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4 Signs You Need To Switch Your Bank

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4 Signs You Need To Switch Your Bank

Breakups are never easy, even with your bank. If your bank isn’t giving you what you need then it might be time to make the switch for someone more compatible. Taking care of your finances should always be a top priority, and sticking with a bank that takes advantage with costly fees and interest rates just isn’t worth it, but features like free checking accounts, low-to-no fees and convenience are.

Here are four signs that you need to find a better match.

1. The Fees Are Way Too High

Dig in a little deeper and find out where, and why, your bank is charging you. Banks are placing more focus on fee revenue to offset losses from regulatory changes. Certain fees, you may not even realize you’ve been paying.

In addition to researching your bank, also look to see where the fees affect you most. For instance, fees and interest on your savings account won’t really matter if you only use your checking account.

Keep track of what you're paying for and why so you’re sure to stay away from overdraft fees, maintenance fees, ATM fees, and transaction fees. If it’s your bank at fault, consider switching over to a bank that offers a fee-free checking account, such as MoneyLion.

2. They’re Really Inconvenient

Chances are, you’re really busy. You shouldn’t have to add stress because your bank isn’t convenient enough for your needs.

Whether you work late and aren’t able to keep up with regular banking hours, you frequently travel or have to go out of your way to find the right ATM, contemplate making the move to a bank that provides you with everything you need right from your phone.

Mobile/online banking may even provide you with many helpful features, such as checking your balance or quickly transferring cash while you’re on the go. Don’t let your bank add unnecessary stress while keeping up with your finances.

3. The Customer Service Isn’t That Great

Great customer service should be a given for banks that want great customer relationships. If you’re stuck feeling that your bank is providing less-than-satisfactory service, it’s a good sign to look elsewhere.

Figure out what your top needs are and look for a bank that can adequately provide them and more. Check for banks that offer services that work with your schedule, such as 24/7 helplines with real customer service representatives as compared to automated voice messages. Schwab (NYSE: SCHW) is a great example of 24/7 customer service helplines. If you prefer online services, look for banks that provide online tools such as live chat assistance.

4. Safety Is An Issue

The Federal Deposit Insurance Corporation is an independent agency in charge of regulating the banking industry. The FDIC provides insurance to banks covering deposit accounts, including checking and savings accounts, money market deposit accounts, and certificates of deposits. As of 2018, the standard coverage amount is $250,000 per bank. This means that if you have $250,000 or less stored at your bank, you’ll still be able to keep your cash if the bank goes under.

Contrarily, if your bank is not insured under the FDIC, consider it a red flag. If the bank were to fail, none of your deposits would be insured.

 

MoneyLion has entered into a compensation arrangement with Benzinga under which MoneyLion pays a fee for marketing and advertising services. MoneyLion does not have editorial control over the content of this material. MoneyLion does not adopt, endorse, or guarantee the accuracy of content posted by Benzinga, and such content does not represent the views of MoneyLion.

Posted-In: banking debit card feesEducation Personal Finance General Best of Benzinga

 

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