If you’ve been with the same bank for a long time, you might be comfortable with the relationship enough to let things slide. However, with the fierce competition in the banking industry, there’s no need to put up with poor service, high fees or other common complaints customers have.
Read on to discover 5 signs that it’s time to change banks.
1. Your bank charges you to hold your money
In the good old days, banks would pay you interest on money that you kept at their institution. This included checking, savings, CD’s and other types of accounts. Today, some banks have reversed the tables and are charging customers maintenance fees to keep checking, savings or CD accounts at their institutions.
2. Your bank charges an ATM or debit fee
You should never have to pay to access your money. Keeping your assets at a bank is a trust between a consumer and a company. Once the company charges you to access your money that you willingly put into their bank, they have crossed the line. There are plenty of small banks and credit bureaus that will never charge debit or ATM fees, even if you don’t use their machines.
3. Your bank’s hours stink
A lot of people never interact with a teller anymore. Between ATM’s and direct deposit capabilities, the need to enter a bank has dramatically reduced. That being said, if a situation ever does arise where you need to speak with a real human, you want them to be available. Banks that close at 4pm and have limited to no weekend hours probably aren’t going to be open if or when you need them.
This might not be an issue on a day to day basis, but if you run into a problem or need to open a new account, you’ll wish you had chosen a bank with better hours. If you’re always working when they’re open, you might want to consider taking a day off to close your accounts and take your business elsewhere.
4. Your bank made a mistake
It may be time to change banks if your bank has made more than 1 mistake with your account in the last year. People make mistakes, it’s true. However, the banking industry has to be especially careful to not make mistakes because a single mistake can have huge repercussions on the customers.
If your bank misses a deposit or puts your money in the wrong account you might not know it before it’s too late. Then you could get hit with returned check fees and even find your credit score drop a few notches for missed payments. If your bank has made more than 1 mistake in the last year, it’s time to find a bank that takes a little more pride in their work.
5. Your bank is at risk of going out of business
If you think your bank might be headed down hill, now is the time to take your money and run. You don’t want to have your cash held up in bankruptcy court or anything of that nature. There are signs that your bank may be faltering, such as a sudden increase in fees, a decrease in interest rates, reduction of hours or locations or rampant rumors of your bank’s business woes.
If any of these things apply to your bank, you might want to consider changing financial institutions. Changing to a new bank is inconvenient, but so is paying unnecessary fees and losing time and money dealing with errors.