5 Reasons to Change Banks

Sometimes it may be necessary to change banks in order to get the type of services that you need. Here are a be reasons that you might want to consider changing banks.

1 - Fees

One of the most common reasons that people change banks is because of the fees that are charged. Many banks today charge fees for everything that they do. They will charge you NSF fees, inactivity fees, ATM fees, and a host of other things. These fees can add up to a large amount if you are not careful. Some banks charge more than others when it comes to fees. If you believe that your bank is charging too much for these things, you should start shopping around. When shopping around, you should be able to find out what other banks are charging for all of their fees. If your bank is charging more, you should consider changing banks.

2 - Location

Another reason that you might want to consider changing banks is location. Some banks have more locations than others and you want to choose a bank that is convenient for you. If the bank that you are working with is not located close to you, it may not make sense to do business with them. Even if they have cheaper fees, you may not be able to justify paying the gas to drive over to them every time that you need something. If you have to drive by several banks just to get to yours, it may not be in your best interest to continue working with them.

3 - Lagging Rates

If you have a savings account with your bank, you want to be able to earn a fair interest rate on your balance. If your bank has a lagging interest rate on their savings accounts, you should think about switching to a different bank. If you are going to be keeping your money with a bank, you want to make as much money as possible on your deposit. You can check around with different banks to see what they are giving their account holders in interest.

4 - No Interest on Checking

Another reason that you might want to think about working with another bank is if your checking account does not pay any type of interest. Many of the free checking accounts out there do not pay interest on the balance that is in the account. If you are not getting paid interest, you are missing out on some potentially free money. Check with other banks in your area to see if there is a better deal out there.

5 - Lack of Service

Some banks do not put a priority on customer service. If it feels like your bank is not willing to take care of you when there is an issue, you may want to think about going with a different bank. You deserve to get quality customer service and all of the other benefits that come with a great bank. 

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