Bank Bundling

Banks are in fierce competition with each other, and that means you'll be reaping the benefits. Joe Del Sordo discovered that when he was offered free online bill paying and a free checking account all for refinancing his home. They want your business- all of your business!

You can use your accounts and investments as leverage to get freebies like insurance incentives, investment bonuses and more from your bank. Fritz Elmendorf from the Consumer Bankers Association says, "The more business you do with a bank, the more likely you are to get an incentive."

Keep Your Accounts Under One Roof

Refinancing has sent many Americans running to banks for the lowest interest rates on everything from car loans to home equity lines of credit. Now, they want to make sure you stick around, "They want to keep you, and they will work to keep you," Fritz says.

They are banking on financial freebies to make you stay put. The more accounts, loans, or investments you have with them, the less likely you are to switch banks. "They're trying to reward you particularly if you're doing other business with the bank," Fritz adds.

It also gives banks a chance to introduce you to some of their other products. Joe got something he never used before, free online banking. "I do use those services now, they are very helpful," he says.

Bright Idea! Speak Up!

"Sometimes, when you get a mortgage the bank will offer you free checking as an inducement or just as an added benefit," Fritz says. But if they don't offer, don't be afraid to speak up and ask for incentives. Negotiate with your financial institution and ask for free checking, lower interest rates, safe deposit boxes, or investment bonuses.

"Banks want to offer more services to the customer. They'll make a deal. They'll have a package of products, and consumers just need to probe and ask questions, and be willing to give the bank more of their business," Fritz adds.

Convenience

Having your mortgage, checking account, investments and more all at one bank makes it easier for you to manage your different accounts. Fritz says you'll get one statement each month instead of several from different financial institutions. With many banks, you can view and manage your accounts online too.

With your accounts all at one bank, you can easily transfer your funds from one account to another Fritz adds.

Shop Around

"It's a good time to reevaluate your banking relationships," Fritz says.

Before putting all your money and accounts at one bank, Fritz suggests shopping around to find the bank that offers you the best service and incentives.

When you're shopping around, Fritz says you should inquire about extra fees you may encounter like overdraft fees or closing fees on your mortgage.

That's something Joe agrees with. Although he enjoys his new free services, it was really the bank's customer service that sold him, "I was more interested in the reputation of the bank and the service they provided, the overall service they provided," he says.

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