Personal Banker: Do You Need One?

Because of the automated services provided by today's banks, we find it increasingly difficult to have the personal services we used to take for granted. Loan officers change in a snap of a finger and branch bank tellers route us to 1-800, ATM, and other online banking services. Automation may be the future face of banking, but it is really frustrating for us who need "real" persons to go about our banking needs.

Fortunately, many large banks have picked up on this growing demand. Many of them now offer a somewhat new breed of banking package, including the "personal banker." In this service, you pay a monthly fee and in exchange, you receive a personalized banking service.

What is a personal banker?

A personal banker is a bank employee (a loan officer, teller, or even a branch manager) who provides personal service to customers with complex banking needs. He/she manages a client's accounts the same way a securities broker handles a customer's portfolio.

While banks have various departments that can accommodate your banking needs, it is best for you to have a personal banker to manage all your needs and give advice on loans, investments, and other financial matters.

What does a personal banker do?

A personal banker can advise you about investment options and have money market and CD rates right at the tip of his/her fingertips.

A personal banker also knows the interest rates at the moment and predicted trends. He/She also knows what kind of mortgage or loan options are available, and the best way to fast track your application.

Do you need a personal banker?

Do you really need a personal banker? According to Joanna O'Brien, senior researcher for personal finance at Moneyfacts, "If you're going to buy into one of these packages, make sure that it is tailored to your personal requirements

If you need a personal manager to help organise your lifestyle or you want better overdraft facilities and discounts at restaurants, and your premium account offers you this."

What are the benefits of having a personal banker?

In general, the personal banker serves as your personal financial advisor. A personal banker is knowledgeable about the various services your bank offers. He/She can even fix the unexplained fees that sometimes mysteriously reflect in your checking account.

A personal banker can streamline and monitor all your accounts, ensuring that automatic debits and credits happen when they should be.

Time saving is one major benefit of having a personal banker. As one human resources consultant put it, "It's great having someone you can ring at any time for advice