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Unhappy with Your Current Financial Institution – What You Should Look for in a New One

Posted by : Premraj | Posted on : Tuesday, April 17, 2018


Your bank is one of those things that you tend not to give much thought to until they start doing things that irk you. Maybe their account fees have been going up, perhaps they don’t offer as many conveniences as you’d like, maybe their online and mobile tools aren’t up to par, then again, maybe it’s the customer service that has gone downhill. If you’re feeling unhappy with your current financial institution then it’s only normal to start considering taking your business elsewhere.

Before you close off your accounts though and make the move, you may want to take a little time to do your research, to ensure you pick a bank that is better suited to you and your needs. Here are some things that you may want to be aware of and look for when picking a new bank.

Does the Bank Value its Customers and Make Engagement Easy?

People often complain that customer service is something that has really suffered in the past decade, and not just in banking but in all service-related industries. It seems the focus isn’t always on making the customer happy. Rather, it is on the bottom line. This can be especially true in the banking industry where people can feel like a number rather than a valued customer.

Taking a look at how a bank treats its customers will tell you a lot about what your experience will be like. Does the bank make customer engagement possible and simple? Do you feel like you matter?There are companies such as Deluxe Financial who are actually working with large financial institutions all across North America, to help those institutions improve their customer engagement, work on the customer lifecycle, and really foster it. This goes to show that there are banks out there who prioritizing their customers.

Take a Close Look at the Account Fees

Another area you will want to look at closely is the account fees. Often, you’ll find those that offer zero account fees, but take a look at the small print because chances are you’ll need to carry a minimum monthly balance in order to be exempt from the fees.Account fees can add up very quickly, so clearly you want a bank that is transparent about their charges.

Make sure to also look into what that fee includes, for example, does that include unlimited debit transactions, online payments, transfers, and checks? If not, how much of each does it include?

Do the Hours Work for You

If you’re the type that likes banking in person at your home branch, then you’ll also want to be sure that the hours of operation work with your schedule.

Look Into What’s Involved in Switching

The final tip is to look at what’s involved in switching. Some banks will make it as difficult as possible to switch, but try not to be deterred. You need to think about such things as any pre-authorized debit payments you may have set up, any pre-dated checks, and even such things as pre-authorized credit card payments if your credit card is also with your bank.

Finding a Bank You’re Satisfied With

These tips will help you to find a bank you feel satisfied with and willing to bank with.

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