When to know that you need to change your bank

Image courtesy:Pixabay

You have had an account in your bank for years. When you had first opened the account, all was well and good, and the bank was showering you with better deals, cash backs, and points. But today, the things have changed. As the bank grew out of its initial phase and had taken to new heights while exponentially expanding to a size so massive that it makes you uncomfortable.

The deals and the advantages have stopped, the customer service has dropped, and it just feels like that this whole time, the bank ever wanted was your money and is trying to find new ways on how to extract more from you. And, so it comes to no surprise that you are thinking about changing your bank. But you are not sure because you have been loyal to this bank for years, and maybe this is a rough time for the bank as well. So, how do you decide if it is actually the time for choosing a new bank?

Here are five things you need to check and find out if it is time to say goodbye to your old bank:

  1. Maintenance Fees

    Image courtesy:Colourbox
    Image courtesy:Colourbox

Maintenance fees are that fees that the big banks charge you with every single month if you fail to make a certain amount of withdrawals or deposits. This fee might not be much on a monthly basis, but if you let it stack up, you might have to pay hundreds of dollars over the year just for not using your money that you had deposited in the bank for safekeeping.

This is the first sign that you need to check to know if it is time for choosing a new bank. Because, if your bank is charging you a high maintenance fee, and keeps deducting a certain amount from your account every month, then that bank is no longer serving you. Instead, it will be much more affordable for you in choosing a bank that does not charge a maintenance fee at all.

  1. ATM fees

Using an ATM is a boon. You can literally get cash from anywhere by just using an ATM machine. But when you use an ATM machine that is not affiliated with your bank then you run into ATM fees. This ATM fees can be a problem for you in case you are in a place where there are no ATMs of your affiliated banks as the fee can be $2 to $5 on every withdrawal, and can easily stack up and cause a hole in your budget.

While many banks reimburse you with this out of network fees, as they very well should, there are still many banks that don’t. So, the second thing you need to check for before choosing a new bank is to see if your current bank reimburses you with the out of network ATM fees. Here’s a bank that does reimburse ATM fees that you can try:

  1. Fees for paper-statement

    Image courtesy:Wikimedia Commons
    Image courtesy:Wikimedia Commons

In today’s age, paper-statements have become quite obsolete as the dawn of electronic statements have much more to their credit. They are fast, do not cost anything, do not waste any paper or ink, and do not require any courier charge.  And many banks, in order to make electronic statements as their prime modes of providing bills, are charging a fee every time they send a paper-statement.

But, if you are a type of a customer who still likes the old-fashioned paper-statement, then you should not be asked to pay for it. After all, it is the bank’s duty to send you the statements for the services you pay for. And if your bank is asking you for fees for paper-statement, then it is better to begin choosing a bank, which does not. 

  1. Becoming a hassle

It is possible, that when you had opened an account in your current bank, you had done so, by looking at all the ways, the bank was making your life better. All the benefits it had given you while you had joined had made you stay for years. But as banks grow, and their rules and schemes change, they might become less accepting and helping as they used to be.

Image courtesy:Hassle Premium
Image courtesy:Hassle Premium

If the new system of your bank is causing you a lot of inconvenience, then you need to start choosing a bank that works for you. Banking is not supposed to be a hassle, it should be a place where you can leave your money, while being completely satisfied. 

  1. Bad service

Bad customer service is something that you should not tolerate. A bank is made to serve you and take care of all your needs. It never should be about you getting accustomed to their bad behavior. If your bank’s staff does not listen to you, or understand your problems, and only just drags on the meetings without any conclusions. Then you need to start choosing a bank that will listen.

We hope this article helped you decide if you need to choose a new bank. All the best for your search!