Banking is a commodity.  Plain and simple. Just like you need food, you need a bank. So, what really differentiates a bank?

In my opinion, it's simple. Customer Service and Convenience. Most people use a bank that is close to their house, or one that has been with their family for years. I want to explain the way I do banking and why you may be missing out.

First, I bank with Suntrust and ING Direct. Why? 

ING Direct --> Best Rates

Suntrust --> Customer Service

What I do is I have my direct deposit go to ING Direct, and then I send money to my branch banks if I need to take out cash. Now, why is this important? ING Direct does not have any overhead for branch locations like other banks. Instead, they offer higher interests rates to the consumer. It's a brilliant business model, and most importantly, it is great for the consumer.

THE even cooler thing with ING Direct is you can set up sub accounts with their own account numbers and start an automatic savings plan. For retirement, I have a "T Rowe Retirement" sub account. T. Rowe automatically takes money out of that account, and my 'primary checking' doesn't go down. Simply, it's being proactive. I know how much "disposable income" I have in my checking because I automatically deduct certain amounts each month for bills and savings.

Next, let's talk about Suntrust. First and foremost, almost all of their Executives are Hokies =). Secondly, they have amazing customer service. I have been with Suntrust since I was a freshman in college, and I haven't turned back since. 

A lot of my friends use Bank of America. Did you know there were almost more people closing accounts than opening new ones last year? Why is that? They had negative experiences. There's an old saying in marketing, which is "Happy Customers Tell 3; Angry Customers Tell 3,000." It is worth a company's time and resources to have great customer service, because the grave repercussions of the negative experiences.

According to Socialnomics, 78% of consumers use their social network (facebook, twitter) when purchasing a product or service. For instance, my sister recently said, "Should I go with Verizon Fios of Comcast for my cable?" Most of her friends said to go with Fios, so she did!


Below, you will find a twitter conversation between @AskSuntrust and I. They were so helpful, and they solved my issue...no problem. It took them 15 minutes to help me, and now I am writing a positive review of their product. Maya Angelou said, "People will forget what you said, people will forget what you do, but they will never forget the way you made them feel." I felt like I was a special customer, and for that I am forever grateful and forever a loyal customer.

There are so many different banks to choose from, and it is important that you choose the bank that is right for you. 
What is important to you?

• Customer service?
• Location/Convenience?
• Highest rates? 
• Best online system?
• How long they've been in business? 
• How much of the financial crisis were they tied up in (Credit Default Swaps,  bad real estate investments?
• Social responsibility?
•  Privately/Publicly held?
• How many products they offer; are they a one-stop shop?

In my opinion, Suntrust is the best branch bank and ING is the best overall bank. I have banked with BB&T, M&T Bank, Bank of America, and PNC Bank. I still have some money in PNC, and I think they are great, but there are no PNC Banks close to me.