1) They Just Don't Understand You Anymore
When you first opened your checking account, it had all the features you wanted. Online banking, low fees, great customer service and a branch around the corner all came standard. Now the branch has been replaced with a 1-800 number and there’s no mobile banking service for your iPhone. If certain bank account features are missing that might make your life easier or you more comfortable, it’s time to shop around.
2) You Can't Afford the Hidden Costs
There are new minimum balance requirements for both your checking and savings accounts. Paper statements now incur an additional cost, and ordering checks now costs $15 instead of being pro bono. Bounce protection fees are applied haphazardly. ATM withdrawal fees are more than your ten-year-old’s weekly allowance. It’s getting to the point where you wonder if you should build bank fees into your monthly budget. If most of these apply, kick your bank to the curb.
3) Too Many Surprises
Every time you turn around, there's a new e-mail or notice advising you of an increased fee or new charge. The terms of your checking account have changed several times over the past year. The interest on your savings account has dropped consistently more than the average. If your bank experienced a buyout, customer service contacts and available hours may have changed. If there’s too much volatility, cut your losses and aim for a checking account with more consistency.
4) Long Distance Checking Isn't For You
With online banking on the rise, many customers prefer the convenience and 24/7 access to online banks. But some of those who make the switch may find they miss the customer service of a more traditional brick and mortar bank. There’s something to be said for face to face customer service vs. an automated voice recognition system. Credit Unions and smaller community banks often have great options for checking and savings accounts. As an added bonus, many credit unions offer lower interest rates on mortgages and auto loans to account holders.
5) You Want to Explore Your Banking Options
There’s a great big banking world out there, and you want to test the waters. Checking and savings accounts have come a long way in the past several years. It’s good to shop around from time to time to see if there’s a better place to stash your hard earned money. Maybe there’s nothing wrong with your bank per se, but you just don’t feel like your checking account is doing anything for you. Researching the other possibilities could lead to a better solution. Don’t forget to explore potential fees, minimum balance requirements and customer service options. If the comparison leaves your old savings account looking shabby, consider moving your assets to a place where you’re more comfortable.