The Bank of Maine Offers Suggestions for Consumers Ready to Switch Banks; November 5th is Unofficial Bank Transfer Day

PORTLAND, Maine, Nov. 1, 2011 /PRNewswire/ -- Today, many consumers are changing  banks to avoid costly fees.  There is even an unofficial Bank Transfer Day on November 5, 2011, when an estimated 50,000 people will change  banks.

The number of consumers switching banks has already increased over the past year.  The J.D. Power and Associates' 2011 U.S. Retail Bank New Account Study(SM) found that in 2011 8.7 percent of bank customers indicated that they had switched their primary banking institution during the past year to a new provider. In comparison, just 7.7 percent said the same in 2010.

"It takes a savvy and patient consumer to wade through the language many banks use to describe what is free and what is fee," said John W. Everets, Chairman and Chief Executive Officer of The Bank of Maine.  "To help people make the right banking choice for their needs we have put together some suggestions to help cut through bank marketing speak."

The following suggestions are designed to help consumers make smart choices, whether they are looking to switch from or to a big bank, local or regional community bank, credit union or Internet-based bank:

Bank Fees
Review the following account charges: debit card, online banking, monthly maintenance, funds transfer and per-check.  Some banks will waive fees for customers who use direct deposit or online banking or maintain a minimum balance. These fees can add up quickly each month so be sure to review them carefully.  

Convenience
If you want to be able to visit a retail bank and work with a teller or bank representative then you may need a bank with a location near where you work or live. However, an increasing number of banks allow you to deposit paper checks electronically by using your smart phone or scanner to transfer the check image or simply mail in your checks.

ATM Usage
Does the bank provide you with free ATM usage on all ATMs nationwide?  Determine if the bank reimburses you for fees when using a non-network ATM or if there is a limit on the number of free ATM transactions you can have per month.

Online Banking
It used to be that Internet-only or very large banks had the best online banking services.  Today, many banks offer similar services.  Are the following features important to you---online bill pay, easy website navigation, up-to-date online transaction history, automatic payments, account alerts, online account transfers and digital check deposits?

FDIC Insurance
The FDIC (Federal Deposit Insurance Corporation) insures bank deposits up to $250,000. Visit www.fdic.gov or www.ncua.gov to find out if your money is covered by FDIC insurance at the bank you are thinking about using.

To switch your account to The Bank of Maine, which offers no fee banking, go to www.thebankofmaine.com or visit our Facebook Page www.facebook.com/thebankofmaine.  

About The Bank of Maine
The Bank of Maine, founded in 1834, is a FDIC-insured, federally chartered savings bank with more than $830 million in assets. The bank offers a broad range of personal and business financial services through its 33 branches and 43 ATM sites located from York to Fort Kent. In addition to serving the needs of its customers, the bank and its charitable foundation have returned over $25 million to Maine communities through contributions and grants. To learn more, visit www.thebankofmaine.com or join us on Facebook and Twitter.

SOURCE The Bank of Maine