11/22/2022
Maintaining a long-standing relationship with a financial institution is natural because it regularly offers you a variety of benefits. However, when things don't go according to plan and you find yourself losing money or receiving less than diligent attention, there are reasons to give another bank a try.
As consumers, we are fully entitled to demand the best possible attention from public or private institutions and, above all, from those that "take care" of our money.
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That is why, when a bank, credit union or savings institution does not offer you what it promises or what corresponds to your needs, there is no reason to hesitate to look for a better alternative.
Among the justified reasons to change banks, we'll start this list with:
Fees that affect your balance
Although most fees and charges are almost unavoidable when dealing with banks, many cannot be justified. One simple argument is that there are online and offline institutions that do not take money from you for categories such as: minimum balance, maintenance, account closure, paper statement and others.
Your current institution may be able to forgive an overdraft fee if it is your first offense. If not, they may continue to take money from you because you did not read the contract well, it will not be a crime to try to change.
Just be clear about the terms and conditions and the fine print of the new institution that seems more attractive.
Poor customer service
At the beginning of a relationship everything seems great, but over the years things tend to get worse. If the bank offers you a lot of benefits and customer service is lacking, it's not a good combination.
This can be reflected in inconvenient hours, impersonal attention or doubts and problems that are not solved quickly.
This can be addressed with the managers, who are in charge of improving your experience. If they do not consider your suggestions, we recommend you to visit other branches or check some online options.
It also doesn't hurt to check some online reviews to see what people think about their favorite institutions.
Lack of bank modernization
It is unthinkable that a financial institution nowadays cannot offer you online services or a mobile banking app to manage your personal finances.
This means your bank should offer you the latest in technology, such as Zelle, online transfers and deposits, Bill Pay, online checking and more.
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The fact that an institution doesn't try to upgrade or put more emphasis on these features is cause for concern. When you don't have connectivity and mobility options, it may be the ideal time to look for other pastures that offer you that helpful dose of technology.
Little love for long-standing customers
It's not uncommon to feel some envy and frustration when the bank runs all sorts of promotions to attract new customers.
What about those who have been with the bank for a long time? Well, not much, since many management is more concerned about adding more capital than rewarding those who have been loyal to them.
One way to weigh this situation is to ask the entity to offer you some benefit that they are advertising. If they are not willing to give you some love for your loyalty, you know that you can find many interesting offers elsewhere and with those perks they didn't want to give you.
Interest rates that are too high
Going to your bank for financing or refinancing before another one is a convenient option even if you have to pay a little more. When another institution offers you a better deal, ideally your bank should be able to match the terms so you can avoid the paperwork with a new institution.
In this case, we recommend getting a pre-approval for a mortgage loan, auto loan or personal loan as proof. If showing this to your bank doesn't get the response you're looking for, simply switch. Even if you have to invest time, the money you save is worth it.
You are in the process of moving
Long-distance relationships are destined to fail, especially if you can't find a branch of your bank where you're going to live. So you shouldn't feel guilty or remorseful about doing business with another institution that's more convenient for you.
In the event that you only use the online services and value the service of your old bank, you can always leave the savings account and open a checking account near your new home. This allows you to build up capital because you're not tempted to take that money out.
Many people don't want to leave their favorite bank because they don't want to leave their comfort zone. However, settling for an experience that doesn't meet your expectations will be more costly and uncomfortable in the long run.
English: ¿Por qué puede interesarte cambiar de banco?