Would You Leave your Bank Over Checking Fees?

Author: BankFeeInsider     Saturday, April 27, 2013 12:00 AM

If your bank or financial institution raised its fees on checking accounts, would you consider switching to a different provider? 

Fees for financial services are multiplying like rabbits, and consumers are fed up. Seventy-two percent of Americans say they would consider switching banks if their financial institution raised checking account fees, according to Bankrate's September Financial Security Index.

3 Tips for Switching Banks to Save Money on Checking Fees

If checking fees have you seeing red, here are a few tips for switching your checking account to a new bank or credit union.

1.    First, shop around. All banks and credit unions are not equal. Explore regional banks, small community banks and credit unions to compare fees with the big guys. Fees are typically lower at smaller banks and credit unions -- some still have free checking.

While the big banks can offer a plethora of branches and ATMs, they no longer have the market on convenience cornered. Small banks and credit unions are catching up with technology providing the same incentives such as online and mobile banking to their customers as the big guys.

2.    Know what Banking Features are most important to you.  Is it convenience and location of the branch itself or low fees that matter most to you? Everyone has different financial needs. Think about the features you need in a bank and then compare fees to find the best bank for your individual needs.    

3.    Search BankFeeInsider.com for the lowest checking fees.  Once you have determined what checking account features you need from a bank, simply click here to enter your zip code and compare banks and credit unions.  

Insider Tip:
After you've chosen a bank, it's time to operate two separate bank accounts. Open the new checking account, but keep your old account open for at least 2 months.

First, test the new account with deposits and then begin adding automatic deductions. It does take a little time and effort, so consumers may have to reach a boiling point with their fee-heavy checking account before they consider moving.  

Second, don’t get discouraged there are plenty of options out there for you to save money on unnecessary bank fees and you can count on BankFeeInsider.com to help you discover them and make the right decision for your financial needs.

Source: BankFeeInsider.com