Think Twice Before Ditching Your Current Bank

Advertiser Disclosure ▾

This page contains affiliate links from which we receive a compensation. Like many publications Wise Bread is supported by affiliate commission from partner companies whose products appear on our site. This may influence which products we write about and the location and order in which products appear. We aren't able to cover every product in the marketplace.

Your Money Working Harder

• Best Online Savings Accounts
• Interest Bearing Checking Accounts
• Best Online Checking Accounts

Have you finally had enough with your bank? With so many changes in the banking industry, it is not unusual for many bank customers to get frustrated or even disheartened to see their money being handled in an unfavorable manner. There are thousands of options available to consumers as to where they can place their money, but there are also many considerations that must be taken into account to find the best bank to meet your financial needs.

If you are truly frustrated or even disgusted with the way your current bank is treating you, take a step back and consider the following tips to make sure you are upgrading banks rather than going from one bad apple to another.

What's the Problem?

Digging to the root of your issue with your current bank makes it possible to avoid getting in the same boat with your new bank. Are you unhappy with the rules and restrictions? Does your current bank bleed your account with endless fees? Do you want better rates? By knowing what it is that makes you unhappy in your current bank, you can take the necessary steps to avoid a new bank with the same issues.

Do Your Own Research

The days of banking with one of three banks in your local community are long gone. Today's consumers can choose to bank locally, nationally and online. With so many options, it may become overwhelming deciding which bank is right for you. This doesn't have to be the case.

With a little online research on your part, you can narrow your options quickly. You can compare not only banks, but individual accounts as well as money market accounts, CD and IRA rates, making the process quick and easy. When looking at banks and bank accounts side-by-side, you have the opportunity to see where you can make the most money, save the most money, and access your money with ease and convenience.

Make a Clean Break

Once you have decided on a new bank, it is time to make the switch. A few decades ago, that would be as simple as taking your money from one place to the next. However, in this age of technology a few additional steps are required.

First you must open your new account. You will need this new account information available to set up direct deposit and automated payments. You will want to stop using your old account, but do not close it just yet. Leave some money in the account to cover any outstanding checks or other scheduled withdrawals. Your old account should remain open until all matters concerning the switch are completed. When you have confirmed all credits and debits are now working from your new account and all outstanding checks have cleared, you can then close you old account.