According to Bankrate.com, 9.6% of customers switched banks in the past year. The reasons vary but there are certain indicators, which might indicate that you should leave your current bank.
Check your bank’s status on the Federal Deposit Insurance Corp’s website, this firm provides debt resolution and other financial services. There you can make sure your bank is maintaining it’s FDIC insurance. If your bank is not maintaining its FDIC insurance, consider it a red flag. If anything happens to the bank your money will not be insured.
Keep an eye on the fees your bank charges you. Many of the larger banks are trying to increase their revenue to offset the loss of credit card fees. You may see new charges popping up, such as fees on debit cards and checking accounts. In which case you might be able to find a smaller local bank with lower costs.
Make sure your bank is fitting your lifestyle perfectly. You may be traveling more and need a bank with a national presence with more branches. Or maybe you need a bank with extended hours.
How is the customer service at your bank? If you are unhappy with the way you are being treated you can certainly do something about it! Find a bank that has good customer service.
How is your bank on technology-based offerings? If it is important to you to have your account information available at any time find one with a wider array of online and mobile banking options. Some banks will even alert you when your balance has reached a certain amount or when a new statement is available. You may also be able to pay bills online, order new checks and transfer funds between accounts.
You may be perfectly satisfied with your bank but just like keeping an eye on your household budget it is also important to keep an eye on your bank and be satisfied with your relationship. Make sure your money is staying in the bank and not being used for ever increasing fees.
Nancy on the Home Front 