7 Important Reasons to Fire Your Bank


Have you ever thought of reasons to fire your bank? Sure, if you have a long-term relationship with your bank, you might not even think about leaving it. However, if your bank has changed a lot in recent months or years, it’s time to consider some other possibilities. Don’t get me wrong, I’m not suggesting you to fire your bank right now, but if you are generally unhappy, check out a few important reasons to fire your bank.

1. High fees

If your current bank has higher fees, it’s one of the most important reasons to fire your bank. Even if you are happy with your bank, it does not hurt to compare another bank’s fees. Maybe you come across a bank that offers free checking, savings accounts and lower fees on other services, for instance, overdraft protection.

2. Bad customer service

Sure, there’s no such thing as a perfect bank, but it doesn’t mean you should accept bad customer service. For example, if the tellers at your local bank are always unfriendly and they are always unwilling to help you, and even when you call customer service you receive the same level of service, it’s time to move to a new bank.

3. Limited ATM access

Sometimes people experience limited ATM access, especially if they have a relationship with a smaller community bank. Your bank may have only two (or even one) ATMs in the nearest area, which can force you to use the ATM outside your network. And this means expensive ATM fees that eat away at your hard-earned money.

4. Another bank has better terms

If you want to maximize your savings and grow your income, you need a bank that offers the highest interest rate on savings accounts. It’s also good to have a bank that offers interest checking. Just contact banks in your area and ask for information about interest rates. Compare these interest rates with rates offered by your bank and make a choice!

5. Lack of services

Today most banks offer a great variety of services to make the banking experience quick, efficient, secure and convenient. If your current bank offers lack of services, it might be a perfect time for a change. For instance, your bank doesn’t offer mobile banking.

6. It’s not FDIC insured

Even though many banks are FDIC insured, the insurance isn’t required in all states. It’s important to know that this insurance protects your money market accounts, savings accounts, checking accounts, and certificate of deposits in case of bank failure. If your current bank is not insured, it’s better to move on.

More: 9 Ways to Protect Your Bank Accounts

7. Inconvenient location

If the location of your bank is not convenient to your office or home, it might be also a reason to fire your bank. Maybe you recently switched employers or moved. And as a result of it, the nearest ATM or branch is a great distance, whereas there are many other banks in your vicinity.

Choosing a new bank is as hard as deciding to fire your current bank. If you want to make the right choice, you should consider the bank’s services and products, reputation and interest rates. Have you ever fired a bank? Why?