AboutShane Expertise Hello, my name is Shane. I currently work at a financial institution in customer service and sales. I am able to answer most questions you have regarding banking products and services, how to use them, and what products may benefit you best. I can also help you to weigh the risks of various types of savings vehicles such as questions pertaining to CDS, money market accounts, etc. Feel free to ask and I promise I will do the best I can to answer.
Experience Customer Service and Sales call center experience. Assists in training new hires for customer service. Well versed with FDIC policies, banking compliance laws, and a wide variety of product knowledge.
Organizations American Association of Medical Assistants
Education/Credentials High School Graduate and Medical Assisting Diploma
Awards and Honors Significantly exceeds expectations annual review from the bank I presently work at
Expert: Shane Date: 6/14/2008 Subject: Interest on checking accounts
Question I have a depository/checking account with Chase, in the city where I live. The account pays practically nothing in interest. So I maintain my checking account at a local bank in another state, and keep it healthy with funds from my local Chase account. That account pays me 5.04 percent interest, up to a balance of $25K. It comes to just about $100 each month, which is added to my balance.
I asked my Chase banker why they could not do the same thing, and his reply was that only small banks could offer such accounts and Chase was too large to be able to do it.
That doesn't sound right to me. What do you think?
Answer That sounds right to me....smaller banks will do pretty much anything they can to keep funds in there whereas larger banks are more concerned with "new money" for example, at the bank I work (i am a sales rep for them) I can offer 3.25 guaranteed for 6 months on a money market savings for new money...but if its old they will only pay 1%. We offer a checking that would pay 2% on balances over 10k....but yes generally smaller banks or credit unions will offer higher rates for customer retention whereas larger banks have a basically even flow of money going out and new money coming in
