How do you know when it’s time to switch banks? Is it when you begin paying more fees than you deposit into savings? It when you can’t withdraw at an ATM without paying a fee? How do you know?
There are five signs that many people report as the final straw that led them to switch from a traditional bank to another option. Many of these new banks are actually virtual banking solutions. Aspiration Summit Checking Accounts are just one option of this variety; Chime Bank is another.
Old Bank makes you pay; New Bank pays you.
When your current bank is making you pay monthly fees, ATM fees, daily balance fees, check cashing fees – fees everywhere! – it might be time to break up with your bank. A lot of new fin-tech banking solutions have sign-up offers, referral offers, and fewer overall fees than traditional banks.
Old Bank forces you to make transactions; New Bank respects your saving and spending habits.
Some traditional banks require you to make a certain number of transactions each month to avoid a fee, or try to force you to keep a minimum balance each month. Many new fin-tech companies have no monthly fees, overdraft fees, minimum balances, or transfer fees.
Old Bank won’t talk; New Bank keeps in touch.
Sometimes, it seems like it’s really hard for traditional banks to talk with you like an adult. If you’re having trouble communicating with your current bank, maybe you should look into one of the new virtual banks. They’ve got their priorities straight; customer service is right at the top of the list, not making money.
Old Bank is only in one building; New Bank is with you everywhere.
Traditional banks may be embracing apps and tech a little more than in previous years, but they still only offer certain services through their apps. New banking companies are almost entirely virtual – this means they are much more accessible in cyberspace than a traditional bank.
Old Bank won’t connect to your other fin-tech apps; New Bank’s already hooked up right.
Let’s look at Chime just a little closer. Chime actually has already paired up with Stash, Acorns, and Robinhood, and even allows you to set up your paycheck with a portion going directly into your Chime savings account. You can even use their handy roundup feature; every time you swipe your Chime debit card, your purchase is automatically rounded up to the next dollar value, and all those pennies leftover go directly into savings.
Let’s be straight, here. We all deserve better from our banks. It’s almost like our wallets love us more when we switch to one of these newer, better companies. And if you only need a short-term, overdraft protection option, take a look at Dave. No, not the guy in Starbucks. Dave the App.
There’s a lot of ways to save money, and breaking up with your money-hungry traditional bank might just be one of them. Head into the New Year right, and find a better banking buddy today!