5 Major Signs To Switch Banks

Sick of waking up to check your bank account balance only to see your account has massive overdraft fees on top of low account balance fees? Tired of feeling like a dinosaur when you log in to check your account balance on the go? It sounds like it's time for you to consider a bank swap. Here are five critical signs you need to break up with your current bank and move on to a better one, preferably one with better rewards and interest rates. After all, your bank should be your financial partner and not a parasite.

Lack of Mobile Features

Did you know around fifty-five percent of all internet access is done on a mobile device now? That number isn't shrinking, either, which is why it is essential to have a bank with a modern mobile app that isn't a pain in the wallet to use. You should be able to log in with just a touch of your fingerprint sensor on your smartphone to see all your relevant details. It should also be easy to make transfers between accounts and upload deposits using your phone's camera. If your bank has a lack of mobile features, it's probably time to consider a bank swap.

Dealing with bank tellers and other customer service representatives can provide another indicator it is time to switch banks. Keep reading to discover the details.

Awful Customer Service

Dealing with your bank when something goes wrong shouldn't be a chore you dread having to handle on top of everything else. Waiting in line or on the phone for forty-five minutes before you get to speak to a real person doesn't have to be the way you bank. Some online banks offer chat and email as a way to communicate with customers who cannot or prefer not to deal with customer service through the phone or in person. If you prefer dealing with a local person within a reasonable amount of time instead of awful customer service that takes hours to see someone, consider a local credit union in your area instead of a massive national bank.

Read about how some incentives can actually point to you needing a new bank.

Limited Incentives

If your bank doesn't offer a competitive interest rate on both checking and savings accounts, it's probably time to move to greener pastures. Some online banks offer up to 1.50 percent interest rates on their savings accounts, which is more than ten times what most national banks offer. Others also have competitive rewards programs that provide cash back on everyday spending. Many banks also offer credit cards with an incentives program if you pay off your balance from your checking or savings account held with them. If your current bank is offering limited incentives, what's the reason you're sticking around other than convenience?

Continue reading to learn about how bank fees may mean it's time to leave.

Paying Too Much in Fees

If your bank is charging you to keep an account open when the balance falls below a certain threshold, it's time to switch banks. Paying too much in fees is the number one reason why people decide to change banks, especially when online banks offer accounts that pay you to keep money in them. Some banks even offer overdraft protection in the case of overdrawing your account. These banks will pull the funds from your savings instead of slapping you with a nearly thirty dollar fee.

You should also pay attention to how your transactions hit your bank statement. Some larger national banks have been caught approving transactions in an order designed to maximize the number of account overdrawn fees you get hit with should you make a mistake.

Sometimes the effort needed to do basic banking means it's time to switch. Continue reading to learn more.

Inconvenience

If you're always hunting to find an automated teller machine (ATM) that won't charge you fees, you might be better off with another bank more convenient for you. Inconvenience is the second reason, behind fees, most individuals cite when they want to switch banks. Modern banks now offer a myriad of deposit and withdrawal options, including online check deposit and ATM fee reimbursement. Each of these features is designed to give the customer more convenience, not less. That way you can get your money in or out of the bank without having to make a special trip. Finding a bank convenient for you should be a priority when you consider switching.