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Not all changes are bad, sometimes they are necessary and more to take care of personal finances
There are not a few people who have had their bank account for years. Their contract expires and they remain without problem. However, there are times that over time, the financial institution changes its presidents, management, products and even services, and for the worse. Here we tell you when it is valid to definitively break with your bank and contemplate the possibility of going with the competition.
1. Poor customer service
Human resources are unpredictable and that is why many of the bad customer experiences are due more to individual treatment than to a corporate vision, however, that does not mean that they are part of the company’s image. A mistake or a bad day can happen to anyone, but if this type of treatment is repetitive, then it is time to look elsewhere.
But personal treatment may not be the only point to consider. Perhaps it has poor hours or even does not have enough branches and ATMs for your needs.
2. Fees are high
All products and services must be charged, as well as with banks. Fees are a way to ensure the safety of your transactions and your money itself. But one thing is that they have them and another that they want to charge you to laughter. If you see that you have an account with high fees for maintenance, overdraft or use of other ATMs outside the network and with no possibility of being able to avoid them, we tell you that you can find an infinity of options that would charge you less or even not for leaving your money in their bank accounts.
3. Lack of services
Today and if the coronavirus has shown something, it is the fact that it is necessary to be in banking institutions with online services. Although it is incredible, there are still banks and cooperatives that do not have this type of services that are already more than essential for millions of Americans. And not only do you require balance inquiries or movement reviews, but you can also make endless transactions from your computer, cell phone or tablet.
4. High interest rates
If you have a checking or savings account with high rates of return, stick with it; but if you have other types of products such as credit cards and loans with high interest rates, it is better to run away from there.
Money Crashers suggests that if you find that another bank offers a better rate and can save you money, you should see if your current bank can match the offer. If not, maybe it’s worth changing.
5. You move
There are banks that have limited coverage, so if you plan to move and do not have a nearby branch, it may not only be a good idea to move from home, but also from a financial institution.