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Why Loyalty To Banks And Employers Is Costing You Money

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Here is why loyalty to banks and employers is costing you money. We believe that long-term relationships yield better deals and benefits. Similarly, remaining loyal to one employer over time offers financial stability. However, the harsh reality is that this loyalty can often affect your financial health.

 

I want to highlight how banks like Wells Fargo and Bank of America take advantage of your honesty and loyalty. You deserve to earn money for your hard work and get the maximum advantage on your accounts.

 

Let’s help you break up with your bank or employer this year.

 

The Illusion of Loyalty: Banks

 

Staying loyal to a particular bank for an extended period might give you a sense of security, but it often comes at a cost. Banks are businesses driven by profits, and their primary allegiance is to their bottom line, not necessarily to their customers. Loyalty doesn’t always translate into better deals or treatment, and this belief is what keeps customers stagnant.

 

Banks often attract new customers with attractive sign-on bonuses, higher interest rates on savings accounts, or lower fees. These deals aim to get you to join their bank while existing clients, often those loyal for years, are left with mediocre rates and fewer perks.

 

The Employer Loyalty Trap

 

Staying devoted to a single employer for an extended period might show commitment, but it doesn’t always equate to financial gain in your favor. Many companies prioritize profits over employee well-being, and loyalty might not be reciprocated regarding salaries, promotions, or benefits.

 

Staying at a job for years without exploring new opportunities could mean missing out on higher-paying positions, skill development, or more favorable work conditions elsewhere. Moving jobs strategically can often lead to significant salary and career advancement leaps.

 

Remember, you have financial goals you are working towards. Being compensated for your work is in your best interest to reach goals faster and experience less stress.

 

The Financial Impact

 

The financial impact can be huge! For instance, staying with the same bank might mean missing out on higher interest rates or better loan terms available elsewhere. Similarly, remaining in the same job for years without exploring other opportunities might mean leaving money on the table in terms of higher-paying roles or better benefits packages.

 

From now on: Being Savvy and Strategic

 

Let’s shift to a strategic approach for banks and employers and be loyal to OURSELVES instead.

 

  1. Shop Around: Regularly explore offers from different banks. Compare interest rates, fees, and perks. Consider switching if you find a better deal.
  2. Pivot Careers: Keep an eye on jobs that interest you. Do not hesitate to explore new job opportunities that offer better compensation, career growth, or work-life balance.
  3. Negotiate and Advocate for Yourself: Negotiate with your bank or employer for better terms. Highlight your loyalty but also emphasize the value you bring. If they don’t match what others are offering, consider moving on.
  4. Stay Informed: Keep yourself informed with industry trends, salary benchmarks, and financial news. This information will empower you to make better financial decisions. You can do this once every six months: an audit of your banks and their competitors.

 

How did it look like for me:

 

My mom took me to Wells Fargo at 16 to open a checking and savings account. Wells Fargo was the bank I became loyal to.

 

Wells Fargo was on the news for creating fraudulent savings and checking accounts without the customer’s consent. Wells Fargo’s current saving interest is much lower versus my Ally savings account. I remember giving Wellsfargo a call and explaining how I had been with them since I was 16, and at 30, I was considering leaving, and they simply said okay and proceeded to close my account. There was no acknowledgment of my loyalty to them.

 

As harsh as it sounds, they do not care about us.

 

When we work together:

 

  • I help you choose accounts that help you grow your money, are secured, and do not have fees
  • I help you reevaluate your current job and find new opportunities to increase your salary
  • I help you shift the loyalty from businesses to yourself and make choices that benefit YOU

 

If this resonates with you, I invite you to work with me! I want to help you use this time to make choices that benefit you versus being emotionally invested in businesses that are not loyal to you or value you. I want to help you feel taken care of because of the choices you make to control your situation. Book a sales call.

 

I cannot wait to be part of your journey!

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ABOUT AUTHOR
Orlenda Cortez

Welcome to my corner on the internet! I’m obsessed with using money as a tool because it led me to pay off $30K in consumer debt in a year and a half, helped me save $20K in nine months to have my dream wedding in Costa Rica and is helping me build the life I never saw my family experience. Now I want to help others do the same!

Orlenda Cortez
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