Smart Banking for Jockeys - How to Choose a Bank That Works for You
how to choose a bank racehorse jockey
Key Points
Understanding Unique Financial Needs: Recognising that jockeys often face irregular income and frequent travel.
Banking Options Overview: Evaluation of national banks, regional banks, online banks, credit unions, and neobanks.
Critical Factors for Consideration
Fee Structures: Importance of understanding account fees and transaction costs.
Account Variety: Availability of diverse account types to suit various financial needs.
Accessibility: Consideration of ATM and branch locations for ease of access while on the road.
Customer Support: Assessing the quality and responsiveness of banking support services.
Digital Banking Features: Importance of online banking options for convenient money management.
Being a racehorse jockey is not just a profession; it's an exciting lifestyle filled with travel and its own financial challenges. That's why banking as a jockey demands a financial institution that can meet specific needs.
Jockeys often move from one racetrack to another, manage irregular income streams, and receive payments through several methods. Knowing how to choose a bank to help you manage your finances correctly will help you maintain financial stability.
But with so many financial institutions offering diverse services, it can be overwhelming to choose the right bank. Whether it's an online bank, a credit union, or a traditional bank, finding the best fit can seem daunting.
So, let's break it down.
First, you need to gain an in-depth knowledge of your financial needs. Consulting a financial advisor (click for my ‘About’ Page) for this part is best, but you can also read on for a quick summary to get started.
Understanding Your Financial Needs as a Racehorse Jockey
Consider a jockey who primarily races in New York most of the year, races for two months in Florida during the winter, and also travels throughout the Midwest for stakes races at various times.
This scenario is not unique, and jockeys live different versions of it every day.
One of the biggest financial headaches of being a racehorse jockey is frequent travel. You're constantly on the move, traveling across the country to participate in races. This means you need a banking solution that's accessible wherever you go.
How you receive payments also determines which bank or credit union you should choose and what bank account will work best for you.
Often, you might be paid in physical cash or checks rather than direct deposits. This can be inconvenient, especially if you're trying to deposit money while traveling.
A bank that offers mobile deposit options can be a lifesaver, allowing you to deposit checks from your phone without visiting a branch. The option of depositing cash at ATMs may also be important if you receive a lot of cash payments.
There's also the issue of managing irregular income streams. Unlike a typical 9-to-5 job, your income as a jockey can vary significantly from month to month, depending on how many races you participate in and how well you perform.
irregular income stream choosing a bank
This makes budgeting a bit more complex. Having a financial advisor or a bank that helps with budgeting and tracking expenses may enable you to be more effective with your cash.
Not all banks will provide the peace of mind to focus on your career. But when you understand your challenges in-depth, you can choose a bank that helps you manage your finances more smoothly.
Understanding Your Options to Choose The Best Banking Experience
National Banks
National banks are the largest financial institutions operating nationwide, not just in one state or city.
They offer a wide range of banking services, such as checking accounts, savings accounts, and loans. These banks are great for people who travel a lot, like racehorse jockeys, because they have many physical branches and ATMs throughout the United States.
National banks offer convenient online and mobile banking services, competitive interest rates, and excellent customer support.
Traditional account types at any FDIC member banks are backed by the Federal Deposit Insurance Corporation (FDIC), which means that your money is protected up to a certain amount if the bank runs into trouble.
Regional and Community Banks
Regional and community banks offer many of the same services as national banks but with a local focus.
Community banks are smaller and focus on serving the financial needs of the towns or cities where they are located, while regional banks are slightly larger and operate in several states within a particular region.
These banks provide a personal touch and a strong understanding of the local economy. They typically also have lower fees.
Regional and community banks are great choices if you prefer a more intimate banking experience and want to work with an organization that has closer ties to the community. However, they may not have as many branches or ATMs that you can access when traveling across the country for races.
Exclusively Online Banks
how to choose a bank online banking
Online banks operate entirely on the internet. They don't have physical branches like traditional banks, so all of their banking services are available online or through a mobile app.
Online banks offer many of the same services as brick-and-mortar banks, such as checking accounts, savings accounts, and money market accounts.
You can also apply for loans and pay bills online. Their mobile banking apps let you deposit checks by taking a picture, transfer money between accounts, and keep track of your financial transactions anytime, anywhere.
One of the biggest advantages of online banks is that they often have fewer fees and higher interest rates on savings accounts, but unfortunately, most don't have their own ATMs.
The ultimate drawback of an online bank is that you can’t meet anyone face-to-face to resolve problems that come up.
Credit Unions
Unlike traditional banks, which are owned by shareholders, credit unions are not-for-profit financial institutions owned by their members. This means they focus on providing their members with the best services and benefits rather than making profits for someone else.
To join a credit union, you usually need to meet specific membership requirements, such as living in a certain area, working for a particular employer, or belonging to a specific group or organization.
Once you become a member, you have a say in how the credit union is run and can vote on important decisions.
Credit unions offer many of the same services as traditional banks, often have fewer fees, and are insured by the National Credit Union Administration (NCUA), which means your money is protected up to a certain amount, just like with banks insured by the FDIC.
Neobanks
Neobanks are modern, digital-only financial institutions that operate exclusively online, similar to regular online banks. However, Neobanks are different because they don't have traditional banking licenses. Instead, they partner with existing banks to offer their services.
