Five Signs You’re Not Getting The Best Out Of Your Bank

No one likes the idea of closing an existing bank account and switching to a new bank. But if your current bank is nickel-and-diming you with fees, providing you with poor customer service and amenities, and is failing in meeting your financial goals, you may consider enduring the hassle of finding a new banking partner.

To keep your gratification high and your money secured, here are five signs it’s time to look for a new bank. 

Fees, fees, and more fees

There are banks which charge fees when you use their services which will make banking easier for you, like ATM services and mailing paper banking statements. There are banks that make you pay for a monthly fee if you failed to make certain numbers of withdrawals or payments on your checking account and debit cards. While it’s okay for some people to settle for these nickel-consuming banks, it’s a big no-no to some frugal consumers.

The good news is you have the option not to pay such fees. The bad news is you might be stuck in a bank that has no other options but to reap some nickels from you. The fees may be small and harmless at first but they could take a toll on you as they pile up in the long run. In addition to unwanted fees, the bank may also raise the required minimum balance of your account and make you suffer from their bad overdraft policies.

If your bank doesn’t have options free checking accounts, paper banking statements. and maintenance of checking accounts and debit cards, maybe it’s time to make a move. 

Poor customer service

You entrust the bank with your financial statements and in return, they should give you a rewarding banking experience and be able to address your concerns. But if you gain more confusion, inconvenience, and annoyance everytime you leave the bank, it may be a sign to switch to a new banking partner with better customer service.

No matter promising their offers are, they might go to the drain when customer service fails. Some of the signs your bank is difficult to work with are the following:

  • You have questions about your loan and your bank’s representatives and experts never had the time to speak with you.
  • You keep calling your bank and no one’s picking up the phone.
  • The bank refuses to refund overdraft fees when fraudulent charges befall.
  • The bank doesn’t hire enough tellers, making your transactions take forever.
  • The staff lack professionalism with regards to communication skills and mastery of the subject matter.
  • The system is always down.

If you’re not satisfied with the service your bank is providing you, you always have to choice to entrust your financial statements to other banks.

Not-so-very-helpful online options

Online services are provided for the convenience of consumers, especially of those busy working individuals who may not have the time to visit a brick and mortar. If you rely mostly on online transactions, it may be a major turn-off if your bank’s online options are insufficient and unsuitable.

Ideally, you should be able to access your bank account online or through a mobile app and do activities like scheduling an appointment. paying bills without charge, depositing checks, transfering money, talking to a bank representative for immediate concerns, and receiving real-time notifications regarding urgent information.

Due to their smaller operations, some financial institutions like credit unions fail at giving their consumers the best online amenities. So make sure to see if bank’s online options will work for you before switching to a new bank.

You’re not earning enough interests

Banks are not like our childhood piggy banks where you get the exact amount of what you store by the time you break the bank. By opening a bank account, you can gain interest on the money you put in your savings. The percentage of what you can gain differs from bank to bank and it would be a wise move to shop around and see if you’re getting a fair rate.

Lack of accessibility and convenience

The problem also arise when your bank was bought up by another financial institution. The new bank is expected to make certain changes like closing some branches near you, reconfiguring their ATMs, and eliminate their existing online services. All these can make your banking experience less convenient for you.

Or maybe you’ve changed. Your new lifestyle expectations including your job responsibilities, married life, and priorities are not met by your bank. You have to find a new bank with branches that will suit your location and working hours, and a bank that will help you cut down on banking costs due to your changed habits and lifestyle.

Student Bank Account Perks

Many of us have a bank account, but not all of us understand the ins and outs of how they work and what we can do to get the best deals. The main category being students and young adults. Students going off to university can get some great deals on a range of bank accounts. Most banks offer perks to students, this can include things like free overdrafts of up to £2000, various discounts and freebies.

Everyone knows that university is costly so by the time students finish their studies it is likely that they are going to be in a lot of debt. The crazy tuition fees added to living expenses and maintenance all adds-up and can leave students in a lot of debt. This is what student bank accounts are supposed to help with. Of course the free overdraft is the main selling point for these banks because student rack up a lot of debt when studying and the interest-free money the banks offer to students helps to reduce the burden of debt.

It is important to remember that just because students attend university does not mean that they have to open a student account. These accounts are sometimes not suitable for everyone and sometimes students do not actually need an overdraft. If this is the case then there are many more options out there that could be better suited for students. These include current accounts, basic accounts, standard accounts and packaged accounts. Students must be aware of what they are purchasing, it is easy to be roped into paying hidden fees, but if you do think that you have been mis-sold a bank account you can contact your bank or check online ). Banks would argue that university student should get a student account because they are specifically aimed at them and can be used even after the completion of their course.

Even though once you graduate the terms of your account change, the perks and benefits tend to stay the same. Many bank accounts offer a graduate account that gives students time (usually three years) to pay off their student debt while still benefitting from the free overdraft. They don’t even have to stay with their existing bank during university or after they graduate, they are free to switch bank accounts and take their student/graduate privileges with them if they find a better deal elsewhere.

There are some important key points to remember when signing up to a student bank account. Students must remember not to exceed the overdraft limit because they can be faced with high interest fees so it is always best for them to contact their bank if they think that they will go over their overdraft limit. The best advice that any student can get is to shop around for their perfect bank account. Banks main aim is to get more customers and will try and entice people in to join them so it is important to do your research on them before you decide.

Samantha is a dog loving, baking fanatic and horror film nerd, she is passionate about sharing her suggestions and tips with a wider audience online and enjoys writing articles that reach out to the readers.