Once upon a time, there was only one bank in town that everyone had to use. On some occasions, people would have to travel from adjoining towns to use the bank in your town. In those days, you had no other option for a financial institution. It was one bank all your life.
However, things have changed, and customers no longer need to maintain a lifelong relationship with a bank. If you have been a customer of your bank for a really long time, here are some benefits of switching bank accounts that you need to read.
1) Reduced Banking Fees
Owning a bank account, these days means paying fees for everything imaginable from regular account maintenance fees to ATM card maintenance fees and machine fees when you use your ATM.
If you are frustrated with your bank and it has high fees, note down what all the fees are. Then look for a bank that is more reasonable with its charges and switch bank accounts. Look out for banks that will stop charging maintenance fees if your balance is low that does not charge you minimum balance fees, offers cashback for using their cards and reimburses excessive ATM fees.
2) Faster Access To Funds
If you have been keeping your money with the same bank for the last twenty years, there is a very good chance that it is the type where you have to wait at least a few days after depositing a check to get access to your funds. This can be very frustrating if you have financial needs that need to be met asap but have no access to your hard-earned money.
If your bank’s deposit clearing process is super slow, you might benefit from switching to a bank that gives you instant access to your funds.
3) Improved Customer Service
When you have a challenge with your bank, do their customer service reps answer the phone politely? Are there actual people chatting with you online, or do you chat with a service bot? Does your bank take customer service seriously at all?
If the answer to these questions is no, then you should change that bank for one that will offer you better service. Poor customer service is wrong, and no bank should treat you badly while holding on to your money.
4) Tech Oriented Service
Face it; if it takes your bank a few days to process a deposit or help you with a service issue, then it is far behind in this new technological age. At the very least, a good bank should be online and have a mobile app that simplifies deposits and eliminates many customer challenges.
If your bank does offer online services, but they are more problematic than helpful, then you would also benefit by moving to a financial institution that offers more reliable and robust online services.