Signs that It's Time to Find a New Bank
Banking can be an important part of your life, but just like
anything else it can go wrong if you're not careful. Sometimes a
bank changes ownership or drastically alters their policies,
making your banking experience much less than it should be...
other times they simply don't keep up with other banks and
aren't able to offer you the advantages that some of the other
banks in your area have. When this happens, you may have to face
the difficult decision of seeking out a new bank that will
better take care of your financial needs. This isn't always an
easy decision, especially if you've been doing business with a
particular bank for a long period of time.
If you're having problems deciding whether it's time to start
looking for a new bank or not, then this article is designed to
assist you in making this difficult decision and help get you on
the right path to finding the bank that will best suit your
needs.
Evaluating Your Current Bank
Before deciding to simply jump ship and move to another bank,
you should take the time to evaluate the services that your bank
offers and which services you would like that they don't offer.
This way you can determine whether the problem that you've been
having with your bank is simply a minor grievance or if it needs
a bit more looking into so as to determine whether or not to
leave your current bank for another one.
Deciding on Features You Want
Once you've determined which features your current bank offers
and which ones it is missing, it's time to start compiling a
list of the features that you would like for your ideal bank.
They could be features such as high interest rates and multiple
allowed withdrawals for savings accounts, interest-bearing
chequeing accounts that aren't overcome with fees, or
certificates of deposit with high interest rates and low
penalties for early withdrawal.
Once you've taken the time to compile a listing of what you'd
like in the bank of your choosing, you can then start shopping
around at different banks in order to determine whether or not
you'll be able to find a bank that offers all (or at least most
of) the things that you want
Investigating Other Banks
Using your list of desired features as a comparison point, begin
looking into the account options and banking services that are
offered by banks in your area. What you're looking for is a bank
that offers at least most of the items on your list, with good
interest rates on accounts and helpful service people. You might
not find a bank that meets all of your needs, but there is a
good chance that you'll be able to find one that offers many of
the services that you want.
When to Close Current Accounts
Making the decision to close a bank account can cause you to
second-guess yourself as to whether the new bank is actually
better than the old. If the conditions at your old bank are at
least tolerable, you may choose to keep your old account open
for a while... perhaps you could begin using it as an account
that keeps up with money to be used during the holidays, or just
an additional account that can be accessed in case of
emergencies.
If the conditions at the old bank leave quite a bit to be
desired, however, you shouldn't feel ashamed to close the
account once and for all and move on to a new and better bank.
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