Know someone in a bad relationship… with their bank?
March 15, 2016 | White Rose Credit uNion | Financial Wellness
Help someone with their “Break-Up” and you can get a $10 reward too. Find the details in the kit.
Banking is a necessary and at times stressful part of life. We trust financial institutions with our money and our livelihood, and in exchange for this trust we expect quality service and products. However, banks usually don’t make the list of our favorite customer service providers. If you’ve ever dreaded making a phone call or trip to your current bank, it may be time to look for a new financial institution. Credit unions are not banks, credit unions are not-for-profit organizations that exist to serve their members. Feeling frustrated with your current bank? Here are some of the reasons why breaking up with your bank could ease your financial concerns.
This is the most common reason given when a consumer opens a new checking account. This reason accounts for 24% of people who are interested in switching financial institutions. If you’re moving to a new area and your current bank doesn’t have branches nearby, and lacks the online support to compensate, it may be time to break up with your bank.
You’re being charged unnecessary fees.
In a Consumers Union survey, 43% of participants said that increased fees for routine services led them to consider switching.
These fees may include:
- ATM fees
- Additional charges for paper statements
- Wire transfer fees
- Monthly maintenance charges for simple checking accounts
For example, Bank of America charges a $12 monthly fee if you don’t keep the balance of your checking account above $1,500. This requires you to constantly check your account to make sure you’re meeting their requirements. If you’ve been charged one unnecessary fee too many, it may be time to break up with your bank.
You’ve experienced a major life event.
Have you recently gotten married or expanded your family? Major life events are great reasons to reevaluate what your services current bank provides. Consider the differences between your spouse’s financial institution and your own. You may want to open a joint account or start a new search altogether.
If it’s time to start thinking about your child’s future, learn how beneficial it can be for them to open their own special kid’s account. Not every financial institution offers these unique accounts, so be on the lookout for a kid’s program that’s designed specifically with children in mind. If you are looking to open a new type of account, it may be time to break up with your bank.
You’ve experienced terrible customer service.
At their core, financial institutions should be there to serve their members. Just like any other company who offers a product, they should be there to support you and fix whatever problems may arise. No company is perfect, so don’t leave a financial institution just because one mistake was made, leave because the mistake’s aftermath was handled poorly or mistakes have become commonplace.
Ask yourself these questions to determine if your financial institution offers outstanding customer service:
- Is it easy to get a hold of an actual person on the phone?
- Are my face-to-face interactions in the branch positive?
- Do I receive quick resolutions to my problems?
- Do I receive benefits for being a long-term customer?
If the answers to these questions were mostly no, it may be time to break up with your bank.
Make the Switch to White Rose
Scared of making the switch? Our helpful Switch Kit easily guides you through the process of switching accounts.Switch Today »
It’s Time to Break Up – Now What?
If you’ve been nodding along in agreement to the above reasons, you’re probably ready to make the switch, but will you? This Consumers Union survey found that 1 in 5 participants wanted to switch financial institutions, but in the end, less than half went through with the process. Why?
The three most popular reasons given for sticking it out with a less than satisfactory bank were:
- It was too much trouble to transfer automatic payments and deposits.
- The entire process would take too much time and effort to complete.
- They were worried about having to pay fees to transfer their money.
It’s no secret that switching financial institutions can seem stressful, but if you’ve found the right credit union for you, they should help you make the switch as easy as possible. One of the best services a new financial institution can offer is a switch kit, dedicated to guiding you step-by-step through the process of switching your accounts.
Don’t settle for a bank that doesn’t give you stellar customer service or the account options you need. Break up with your dead-weight bank and download our Switch Kit to discover the credit union difference.