Are you, like many Americans, frustrated with your current bank? With the economy and financial industry behaving the way they currently are, it’s now more important than ever to be with a bank that’s looking out for your best interests. Unfortunately, some banks make it difficult to leave.
If you’re thinking of leaving your current bank and switching to a new financial institution, then you’ve got to read this guide. Learn everything you need to know about switching banks below.
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Reasons You Might Switch
The first thing to get straight is why you’re switching. Is it necessary for you to change banks, or could the issue you’re experiencing be remedied with a little work? Sometimes switching really is the best option.
For example, it could be the case that the terms you were offered when you first opened your account have since changed. When this happens, many people end up remaining with a bank for the sake of convenience, but this is bad news for your personal finances. Always be aware of changing interest rates and baking charges.
Another reason you might want to switch is because of poor customer service. If your bank’s employees aren’t helpful, forthright, or competent, then this would be a big red flag. If you’re not able to get the help or support you need from your bank, you could definitely consider switching.
How to Go About Switching Banks
If you feel as though you’re ready to switch, here’s how you can do this in an orderly and easy manner. The first thing you want to do is open an account with the new bank you’ve chosen. It’s important to open your new account before you close your old one.
Once you’ve opened your account, you can go about getting it ready. Transfer the money in your old bank account to your new bank account, and stop any direct debits or standing orders you might have set up. You can create new ones at your new bank.
Once you’ve got your new account all set up, and you’ve cleared any debts from your old bank, you can close your account. Many banks allow you to do this online, but in some cases, you might have to visit a branch in person.
How to Choose a Better Bank
When you’re in the market for a new bank, there are certain things you should be looking out for. First, you should look at the interest rates they charge compared to other lending institutions. Next, what are their fees like?
Other important things to consider are things like accessibility. Do they offer online banking, and do they have a branch close to you in case you need to do any in-person banking?
You should also ask yourself, how will the bank in question help me in my financial goals? Is the concept of infinite banking something you should be looking into?
Take Better Care of Your Financial Health
Your bank could be damaging your financial health without you even knowing it. Take a long look at your current lending institution to see whether switching banks could be a good idea for you. If you’re looking for more financial tips and advice, see the rest of our site now.