Switching banks can be a smart move for your financial well-being. If you're dealing with poor customer service, need services your current bank doesn't offer, or your bank has been acquired, it might be time to move banks. Below we discuss key moments when you may consider switching banks, how to move banks and details on what to expect on how long it takes to complete the switch.
Reasons to Switch Banks
1. Recent Bank Acquisition or Merger
Bank acquisitions and mergers can bring about significant changes, often leaving customers in a state of uncertainty. If your bank has recently undergone a merger or acquisition, you might notice new fees, altered terms, and a different customer experience. These changes can sometimes lead to improved services and better deals, but if you're unhappy, it might be time to switch banks. To move banks effectively, you should explore how to switch banks, including understanding the switching banks process. Consider what you need from a new banking partner and how long it takes to switch banks to ensure your new choice aligns with your expectations and needs.
2. Subpar Customer Service
Customer service is a crucial aspect of your banking experience. If you frequently find yourself frustrated with long wait times, unhelpful staff, or unresolved issues, it’s a clear sign that your bank may not value your business. Exceptional customer service is non-negotiable, especially when it comes to your finances. Consider switching to a bank that prioritizes customer satisfaction and has a reputation for providing excellent service.
3. Need for More Services
As your financial needs grow, you might find that your current bank no longer meets your requirements. If you're a small business owner looking to expand, you may need a commercial loan, better business banking services, or specialized financial products that your current bank doesn’t offer. In such cases, you may want to switch banks. Understanding the process of switching banks can help you move banks efficiently. Learning how to switch banks, including how long it takes to switch banks, ensures you find a bank that supports your financial goals and business growth.
4. Higher Fees
Banks constantly update their fee structures. If you notice that your bank is charging higher fees for basic services, it’s worth exploring your options. High fees can erode your savings and make it harder to achieve your financial objectives. Look for a bank that offers reasonable fees for the services you need.
5. Technological Advancements
In today’s digital age, having access to robust online and mobile banking services is essential. If your bank’s technology is outdated, making it difficult to manage your accounts on the go, pay bills online, or access customer support digitally, it might be time to switch to a bank that invests in modern technology. Banks that prioritize digital innovation can offer more convenience and better security for your financial transactions.
6. Community Considerations
Your bank’s values should align with your own. If you're concerned about your current bank’s involvement in community support, their commitment to sustainability, or their overall environmental impact, consider switching to a bank that aligns with your values. Many banks now focus on sustainability and community development offering you the opportunity to support causes that matter to you through your financial choices.
How to Move Banks
Switching banks might seem daunting, but it doesn’t have to be. You can create a checklist on your own or download our Switch Kit which includes a worksheet to keep track of outstanding items to help you streamline the transition.
Keep Track of Accounts to Close
One of the first steps in switching bank accounts is ensuring you close your old accounts properly. Our Switch Kit includes a detailed checklist to help you track which accounts need closing, preventing any oversight that might lead to unwanted fees or security issues.
Monitor Outstanding Checks
Outstanding checks can complicate the transition process. You’ll want to keep track of any checks you’re waiting to clear, ensuring that your financial activities continue seamlessly during the switch. By staying organized, you avoid potential disruptions in your finances.
Manage Automated Payments
Transferring automated payments to your new account is critical for avoiding missed bills and ensuring continuous service. The account transfer worksheet in our Switch Kit helps you stay organized and ensures all your recurring expenses, from utility bills to subscription services, are paid on time.
Notify Vendors of New Payment Details
Updating your payment information with vendors can be a tedious task, but it’s necessary to maintain your service continuity. Utilize our Scheduled Payments Transfer Letter to notify all necessary merchants about your new account details efficiently. This saves you time and reduces the risk of payment issues.
Wait One to Two Statement Cycles
Switching banks typically spans one to two statement cycles, allowing time for all transactions to clear and for contact details to be updated with vendors, During this period, you'll monitor your accounts to ensure all pending transactions, such as outstanding checks and automated payments, are processed correctly on your new account. Switching banks doesn’t have to be a daunting task. With careful planning and attention to detail, you can find a bank that better suits your financial needs and offers a more satisfying banking experience.
Considering switching banks? Talk to one of our deposit specialists today to see what BankProv can do for you.