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When to Break Up With Your Bank

Oct 20, 2016 1:53:03 PM


"The timing was just right." When breaking up with your bank is the move you just have to make.

Flashback to November 5, 2011- the very first Bank Transfer Day- the one day when consumers were closing accounts at the big banks in favor of not-for-profit credit unions. That day 664,000 people made the switch. Since then Bank Transfer Day has become an annual event.

But what about the other 364 days of the year?



Despite the success of of Bank Transfer Day, the vast majority of account holders still choose to remain with their current financial institution. A 2014 consumer banking survey reported that 60% of consumers had no plans to move their accounts within the next year. The primary reason? It's too hard. Switching is perceived as a painful process, one most would rather push off. But the decision to stay put could cost you in terms of numerous fees and higher interest rates.

The good news is that there are windows of opportunity- times in your life when the universal forces for change are perfectly aligned.

1. You've graduated.

Sure, when you were running from class to class, having their ATMs right there on campus was great. Now that you're no longer there, does it matter any longer?

2. You get your first (or a new) job.

And on your first day, the human resources department gives you lots of forms to complete. Chances are pretty high that one of those forms will be a direct deposit enrollment form. It's a signal to open a new account and press the re-set button on your banking relationship.

3. You get married (or divorced).

A change in your marital status precipitates a change in your financial status. Regardless of whether you'll be looking for a new joint or single account, the operative word is new. Seize the chance to partner with a different financial institution.




Of course, you don't have to wait around for one of these milestones to happen. 

More fees and poor customer service are reasons why you should make a clean break. If you're worried about embarking on a long and onerous process, consider moving over to USALLIANCE where switching is now hassle-free. Our new tool creates a secure, easy, and free path for members to consolidate accounts from other institutions to one at USALLIANCE.

Click. Switch. Done.

Learn More


 

Topics: Bank