Unearned Loyalty, W&M Book Club

by Tracee Sioux on August 1st, 2007

In SuzeOrman’s Women & Money she asks us to look at our checking and savings accounts. We should stop paying for debit cards, ATM fees, checks, electronic transfers, balance minimums, online bill paying services or any other fee. She also says only stupid people put their money in no interest savings accounts when you can be earning 4.5 to 5%

Huh? I really didn’t even realize that was an option available to me. But, apparently it’s out there and it’s really easy to get. You just have to go get it.

I love the ING advertising. I’m into orange lately. It’s not a legitimate reason to put my money in a bank, but they had competitive rates and qualified under Suze’s criteria. So, I opened a couple of accounts. It was super easy - way easier than my current bank’s paperwork.

What I didn’t expect was my emotional attachment to my bank. As if I was taking a risk by moving my money to a better bank. My current bank has done me no favors. They literally charge me for everything. They don’t disclose lots of their policies and then penalize me for not knowing their secret code words. They have earned no loyalty from me. According to Suze, they’ve been screwing me for years.

Yet, it took me weeks to work up to opening a free checking account online.

So bizarre. Can anyone else relate to feeling loyal to businesses or ways of life that are unwarranted? Upon further investigation of my feelings though, I think it goes back to this: I’m afraid of screwing it up! I don’t make proactive financial decisions because I’m afraid there will be negative unforeseen consequences.

In fact, that’s based living out a lot of negative financial consequences, otherwise known as stupid tax, already. I’ve paid plenty and I don’t want to pay anymore. I want to do it right. The devil is in the details when it comes to money - that’s a fact.

Still, I took a deep breath and opened the accounts. Now I’ll dedicate the next month or two to making sure there are funds in both accounts to cover all the pending checks and direct debits while making the transition. It’s not an uncomplicated process.Suze thinks we’re up to the challenge and I, for one, hope she’s right.

Save Yourself With Savings

Orman and Ramsey Duke It Out (in my head)