You’ve been seeing each other for quite some time now, but lately you’re noticing more and more warning signs of a relationship gone sour. Despite the signs, you think to yourself, “But maybe things will change if I just stick it out. Besides, it would be a lot of work to move on at this point in the relationship.”
Funny as it might sound, I’m talking about your relationship with your bank. The truth is that people just like you continue to stay in a bad banking relationship simply because the thought of changing sounds like a hassle. We hear this a lot, more than you would think. But did you know that switching banks doesn’t have to be as hard or time consuming as you might imagine? If you don’t believe me click here.
So how do you know if it’s time to finally break up with your current bank? Be on the lookout for these red flags that may be a signal of distress and will only lead to more heartache down the road.
• You’re being charged with fees out the wazoo
Every bank is going to have some fees here and there; it’s just part of the business. Just like any other business banks have to make money and fees are just one way that they do so. That being said, how many fees a bank will charge and the amount of those fees can vary greatly. If you start to see more and more fees landing on your account and you haven’t changed any behaviors on your end (such as over-drafting your account on a regular basis), then it might be time to worry. So be on the lookout!
• You walk into your local branch and don’t recognize anyone….even though you were just there last week
High turnover is not a good thing. And I’m not talking about employees retiring or companies hiring new people as a response to company growth. Cycling through employees typically means that the company probably is not taking care of their workers or that management does not see the value of the people working for them. Both scenarios are dangerous to a company’s health. When a company refuses to take care of their employees, the employees will not be very excited about taking care of their customers. It’s a lose-lose situation. So again, be on the lookout for ever revolving faces!
• You are offered the same products and services today that you were offered ten years ago when you first opened your account
It may be a sign that the company is lacking innovation. With today’s super charged technological abilities and fast paced market place, products and services are ever changing and evolving. A bank needs to evolve with technology and this can mean the adoption and offering of new services and products to customers.
This list, by all means, is not a catch all list of the red flags that could signal it’s time to move on. However, these are a few that first come to mind when determining the health of your relationship with your bank. No one can determine what is right for you, except you. If you’re someone who likes to feel confident in their choice of a bank and to be treated like an individual, we encourage you to make the break and move to Richwood Bank.