Finance Globe

U.S. financial and economic topics from several finance writers.
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6 Signs It's Time to Leave Your Bank

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Some relationships are meant to be forever. Your relationship with your bank isn't one of them. Breaking up with your bank means going through the process of changing your direct deposit, getting a new debit card, and get used to the new bank. But, if your bank is no longer serving you well, the changes are necessary. Here are some signs it's time to leave your bank.

They’re charging too many fees. A monthly fee might be acceptable in some cases, though many banks will waive the fee if you meet certain qualifications. Outside of that, there’s almost no reason to pay fees on a bank account. If you find your bank is making you do more to avoid their fees, seek out another bank that will let you keep more of your money.

They’ve done something dishonest. One large bank made headline news recently for opening accounts in their customers’ names without their permission. Even if you weren’t directly affected by a practice like this, just knowing your bank has done something this unethical and dishonest can make you not trust them. 

Another bank has a better offer. While some banks are nickel and diming their customers with fees, others are offering signup bonuses to new customers. Check internet for banks that are offering signup bonuses. You may not necessarily be unsatisfied with your bank, but a better bank that’s offering a signup incentive is worth considering.

Your bank doesn’t have great online or mobile options. Online banking allows you to keep up with your bank balance, pay bills, transfer money between accounts and so much more. Mobile banking offers these benefits, but via a smartphone app that you can access from your phone anywhere, anytime. If your bank’s lagging in the tech department, it may be time to switch to a bank with modern features.

Your lifestyle has changed. We’re not the same people forever. We grow, move, get businesses, expand our families, relocate. If your bank no longer fits your needs, it’s time to start looking for an institution that can better serve you and your finances.

You’re unsatisfied with their customer service. You may not have a need to contact your bank’s customer service very often, but when you do, you expect to receive quality service. A bad customer service experience is an understandable reason to move to another bank that’s committed to treating customers respectfully.

If you've decided it's time to leave your bank, choose a new one before you close your accounts. This way, you can have a smooth banking transition with as few issues as possible.

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Comments 1

Frank on Sunday, 30 April 2017 20:45

If you change banks, does that hurt your credit score?

If you change banks, does that hurt your credit score?
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Wednesday, 16 October 2019

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