No one likes the idea of closing an existing bank account and switching to a new bank. But if your current bank is nickel-and-diming you with fees, providing you with poor customer service and amenities, and is failing in meeting your financial goals, you may consider enduring the hassle of finding a new banking partner.
To keep your gratification high and your money secured, here are five signs it’s time to look for a new bank.
Fees, fees, and more fees
There are banks which charge fees when you use their services which will make banking easier for you, like ATM services and mailing paper banking statements. There are banks that make you pay for a monthly fee if you failed to make certain numbers of withdrawals or payments on your checking account and debit cards. While it’s okay for some people to settle for these nickel-consuming banks, it’s a big no-no to some frugal consumers.
The good news is you have the option not to pay such fees. The bad news is you might be stuck in a bank that has no other options but to reap some nickels from you. The fees may be small and harmless at first but they could take a toll on you as they pile up in the long run. In addition to unwanted fees, the bank may also raise the required minimum balance of your account and make you suffer from their bad overdraft policies.
If your bank doesn’t have options free checking accounts, paper banking statements. and maintenance of checking accounts and debit cards, maybe it’s time to make a move.
Poor customer service
You entrust the bank with your financial statements and in return, they should give you a rewarding banking experience and be able to address your concerns. But if you gain more confusion, inconvenience, and annoyance everytime you leave the bank, it may be a sign to switch to a new banking partner with better customer service.
No matter promising their offers are, they might go to the drain when customer service fails. Some of the signs your bank is difficult to work with are the following:
- You have questions about your loan and your bank’s representatives and experts never had the time to speak with you.
- You keep calling your bank and no one’s picking up the phone.
- The bank refuses to refund overdraft fees when fraudulent charges befall.
- The bank doesn’t hire enough tellers, making your transactions take forever.
- The staff lack professionalism with regards to communication skills and mastery of the subject matter.
- The system is always down.
If you’re not satisfied with the service your bank is providing you, you always have to choice to entrust your financial statements to other banks.
Not-so-very-helpful online options
Online services are provided for the convenience of consumers, especially of those busy working individuals who may not have the time to visit a brick and mortar. If you rely mostly on online transactions, it may be a major turn-off if your bank’s online options are insufficient and unsuitable.
Ideally, you should be able to access your bank account online or through a mobile app and do activities like scheduling an appointment. paying bills without charge, depositing checks, transfering money, talking to a bank representative for immediate concerns, and receiving real-time notifications regarding urgent information.
Due to their smaller operations, some financial institutions like credit unions fail at giving their consumers the best online amenities. So make sure to see if bank’s online options will work for you before switching to a new bank.
You’re not earning enough interests
Banks are not like our childhood piggy banks where you get the exact amount of what you store by the time you break the bank. By opening a bank account, you can gain interest on the money you put in your savings. The percentage of what you can gain differs from bank to bank and it would be a wise move to shop around and see if you’re getting a fair rate.
Lack of accessibility and convenience
The problem also arise when your bank was bought up by another financial institution. The new bank is expected to make certain changes like closing some branches near you, reconfiguring their ATMs, and eliminate their existing online services. All these can make your banking experience less convenient for you.
Or maybe you’ve changed. Your new lifestyle expectations including your job responsibilities, married life, and priorities are not met by your bank. You have to find a new bank with branches that will suit your location and working hours, and a bank that will help you cut down on banking costs due to your changed habits and lifestyle.
Like other young adults, Carmina Natividad also experiences struggles in saving money, yet she finds a way to become a responsible spender. She shares her views on money issues by being a daytime writer for Speedy Money, an Australian-based business, providing short-term borrowing solutions.