I’m breaking up with my bank. Our relationship has soured. Are you also dissatisfied with your bank? I share questions you should be asking when shopping for a new bank below. According to Main Street, a recent bank customer survey showed that customers are “overall satisfied” with financial institutions. Surprised?
The growth in approval comes from those who are now banking with credit unions. As for those of us with big banks — well, there’s always an issue. It’s nice to have a branch and ATMs on every corner, but that’s just not cutting it anymore. After years with my big bank, I’m ready to cut ties. Here’s what I’m asking myself about new prospects.
- Is it safe? Make sure your bank is insured by the Federal Deposit Insurance Corporation. The FDIC insures each customer up to $250,000. If you bank at a credit union, make sure it’s insured by the National Credit Union Administration. Insured credit unions are also covered up to $250,000.
- Does it offer free checking? A free checking account is not always free even though it’s touted as such. There’s usually balance requirements and fees.
- How much does it charge in ATM fees? Those pesky little fees add up quickly! Figure out if a potential bank belongs to an ATM network of fees, or if you will be refunded out of network ATM fees.
- What fees can you be slapped with? Incurring fees can hurt your gains, so inquire about overdraft fees and returned deposit fees.
- What type of interests will you get? Watch out for teaser rates! These usually start high to attract new customers and then drop. I’m using sites like Bankrate.com and MyBankTracker.com to compare interest rates offered by local institutions as well as Internet banks.
What else do you consider when opening a new bank account? I’d love to hear why you’re satisfied (or unsatisfied) with your bank!