How My Local Banker Saved My Credit Score

June 19, 2007

I talked the other day about online banking vs. local banking and how I think using a combination of virtual and brick & mortar banking is the best strategy.  A close call on my credit score this week reminded me of the value a local relationship brings.

Credit Card Crisis
I opened a business credit card that I haven’t been using because it doesn’t offer me cash back for my purchases.  When the statement came for the credit card I filed the envelope away in my to-do pile knowing I hadn’t used it yet so I didn’t owe any money. Or so I thought.

When I finally got around to opening the statement I had few nasty surprises. First off, the card carried a $25 annual fee I wasn’t aware of.  Secondly, the fee had shown up on the previous month’s statement and was now long overdue.

Banker to the Rescue
As soon as I realized what had happened I called up the lady that had setup my business account and credit card. I explained the situation to her and stressed that my main concern was damaging the business credit with missed payments and unpaid balances.

She assured me she would take care of the whole thing.  Sure enough, later that day she called back to let me know her branch had paid the fee for me and worked with the credit division to make sure nothing negative would be turned in to the credit reporting agencies.

Banking Benefits
Thank goodness for my local banking relationship.  I was able to talk to a person instead of submitting a ticket online and awaiting a response to my problem.  Not only that, I was able to get immediate help from her.  No navigating phone menus and sitting on hold for 15 minutes. 

Maybe most importantly, there was no follow up necessary on my part after the initial call.  I didn’t have to waste my time babysitting the problem, coordinating between the different bank divisions and customer service reps.  My banker was able to take care of an important credit issue for me right away and all it took was one quick & easy phone call.


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Ben Edwards, the founder of Money Smart Life, saved up enough to buy a Nintendo back when he was 12 years old. When he used the money to buy shares of Wal-Mart stock instead, he knew he wasn't like the other kids... His addiction to personal finance has paid off for his family and now he's helping you to afford the life that you want. Check him out on the web at Google Plus, Twitter and Facebook.

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3 Responses to How My Local Banker Saved My Credit Score

  • MoneyNing

    You were lucky there. Do you mind sharing with us whether or not you actually knew the person you were speaking with over at the bank or did they just take care of you based on the status they show for you in their system?

    I have a Wells Fargo bank account, and because I’m a preferred member (I don’t know what that means since I keep


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