Beware the Overlooked Pitfalls of Switching Banks

If you’re thinking about your banking situation, don’t worry — you really are in good company. A lot of people are thinking about getting on to another bank. They’re sick of their banks’ fees. They’re tired of not feeling like a valued customer. We aren’t here to tell you how to feel or even what to do — this is just general advice designed to make you think about your finances in a completely different way.

So, where do you really begin when it comes to your bank? You really need to think about whether or not the green truly will be greener on the other side. It’s tempting to think that everything will be better when you switch banks, but it might be time to start thinking about the reality of switching banks.

First and foremost, you could be triggering extra fees when you close your account. Many banks do charge an account closing fee to actually close your account voluntarily. So you need to think about that when it comes time to get a new bank.

Your new bank could also switch their fee schedule at any time. If you are constantly switching your bank account around and around, you will not be able to really be able to have your money grow or even stay accessible to you for very long.

Some people also find that it’s hard to figure out the policies from bank to bank. So you might get with a bank that lets you have your check earlier than a bank that makes you wait a whole week before they will release the funds into your account. Is this really worth putting up with in order to have less fees? So you really need to make sure that you are going to be getting exactly what you’re trying to get from the start. It’s easy to think that you really don’t have to worry about convenience, but that’s what owning a bank account is all about.

You have to think about all of your options equally. It’s one thing to be hell bent on switching to another bank, and it’s another thing to really absorb the weight and consequences of all of your decisions.

So now is the time to think about banking in a different way. We’re not saying that you shouldn’t switch banks, but you could be in for a lot more than you think unless you research ahead of time!