Mobile banking is estimated to be the primary method of managing money in the next two years as more high street branches close. But how do you know which is the right bank?
If you’re feeling drained by the fees, lousy customer service, and find it hard to juggle all your accounts, it might be time to switch to a different bank.
Before you switch banks, look at these common warning signs to determine if it’s worth the hassle and will benefit your business.
5 Warning Signs That You Need a Different Bank
Most of us prefer the comfort of staying with a bank that we know instead of getting used to a new bank and all the different systems. However, moving to a different bank might save you time and money.
Here are the five signs to watch out for that tell you it’s time to change banks.
1. The Fees Are Too High
Fees are part of the deal when using a bank, but they shouldn’t cost you vast amounts of money.
When you’re trying to establish a new business or running a current company, the last thing you want to deal with is increasing fees for sneaky details like international transactions, inactivity, or account maintenance.
Even though these small costs don’t seem like much at once, over time, they will start to eat away at your annual budget and leave you with fewer expenses to invest in your business.
So, changing banks will give you more freedom with your banking without the unfair costs of paper and other additional fees.
2. No Longer Convenient
Banks are meant to make your finances easier to manage, not harder. The reason we use banks is to be able to use our money where and when we want.
That means you should be able to use digital banking on the go and not have to visit a local branch when you have an inquiry or want to deposit cash.
If you’re not already using digital banking, you’re wasting time.
3. Bad Customer Service
As a business, you often have to handle large sums of money and contact your bank to arrange certain transactions, so you want to have a friendly voice on the other end of the phone.
Often, customer service can treat you like a number, not a valued customer, making it hard to develop a working relationship with your bank.
For example, if you have to wait for a long time on the phone, your request is ignored, or you don’t have access to a real-life representative.
If you’re frustrated with the poor customer service, you need to consider changing banks.
4. No Business Tool Features
Using a personal bank account is entirely different from a business account, so you must have certain features if your company runs smoothly.
You should be able to access online management tools, payroll features, and credit card processing. Otherwise, you’re not getting the most out of your bank.
Switching banks might be the only solution for better business features that will help you organise your business finances and give you time to work on other parts of your company.
5. Lifestyle Changes
Things can change in people’s lives; you might get a work promotion, start a new business adventure, or simply want to upgrade your bank account.
No matter the reason, your lifestyle can change, and you’ll need a different bank.
It’s always a good idea to evaluate your banking needs and assess if your current branch is giving you what you need at various stages in life.
Tips for Picking a New Bank
Once you’ve decided that you want a new bank, you’ll have to think carefully before signing up for a new account and getting a card through the mail. Otherwise, you’ll end up moving banks again in a few months.
Firstly, you should consider your bank account options and what’s available.
Look at the Different Bank Account Options
In general, a few main kinds of banks are available for customers. These bank accounts are checking, savings, CD, and money market accounts.
You should decide why you need a bank account and if you want to open several simultaneously. That way, you won’t have to communicate with several banks all the time.
If you want to control all your finances in one place, you should check that the bank offers services for mortgages, financial planning, credit cards, and investment accounts.
Most businesses prefer to use the same bank for all their accounts as it keeps things simple and straightforward when planning your annual budget.
Find a Low-fee Bank
Ideally, you also want to have a bank that has low fees. On average, banks will be transparent about their fees, so asking about the additional costs is essential before opening an account.
You don’t want any surprises later on!
Don’t Miss the Fine Print
You must always read the fine print on a website or bank documents. As a safety precaution, it’s good to examine the procedure for closures, so you know your money will be safe if the bank ever shuts down.
Therefore, you don’t need to worry that your money is safe and can focus on growing your business.
You can check out our page to stay ahead and get regular updates on the business world and economy. At CFI.co, we aim to give you the best insights from world-leading organisations that will help your business thrive.
Move Banks and Get the Service You Deserve
Nowadays, digital banks are created every day. There is no longer a need for visiting a branch and going for regular meetings that take time out of your day.
Switching to a different bank is necessary if you keep having trouble with customer service, there are increasing fees, and the bank no longer meets your needs.
Thankfully, after reading this article, you know the signs to watch out for and how to find the perfect bank.
If you need more help, visit our page and stay informed about everything business-related.
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