, if they run into a situation where they have inadvertently made a payment without the funds to cover it, Overdraft Privilege and Overdraft Protection are important tools that customers can use to mitigate the effects of the situation.
What are some other steps customers can take to maximize their own personal banking experience?
Newell: Develop a relationship with your bank and bank personnel. Ask for help when needed. Whether it’s something as simple as signing on to your online banking or inquiring about the loan application process, we’re happy to help. Ask your banker if there is an account that you’d be better suited for, i.e., CD, money market, savings.
Fales: Communicate their needs, ask about any service options, keep in touch with “their person” as needs arise.
Sheridan: The No. 1 thing is to get to know your banker and local banking team—let them learn about you. At Sunflower, we believe that your bank is your partner, and our role is to provide smart solutions and services to match your financial possibility with your financial feasibility. Because every customer is unique, a maximized experience means different things to different people. Talk to your bank, tell them what’s important to you and find out what they have to offer.
Gutierrez: Provide constructive feedback to help us improve our level of service. Utilize our products and services, and provide feedback to help us understand the positives and negatives from a consumer standpoint. Choose an institution that aligns with your values. Banking can be a very sensitive matter; you want to know that your institution has your best interest at heart.
Kollman: Experience our ITM! Utilize all of the services available with your account – mobile banking, text banking, online banking, etc. – giving you extra access to monitor your account in hopes of fraud detection if it were to happen. Understand your bank’s rewards schedule and optimize your account to earn you the most rewards.