It’s hard to control certain life events, but one thing you can control is where you choose to bank. If you feel your bank’s checking account fees are getting too high it may be time to switch. TDBank conducted a poll of 1500 consumers at various financial institutions called the Checking Experience Index. They found that the top two reasons for switching banks was cost of fees and life events.
No one likes paying for bank fees, especially hidden fees that show up when you least expect them. Checking fees continue to rise as interest rates remain at all time lows. Unfortunately for consumers banks are turning to fee revenue to make up for a loss of income.
There are numerous options for banking available to consumers today, which makes switching easier than you think. To find affordable banking you’ll have to shop around and compare. The cost of fees should be an important factor in your decision.
If you’re serious about saving consider switching to a Credit Union. They tend to have lower fees compared to traditional banks. There may be a better option for your money just around the corner, but you’ll have to look for it.
“Transparency is the key. Customers don’t like surprise fees. You need to be clear and up front with what the fees are.” -Ryan Bailey @ TD Bank.
When you’re ready to open a new account make sure to complete a switch kit, which is a packet of forms that helps make the transition to a new bank easier. Your new bank should be there to assist you. Make sure you take advantage of a personal banker. A good personal banker is going to be your go to for any specific questions related to your new account.
Read the full article Why Do Consumers Leave Banks @ banktech.com