Reasons to Leave a Bank
There are many reasons to leaving a bank, and closing a bank account. Some people are fed up with having a bank and want to take their money out altogether. Here are some common and important reasons:
- If you are tired of all the fees and unexpected penalties
- Your bank doesn’t have FDIC insurance
- Bad customer service
- Your lifestyle has changed
- No online banking apps or procedures in place
- You are moving
Some banks charge fees to do a few transactions a day, opening an account, large fees for overdrafts, and even fees just to hold an account at their bank.
Customers are tired of spending extra money and want to close a bank account.
This would be the most important reason to leave a bank. If your institution doesn’t carry insurance than you may end up losing your money if the bank goes out of business!
You can check your bank’s insurance status at the Federal Deposit Insurance Corp.’s website. This insurance protects your checking and savings accounts up to $250,000. If your bank isn’t insured, run to another bank to protect your money.
Perhaps you routinely have bad experiences with your bank’s staff; this can make banking unbearable. As well as employees who don’t know how to perform simple transactions without help from a manager.
If this is your plight then you may want to bank elsewhere. Look for a bank that offers 24/7 phone or on-line chat assistance with a real person. Also, a bank where employees happily greet you when you come in and do your transactions with ease.
Some people are fed up with using a bank for many reasons and want to take their money out altogether. Others may have new jobs or different work hours that don’t correspond to the bank’s hours any longer.
A lot of people prefer a bank chain where they can find locations across the US if they travel a lot, while others like the simplicity of a town credit union.
Not Tech Savvy
Technology is advancing at an incredible pace, is your bank keeping up? Many banks now offer free Apps for your smart phone that enable you to check balances, transfer money, accept payments, and even deposit checks.
You may need to change banks simply because you are moving and there isn’t a local branch near your home. This could be a very good reason to close a bank account.