Are you tired of juggling checkbooks? Do you often drive across town to visit multiple ATMs? Do you find keeping track of your savings balance across multiple banks exhausting? It may be time to choose a primary bank.

At its core, having a primary bank is exactly what it says on the tin – it’s using a single bank to satisfy most of your financial needs.

Whether that’s savings accounts, checking accounts, credit cards, a mortgage, or personal loans, using a single bank can prevent a lot of headaches. And it can have unexpected benefits.

“Beginning a primary banking relationship really allows the bank to understand you, where you are in your financial life, and the challenges you face.” explained Christine Alfery, First Vice President and Director of Consumer Sales and Service with First Merchants Bank (NMLS#: 572574). “They’re there with you in your day-to-day transactions; they’re supporting you with whatever is going on in your life. It allows the bank to know you, look out for you, and offer you really tailored tools and resources for your financial journey.”

Benefits

There are a lot of benefits that can come from establishing a Primary Banking Relationship:

• Qualify for special rates when your accounts are at a single bank.
• Save stress, shrink monthly payments, and lower your interest rate by consolidating your debt.
• Gain security by having a second pair of eyes watching your accounts for fraud or suspicious activity.
• Benefit from someone who knows your situation and can offer tailored solutions.

“Having a primary relationship with your bank and knowing your banker means we can really watch your back or tailor your experience and offer what you need when you need it,” Christine said. “Whatever you’re going through, your bank probably has a solution it can offer to help.”

So how do you go about selecting a primary bank? Christine has a few tips for how to start.

Make a List, Check It Twice

The very first thing you should do if you want to choose a primary bank is to make a list of all the financial services, tools, and perks you need to help you be successful in your financial journey.

“A good way to go about this is to think about how you do your banking,” Christine explained. “Whether that means it’s important to have branches and ATMs that are close by, or specific digital tools to make online or mobile banking and tracking spending easy.”

Everyone is looking for convenience and ease of access, she added, so it’s important to consider the specific resources that will help you – not just which banks have the shiniest offerings.

However, you should also consider other services banks may offer that could be useful to you, outside of your tried-and-true tools.

“You might not think of a bank when you’re thinking about your investments or your long-term retirement plan – but we offer those services,” Christine said. “I’d also recommend looking for a bank that offers financial wellness to help you understand and navigate any hurdles or challenges life throws at you.”

For example, did you know that First Merchants Bank offers a cutting-edge personal finance tool to help you stay on top of your spending, budgeting, and savings goals? Or that we offer financial wellness education through Financial Wellness Powered by Enrich?

What’s Your Type?

The next step is to consider the types of things that are important to you beyond service offerings. These may be things that are intangible – like easy access to a personal banker or a bank’s dedication to serving its community.

“I always say that a good bank will be with you in moments that matter,” Christine said. “They’re there to offer help and encouragement in those moments that we can’t predict – but have to push through. Having a primary bank allows you to have a partner alongside you during those challenges to provide the support you need.”

Boots On the Ground

You’ve done the research, you’ve completed the self-reflection, you have your list, and you’ve checked it twice – so what now? Christine recommends going to visit a branch location.

“A lot of times your first impression is meaningful, so if you walk in and you’re greeted right away and get a warm feeling, you can probably feel safe knowing they’ll be attuned to your needs,” she said. “Whereas if you walk into a bank and it’s cold and impersonal and you feel like a number, that is probably indicative of the experience you’ll have with that bank.”

Curious to see how First Merchants compares? Visit your local welcoming banking center.

Take the Next Step

If all goes well, it’s time to move forward with setting up your relationship – meet with a banker and get the process started. While it can seem like an intimidating process, a good bank will have processes in place to make switching over accounts easy and painless.

“Meeting with a banker ensures you have a partner who has the tools to help you switch and who is willing to sit and help you go through everything – because it can be overwhelming,” Christine said.

And that shouldn’t be a one-time meeting, she added.

“I really encourage people to set up regular, consistent meetings with a banker -- whether that’s quarterly or twice a year, or what have you,” she said. “Just sit down with someone and review your financial journey, your financial lifecycle, and your financial goals. It will strengthen your relationship with your bank, ensure you’re on track to meet your goals, and help you course-correct if any unforeseen circumstances arise.”

Set up a meeting with one of our attentive local bankers!

But most of all, remember that banks are there to help.

“We really are in the relationship business,” Christine said. “And at First Merchants we want to make sure our customers are welcomed, that our team members are attentive to customer needs, and that we’re doing all we can to help our customers and communities prosper.”

Ready to take the next step and establish your primary banking relationship? Schedule an appointment with an attentive local banker to discuss your options!