People decide to switch banks for a variety of reasons, whether they want to find a company that has branches closer to home or they’re having trust issues with their original choice. Over 10% of Americans switched banks just last year according to a recent study. If you’re thinking that your current bank may not be right for you, it’s time to explore the top reasons why people switch. Read on here to learn more about your banking options with Cash Factory USA.
1. Check for FDIC Insurance
The biggest warning sign that a bank may not be the right one for you is whether or not they’re FDIC insured. This insurance guarantees that if your bank goes under or gets robbed, your assets are protected. The FDIC (Federal Deposit Insurance Corp.) covers everything from checking and savings accounts to money market deposits and certificates of deposit. The standard insurance your bank has should insure your account for up to $250,000. If your bank loses your money, you will receive a cash payment for the amount you had in your account.
You want to work with financial institutions that are certified and registered. Any bank that doesn’t have FDIC insurance won’t pay for any lost funds. If your bank loses, so do you. Are you with an institution that’s uninsured? If not, then it’s time to switch banks!
2. Too Many Fees
Many large banks have been trying to increase their own revenue by charging customers numerous fees. New maintenance fees, online banking fees, and transaction fees may not be worth staying with your bank. Many community banks and credit unions don’t have any of these fees and provide better service, as they’re localized and community-oriented.
New fees cropping up in your accounts are a red flag and should prompt you to think about switching banks.
3. Your Lifestyle Has Changed
Sometimes it’s not the bank’s fault that you’re considering other banking options. Maybe your income and schedule worked perfectly with the services your first bank offered, but as your life has evolved, you’re noticing that they’re no longer meeting your needs.
Many people who travel frequently for work realize they can’t bank with a local credit union, as these don’t have a national or global presence. You don’t want to be cut off from your funding just because you’re meeting a client overseas!
Another reason your lifestyle may have changed is due to a marriage or the birth of a child. You may want to set up joint accounts for bills or high-yield savings accounts for a child’s college fund. If your bank doesn’t have those options, you should consider switching banks.
Cash Factory USA offers another option for life’s unexpected surprises. With short and long-term loans, you can get money the same business day.*
4. Bad Customer Service
Does the staff at your current bank seem stressed out or inattentive? Are they always rushing you through transactions and not taking the time to answer all your questions fully? You don’t have to deal with this kind of sub-par customer service!
Your banking relationship is important! These are the people who handle your money and you should feel safe that it’s in the right hands. Any bank that brushes off your concerns or doesn’t provide you some sort of 24-hour helpline, isn’t the right bank for you.
5. No Online Presence
Online and app-based banking offer you much more convenience and quicker service than most traditional banking transactions. If your bank doesn’t seem very technology savvy, they could be falling behind in other places as well.
You don’t want to have to walk into your bank or find an ATM any time you want to check on your accounts. Modern banking should constantly be at your fingertips with instant balance notifications, online bill pay, check ordering, fund transfers, online deposits, and loan applications.
At Cash Factory USA, we want you to be well informed on all your banking options. After reviewing our list of red flags, switching banks or staying with your institution is up to you! We’re just here to help you decide how to best manage your money.
Call now to learn more about our short- and long-term loan options.
*Loan funding dates and the maximum funded amount for Cash Factory USA or third-party lender loans are subject to qualification criteria and applicable state law. See Rates & Terms for your state or call us at 855-374-5626 for further details.