When switching banks actually makes sense

May

1

When switching banks actually makes sense

Are you looking for a new checking account, and feeling overwhelmed by all of the options? It’s safe to say you’re not alone. There are more account providers today than ever before. For example T-Mobile now offers a bank account.

There are rumors that Amazon will be the next major brand to offer its own version of a bank account. Before you switch to a new financial institution or alternative account provider make sure it makes sense.

Here are four good reasons to say “so long” to your current bank.

Poor customer service

Are you more likely to dis your bank on twitter for its service than praise it? Whether your big bank has disrespectful employees, or the local bank isn’t open when you need them.

There is no reason to put up with a bank that is lacking customer service or convenience. This is a great reason to look for better options for your money.  

Ridiculous Fees

It’s hard to avoid fees with a traditional bank account. If those fees are getting ridiculous, like a $35 overdraft fee, which is typical at mega banks you should consider other options.

Banks that charge multiple account related fees, such as monthly service fees, minimum balance fees, and out of network atm fees are not worth it.

There are a growing number of banks that offer the same services at no charge. Most credit unions and digital banks such as nbkc and Radius bank offer the same services for free.

No Digital Convenience

Online and mobile banking services are crucial for convenience. Features like online bill pay, and mobile check deposit can make banking much easier. Not every bank is up to date with the same online functionality.

If you’re tech savvy then a lack of online services can be a deal breaker. If your bank doesn’t offer the features you need to manage the account from your couch then explore other options.

No Appreciation for your loyalty

You’ve probably seen great offers at your bank for new customers only, but none for long-time customers. It’s a common practice used by banks to acquire new customers and generate new deposit dollars.

If you are one of those long-time customers make sure you are getting some kind of perk or benefit for your loyalty. If not, there’s no reason to stick around.