When it comes to your finances, where you bank could play a big role in your financial wellbeing.
If you’ve been with your current financial institution for some time but aren’t completely satisfied with the service, here are a few signs it could be time to switch financial institutions.
Frequent or High Fees
One of the common ways that many financial institutions make money is by charging their members fees. Over the years, some financial institutions have increased their existing fees and even implemented new ones. While the fees charged help the financial institution’s bottom line, it can add up to be burdensome and annoying to your pocketbook.
If you have noticed that fees are becoming an issue at your current financial institution, take some time to look at what fees you are being charged and why. If you’re being charged overdraft or ATM fees, you may be able to adjust your habits to avoid these. However, if many of the fees are for account maintenance, this may be one of the signs it could be time to switch financial institutions.
Lack of Convenience
Being able to access your money when and where you need to is one of the most important things. If you have to go a long distance to visit your financial institutions local branch or access one of their ATMs, this is one of the signs it could be time to switch financial institutions.
Even if physical location isn’t an issue, it’s still possible that your financial institution isn’t offering you the kind of convenience you need. While more and more financial institutions offer online and mobile banking there are still some that don’t. If you prefer the convenience of being able to transfer cash, check your account balances, and even pay bills on the go, switching to a financial institution that offers these services can make it much easier to keep tabs on your finances for your lifestyle.
Poor Member Service
Financial institutions should want to build long-term relationships with their members and their employees’ member service plays a major role in this. If you’re constantly dealing with rude or stressed-out staff at your financial institutions institution, this could be one of the signs it could be time to switch financial institutions.
When you’re considering a new financial institution, look into their history of member service (such as how long they have been established in your community) and even existing online reviews from current members.
The Federal Deposit Insurance Corporation (FDIC) is the agency that is responsible for regulating the banking industry and the National Credit Union Administration (NCUA) is responsible for regulating the credit union industry, and they insure financial institutions and deposit accounts. As of 2014, consumers are covered for up to $250,000 per financial institution, meaning that if something happens, you as a member of that financial institution would still be able to recover up to $250,000.
If your credit union or bank isn’t insured by the FDIC or NCUA or it’s allowed it’s coverage to lapse, it could be a sign that the institution is struggling, and this is one of the biggest signs it could be time to switch financial institutions.
Security for your accounts can span into the digital world as well. Ask your current financial institutions what they do to protect your accounts from cyber-attacks and what their plan is should one occur. If your current financial institution doesn’t have a firm plan, this is one of the signs it could be time to switch financial institutions.
At the end of the day, where you choose to store your money and do your banking is a highly personal choice, but if you aren’t fully satisfied with your current financial institution, it’s never too late to switch.
Do you need help managing your finances? Let us know!
It can be challenging to balance your savings, loans, and other accounts all in one place. However, we offer many ways to manage your finances at Camino Federal Credit Union through our branch location, online banking, and mobile banking app. Please give us a call at 800-835-3400 to speak with one of our Member Advisors, or contact us online at caminofcu.org for more information.