Wed, 4 November 2020
Learn how you can move your money and switch to a new bank or credit union! Ready to Switch to a New Bank?A bad bank or credit union can not only be a headache, but it can also slow you down as you try to build your finances. Between the excessive/hidden fees, bad customer service, and low-interest rates on savings, it’s understandable if you’re frustrated. You may be wondering, what’s the point of keeping your money there? That’s basically how we felt when we dealing with our old banks. When my husband and I first got married in 2006 we decided to open joint checking and savings accounts and keep most of our money there. We both had free checking with two of the big banks (Bank of America and Wachovia at the time) that we opened when were in college. Since they were student checking accounts they had no maintenance fees which was a plus. However, they didn’t offer much else so neither account stood out. Because I would be taking care of the day to day budget and bills, we opened our joint accounts with Bank of America. I never had a problem with them so I figured it would be alright to use them. I was wrong. Within 6 months of opening the joint accounts, we were having problems with them. Besides getting hit up with bank fees (now we had a monthly minimum to keep), wrong accounts being debited (bills came out of my account instead of the joint), and rude customer service (don’t even want to talk about that). We had a decision to make – keep dealing with this nonsense or move our money. Guess which one we picked? Looking back, I’m so glad we switched. Our money is actually earning something – even in this low-interest environment. Fees have dropped significantly, money is coming out of the right accounts, and if a mistake comes up – no one is perfect – it’s quickly resolved. Actually resolved by a person and not someone reading from a script or switching us from department to department. I wish we had done it sooner, but like most people, we hesitated because of the hassle. Making sure paychecks were moved over, having bills come out of the new account, avoiding fees while switching – these were all things we wanted to avoid. Maybe you’re in this boat – you’re not happy with where you’re banking, but you don’t want to deal with the hassle. So today, I’ll take you through how you can seamlessly switch to a new bank or credit union. In this episode, we’ll discuss:
Are you ready? Let’s get started! Resources to Get the Most Out of Your Bank AccountsAre you two ready to master your joint accounts? Do you want to create a system that fits your priorities and styles? Here are some resources to check out.
Thank You to Our Sponsor Coastal!Support for this podcast comes from Coastal Credit Union! If you’re living in the Raleigh Durham area and looking to bank better, come check out Coastal today. Support the Podcast!Thank you so much for listening to the podcast!
Music CreditLike the music in this episode? Our theme song is by Gentle Regime. Additional Music from Artists at Audiio.
Direct download: S10E27_How_to_Seamlessly_Switch_to_a_New_Bank_or_Credit_Union.mp3
Category:personal finance -- posted at: 8:27pm EDT |