Should You Switch Banks? Here’s 5 Times You Should Consider It
发布时间:2018年08月06日
发布人:nanyuzi  

Should You Switch Banks? Here’s 5 Times You Should Consider It

 

Rachel Slifka

 

How many times in your life have you switched banks?

 

For most of us, we choose a bank and stay with them for years without really stopping to consider whether or not they are serving us properly anymore. We assume switching banks is an enormous hassle, and often settle for what our current bank is offering.

 

Not only is switching banks relatively easy, but it can save you a lot of time, money, and future hassle. To make your life easier, here are 6 times you should consider switching banks.

 

1. When the service is sub-par

 

Do you find you have difficulties reaching someone when you call your bank? Do you have a hard time getting your questions answered? Or, do you feel like your bank is simply not as friendly as you would like?

 

With so many banking options out there, there’s no need to put up with sub-par customer service. When we experience poor customer service from a restaurant, shop, or other establishment, we typically are at least a little hesitant to go back. Your bank shouldn’t be any different. Poor service is a perfectly acceptable reason to consider switching banks. After all, they are handling your money – you should be able to trust them.

 

To find a bank that fits your needs, think beyond the level of service you receive when you physically walk in. For instance, do they quickly respond to customer service inquiries via phone or email? Or are you put on hold for hours? Do they have tech support to go along with their mobile and online banking? Are you able to reach them at reasonable hours of the day? All of these are important service factors. Though you may not use all of the types of services available, you want to know that they are there when you need them.

 

2. When you find better interest rates elsewhere

 

With interest rates being relatively low across the board, people often wonder if it’s even worth switching banks. Well, the good news is the Federal Reserve has been raising interest rates in the last few years, and they are projected to continue to rise. While a higher interest rate won’t necessarily make you rich, there certainly is no harm in earning more on money that’s in the bank anyway.

 

If you’re really looking for the highest interest rates, consider switching to an online-only bank account. Since online banks don’t have to pay for the additional cost of brick-and-mortar locations, they are able to offer significantly higher interest rates than traditional banks. For instance, CIT Bank is currently offering high-yield savings accounts at 1.55% APY.

 

3. When they no longer keep up with your digital needs

 

Is your bank behind the times? That might not be an issue for some people, but if you prefer to do your banking digitally, it can pose a problem.

 

There are plenty of banks out there with stellar digital services, including online banking, apps, chat options, and even the ability to respond to customer service questions via social media. In fact, many people, especially millennials, are even making the switch to 100% online bank accounts.

 

If you prefer to bank digitally, find a bank that supports those features. Just make sure it their technology is secure and safe to use.

 

4. When you move

 

Before I graduated college a few years ago, I banked at a small, local bank. This was the bank where my parents and I opened my first savings account, so it’s safe to say I was emotionally attached. They were great to me, but since they were small, they didn’t really have a great online platform at the time. When I graduated and moved across the country, I tried to continue to bank there, since they were the only bank I had ever known. I was constantly having to mail documents back and forth. If I received a check, I had to mail it halfway across the country to be cashed, since my bank didn’t have mobile check deposits. Looking back, it caused some major headaches, and I regret not switching banks sooner than I did.

 

It only makes sense to switch banks when you move. Once I finally started searching for banks, I was amazed. Not only were these banks local, but they could offer advanced digital banking, free ATM withdrawals, and more. Basically, what they could offer was simply a better fit for my lifestyle.

 

It’s key to find a bank that fits your lifestyle. For instance, if you travel frequently, you probably want a bank with great mobile features. If you want excellent, in-person customer service, then maybe a local bank is for you.

 

5. When they have high fees

 

Unfortunately, some banks aren’t exactly transparent with the fees associated with your accounts. You could be hounded with checking account maintenance fees, penalties for not maintaining a minimum balance, online banking fees, transaction fees, and ATM fees to name a few.

 

All banks vary in the fees that they require, but it is possible to find one that charges you less. For instance, if you use the ATM often, you can easily switch to a bank with no ATM fees. As you search, you will likely find that smaller, community banks require fewer fees while major banks have significantly higher fees. Keep that in mind when searching for a new bank so you don’t end up being penalized for services used.