Neobanks are known for their innovative technology and user-friendly apps, and they focus on providing a seamless digital banking experience.
With Neobanks, you can quickly pay bills, transfer money, and track your spending in real time.
A huge advantage of Neobanks is that they often have fewer fees than traditional banks. Many Neobanks don't charge monthly maintenance, overdraft, or ATM fees.
Neobanks are perfect if you're comfortable with technology and want a simple, often fee-free banking experience without the need for physical branches. Cashapp and Chime are examples of Neobanks.
5 Key Factors to Consider When Choosing a Bank as a Racehorse Jockey
racehorse jockeys
When thinking about how to choose a bank that meets your unique needs as a racehorse jockey, there are several key factors to consider. Let's dive into what makes a financial institution a good fit for you, whether it's a traditional bank, an online bank, or a credit union.
Online and Mobile Banking
One of the first things you need to consider is the availability of online and mobile banking services.
With your frequent travel, online banks offer the convenience of managing financial transactions on the go.
Many banks, including traditional banks and financial technology companies, have mobile apps that allow you to check your bank accounts, make cash deposits, and pay bills from anywhere. This flexibility is paramount for handling personal finance.
Physical Branches and ATMs
Even with excellent online banking services, having access to physical branches and ATMs is still important.
Brick-and-mortar banks, community banks, and even some online banks with a large national presence offer widespread ATM networks that facilitate cash withdrawals and deposits.
Choosing a bank with a local branch near your regular racetracks or training locations can save time and enhance your overall banking experience.
Fees and Charges
Understanding the fees associated with different banks is essential. Look for financial institutions that offer lower fees, such as fewer monthly maintenance fees and ATM fees.
Both credit unions and online banks often provide deposit accounts with fewer fees than traditional banks.
It's also wise to consider financial institutions with minimal overdraft fees and no or low late payment fees.
Keep in mind that access to lower fees and other benefits may depend on how much money you keep at a given bank.
Customer Service and Support
banking customer service
Reliable customer service is invaluable when you are constantly on the go, especially when issues arise with your checking or savings account.
Many financial institutions, including large national banks and member-owned credit unions, offer dedicated customer support teams to help you resolve problems.
Interest Rates and Account Options
Consider the types of accounts and interest rates offered by different banks. Look for high-yield and money market accounts that help grow your savings.
Financial institutions offer deposit accounts like regular savings and checking accounts that cater to your financial goals.
When choosing a bank, it is essential to match your needs with a bank offering competitive interest rates and favorable terms.
By considering these factors and evaluating many financial institutions, you can find the best online banks, credit unions, or traditional banks that meet your specific requirements as a jockey.
Whether you prioritize lower fees, online accessibility, or excellent customer service, choosing the right bank can significantly improve your financial well-being and support your professional journey.
3 Good Banking Options for Jockeys
Choosing a bank that aligns with your needs as a racehorse jockey can vastly enhance your banking experience. Here are a few financial institutions that offer excellent banking services for jockeys:
JPMorgan Chase & Co
JPMorgan Chase is the largest national bank.
Its online banking features include a mobile app, online account management, and tools for financial transactions like paying bills and making direct deposits.
Additionally, JPMorgan Chase Bank has a vast network of physical branches and ATMs nationwide, providing easy access to cash withdrawals and deposits. Still, check the actual branch locations to make sure that branches are near the tracks you frequent.
JPMorgan Chase Bank can make managing finances on the road much easier with its online accessibility and wide range of banking options.
Citibank
Another large national bank is Citibank. It also offers a range of services that likely make it a solid choice.
This bank excels in online banking, and its mobile app is highly rated for its ease of use in both the Google Play Store and the Apple App. With it, you can pay bills, transfer money, and set up direct deposits, all from your smartphone.
Citibank also boasts physical branches and ATMs, both domestically and internationally. This is particularly beneficial if you travel overseas for races, as it ensures easy access to cash withdrawals and other banking services.
While Citibank offers a wide array of services, you should be aware of its fee structure. This bank provides various account options with different fee requirements, so it's worth comparing their monthly fees.
PNC Bank
PNC Bank is another valid option, having recently expanded its operations to become more of a national bank instead of a regional bank.
As a large national establishment, PNC Bank has an extensive network of physical branches and ATMs nationwide. This ensures you'll easily access banking services and cash withdrawals, whether at the racetrack or traveling between events.
With a mix of traditional and innovative services, PNC Bank offers online and mobile banking through its Virtual Wallet product, which combines checking accounts, savings accounts, and money management tools in one convenient platform.
While accounts have monthly maintenance fees, these can often be waived by meeting specific requirements, such as maintaining a minimum balance or setting up direct deposits.
These example banks are not the only possible banking options and they are highlighted here for illustrative purposes of ways they can be used and in evaluating other banks.
How to Choose a Bank That Fits Your Lifestyle as a Racing Jockey
Whether you prefer the convenience of online banking, the personalized service of a community bank, or the ease of accessing a national bank, there's a financial institution to support your goals. But with so many options available, finding the perfect match can feel overwhelming.
Consider making a list of the key services that you need from a bank and prioritizing the most important items from that list. Then, go to different bank websites to find out which banks closest match your needs
If you like this article and want updates when I post more articles to this website, click here to share your email address.
Consider sending this article to other jockeys who have similar questions, and reach out to me if you want a professional in your corner so you can focus on what you enjoy most: racing!
