Check out these reasons why you should change bank accounts now. It may be time for you to switch in order to get the most out of your bank or credit union!
Comfort: it’s where most of us find ourselves at a certain point. It’s where we think we have things all in place and where they work best for us. It almost feels like an accomplishment to get to this place. You know which stores you like to shop at, what brands you like, and where you bank. While this can be comfortable, this is often where we tend to also get taken advantage of. Banks, cable companies, insurance companies, and others like to think you will always be with them so they don’t worry about keeping you as much as they worry about getting new customers. Here are some reasons Why You Should Change Bank Accounts Now to save money in the long run.
Why You Should Change Bank Accounts Now
You may get a cash incentive. I occasionally get fliers and postcard ads in the mail offering me incentives to join a different bank. The best one yet offered me $100 deposited into my checking account if I made 5 debit transactions within 30 days of opening the account. Now, obviously free money sounds great, but also look at the bank’s fees and policies before you make the switch. You may find that it’s better than where you bank at now.
There may be better amenities somewhere else that will help you save money in other ways. If you have been banking at the same place for many years, you may not even realize how far banking has come. Some banks offer extreme convenience such as photo deposits (where you take a picture of your in order to deposit it and skip coming in), later hours, or budgeting tools and apps. These can save you money in the long run and are something to consider when deciding to switch.
You could get a better rate on loans somewhere else at another bank. For most people, this is a biggie. If your bank won’t or can’t offer the rate you need or want, it’s time to start looking elsewhere. Sometimes banks will even give incentives to switch your loans to them like a super low rate for 3-6 months.
You may be paying too much in fees. Many banks have gotten away with charging fees for every tiny thing you do for so long, that you may just be used to being gouged everywhere you go. The truth is, banks are also starting to realize that too many fees drives customers away. Check out other banks and see if there are cheaper options out there. Also, I love credit unions. They often have less fees and are more forgiving. Mine allows for the first 5 overdrafts to be forgotten with no fee and the checking is truly free as well.
There are not enough ATMs or locations. Not having enough ATMs or locations is a big way your bank may be draining your money. If you have to pay a $3 fee just 4-5 times a month, that’s $12-$15 you are basically wasting and that adds up to $144-$180 a year! Your bank should be convenient to YOU. If it’s not, it may be time to consider switching.