There has been a lot of talk over the past few years over whether banks are still serving their customers correctly and whether it may be better to switch banks or change to a credit union. Some banks are doing an excellent job at providing the services that will help them retain customers while some others act like they do not care about their customers at all. If your bank feels more like the latter, it may be time for you to find a different place to put your bank accounts. Here are some signs that indicate that you should break up with your bank.
Lousy Customer Service
If the service at your bank has declined to the point where you are beginning to dread having to go to the bank and speak with a representative, then that is a pretty strong sign that it is time for you to break up with your bank. Many banks have declined to invest in good customer service, leading to fewer tellers available during banking hours and those few are often frustrated because they are working more for the same amount of pay to make up the lack. If you find yourself waiting in line for long periods of time and facing surly company representatives at the end of your wait, you should begin looking for another bank immediately.
Maintenance Fees On Your Checking Account
If you are paying your bank a monthly fee for them to hold your checking account, it is time for you to find another bank. Totally free checking accounts are getting harder to find, but there are still some banks that offer checking accounts that do not have monthly maintenance fees. Before opening a checking account at another bank, inquire if the account you are interested in has a minimum monthly balance requirement or other conditions that must be met to keep the account maintenance fee free. If you cannot easily meet the required conditions, do not open that particular type of checking account.
There’s Rarely A Need To Visit A Branch
If you very rarely have to visit your local bank branch for banking reasons, you may want to consider switching to an online bank. Online banks provide many of the same services as a traditional bank without having physical locations, leading to less overhead and less fees needed to generate profits. The checking accounts are often fee free and the savings accounts often have higher interest rates than your local bank’s offerings. The online bank may also offer some attractive perks to entice you into switching over your accounts. If you are already doing most of your banking online, it may be more cost effective to switch to an online bank.