Should You Switch Banks?
We switch brands all the time.
We’ve switched toothpastes, shampoos—even our allegiance to coffee brands. But when it comes to banks, things get a little more complicated.
So much so, that even when we’re grumbling, we just can’t seem to make ourselves switch. At least that’s the conclusion of a recent survey that found that in the past year, almost one in five bank and credit union customers have considered switching to a new institution.
But when push comes to shove, only half of those people actually pull the trigger. Why? All that changing of direct deposits and handling of paperwork is just too much effort.
First, let’s take a look at the things consumers say they generally don’t like about their banks, then we’ll walk you through exactly how to find one that’s best for your money—and make all that work a breeze when you’re ready to make a switch.
Keep reading: There’s an easy quiz that will lead you to the right answers.
No Love for Fees
Customers of banks and credit unions cite several reasons why they are so done with their bank:
- 43% of the respondents resented rising fees for routine services, like monthly maintenance fees for checking accounts, and extra charges for paper statements, ATM fees and wire transfer fees
- 38% said another bank offered better terms
- 26% were less than pleased with customer service
In summary, nearly one in five customers were unhappy because banks were charging them more for worse customer service and lower-quality products. So, what prevented them from busting a move?
How to Break Up With Your Bank
Of customers who couldn’t bring themselves to go through with switching banks, 37% said it would take “too much time and effort to complete.” 28% said they were worried about having to pay fees to transfer their money–a valid concern.
But if you’ve personally had it with your bank and you’re ready to jump ship, we want to teach you how to do it with minimal frustration and time and money spent, so we have a checklist that will walk you through the process step-by-step. (If you love this checklist, we have one for everything from paying off your debt to cutting your grocery bill. Check them all out here.)
Do You Need a New Bank?
But if you’re not sure whether it’s time for you to switch, we’ve got a quiz to help you think more critically about whether your bank is right for you.
Have a bank or credit union your particularly like or dislike? Share your opinion with other LearnVesters in LV Discussions!