Finance

6 Reasons To Break Up With Your Bank [Updated 2021]

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You are here in this article, it means you are the one who maintains their bank account and really cares about the bank. According to the research and study, we found that only 4% of USA users switched their bank account last year. But if you are not satisfied with your bank then you can switch your bank whenever you want and you should look for a better bank to open a new account a bank. If you are planning to break up with your bank then we will help you when should you break up with your bank for 6 reasons.

The most and first thing is our satisfaction and the services of the bank are the most reason behind breaking up with the bank and switching to the next bank. Besides if the fees are high, lack of features and services, lack of ATM machines and branches then you can switch your bank to the best bank.

In the previous article, we have mentioned how to choose the best bank, and today in this article we will guide you with 6 reasons to break up with your old bank. So, stay with us and read the full article, if you are planning to break up with your bank.

6 Reasons To Break Up With Your Old Bank

Here below you will find 6 solid reasons why and when should you break up with your old bank. So dont even miss a single reason, it might help you to determine your bank is correct for you or not.

The Customer Service Is Poor

The bank is a service-providing organization, and the job of the bank is not just to keep our money safe, but when we visit the bank or take other services related to monitor then they should be able to provide good customer services.

If your bank doesn’t know how to treat their customer and doesn’t have good service then it should the bank is not good somehow, you can break up with your bank because its basic and normal things being a banker. They should be polite with us and be able to provide good service, but if the customer service is poor you can switch to the next bank.

For example, if they dont know how to make conversation and always delay in the work, or work on pending and wait for a couple of hours for every transaction then your bank is not the right bank.

Fees are High

When it comes to the fees, it is the most important thing you should care about while choosing the bank because on the daily basis, we make transactions from the bank, either we send to someone or receive from someone and the fees are high then it’s not good. We dont even notice and we will send a lot of money just paying the fees of the bank.

For example; if we are sending $1000 from our bank to a different bank account and the transaction charge is 3% then $30 will be deducted each time we send money. Transaction cost is not free but should be minimum so that we can make transactions.

So, if your bank can’t keep the fees they charge at a minimum(less) cost then it’s better you break up with your bank and choose a new bank.

If you are Opening Joint Account

Suppose, if you are married and you are planning to open a new joint account with your wife/husband then you can break up with your bank and open a new joint account on a different bank, and if its good you can open in the same bank as well by closing your account.

But we suggest not to break up with your bank if your bank provides good services and fees are low and you will get future facilities because after few years only your bank can trust you so, if you close your account and switch to next bank then you have to wait a few years more to make your bank trust for future facilities. So, you can open a new joint account at the next bank.

A Lack of Services and Features

If your bank doesn’t use the latest technologies and doesn’t provide good service just to save their penny that means there is no guaranty that your bank can save your money and provide you good services.

For example, if your bank uses the same old bookkeeping system, old security system, not good locker, bugged software then your money is not safe for anyone. Anyone can hack the system or rob your bank so choose the bank which has good security, good systems, and good services.

Lack of ATMs and Branches

After opening the account and start using the bank account, you went somewhere and try to search ATM to withdrawal money but you have to go to the main city each time to take out the money and there are no bank branches to consult or cash your check then it’s useless to open an account in such bank because when we are in rush we need fast cash.

If the bank has few ATMs service in the country and has fewer branches then we will never be able to withdraw money when we need it the most and really quickly. So, it’s better you break up with such a bank and choose the best bank for you, it would be a better option to choose.

You Already have many Bank Account

If you already have 3-4 accounts on different banks and planning to break up with other banks and stick with the 1 bank then you can compare all of your banks where you have an account. If you want to compare your bank then try to find out all the advantages and disadvantages, Benefits, Fees, and services of the bank, which will help you to compare all the banks. And helps you to make the best decision and choose the best bank.

So except for the best bank which is best for you, you can break up with another bank and close your account from those banks.

What to do After Breaking UP with your Old Bank?

There is always a reason behind breaking up with your bank, so first know why you break with your bank and after that try to choose an alternative.

  • If you break up with your bank to switch banks then you can choose the best bank for you.
  • And If you break up with your bank to open a joint account then you can choose the best bank to open a joint account.

In Conclusion

Lastly, if you are planning to break up with your bank for betterment then here in this article you will find 6 Reasons to break up with your bank. If your bank is not able to fulfill the reason stated in this article then you can break with your bank and choose the best bank to create a new account. And to choose the best bank you should do research and study of the bank and compare all the banks. So, we hope you choose the best bank for you after breaking with your old bank.

Besides if any reason on the bank is incomplete or you have queries then you can leave us a comment in the comment section below.

And you can also visit our official website Online Help Guide for more helpful articles on Finance.

Thank You.

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