Can you think of good reasons to fire your bank? If you’ve had a long-term relationship with your bank or credit union, leaving might be the last thing on your mind. On the other hand, if your bank has changed a lot in recent years or months, now might be the right time to consider other possibilities. Not that you should hastily turn your back on your bank, but if you’re generally unhappy, here are seven possible reasons to fire your bank.
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1. Limited ATM Network
Do you need reasons to fire your bank? If you have a relationship with a small community bank, you may experience limited ATM access. Your bank may only have one or two ATMs in the immediate area, which forces you to use ATMs outside your network. This can result in expensive ATM fees that can eat away at your balance.
2. Inconvenient Locations
In addition to fewer ATMs, you might fire your bank if branch locations are not convenient to your home or office. Maybe you recently moved or switched employers. As a result of this change, the nearest branch or ATM might be a great distance, whereas you can think of three or four other banks in your immediate vicinity.
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3. Lack of Services
Nowadays, banks and credit unions offer a variety of services to make the banking experience fast and convenient. But if your personal bank is dragging its feet with regards to innovative features, maybe it’s time for a change. For example, maybe your bank doesn’t offer a user-friendly online banking experience. Then again, maybe your bank doesn’t have an app or offer mobile banking.
4. Higher Fees
It’s difficult to get around bank fees, but this doesn’t excuse being taken advantage of by a financial institution. Even if you’re somewhat content with your bank or credit union, it doesn’t hurt to shop around and compare another bank’s fees. You might come across a bank that offers free checking and savings accounts, as well as lower fees on other services, such as overdraft protection.
5. Better Terms Elsewhere
If you’re looking to grow your income and maximize your savings, you need a bank that offers the best interest rates on savings accounts, money market accounts and certificates of deposit. Likewise, it pays to have a bank that offers interest checking. Contact local banks in your area and request information about interest rates, and then compare these rates with those offered by your current bank.
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6. Poor Customer Service
There is no such thing as a perfect bank. Even so, this doesn’t mean you have to accept poor customer service. If the tellers at your local bank branch are unfriendly or unwilling to help, and if you receive the same level of service when you call customer service, perhaps it’s time to look elsewhere.
7. No FDIC Insurance
Although most banks are FDIC insured, this insurance is not required in some states. This insurance protects your checking accounts, savings accounts, money market accounts and certificate of deposits in the event that the bank fails - $250,000 per account. Being FDIC insured says a lot about the financial health of the bank. If your bank isn’t insured, it’s time to move on.
Of course, choosing a new bank can be just as difficult as deciding when to fire your current bank. To make the right choice, consider the bank’s products and services, interest rates, and reputation. Have you fired a bank? If so, why?
