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5 Reasons to Switch Financial Institutions

Chris Gottschalk

Chris Gottschalk About The Author

Nov 2, 2021 5:30:00 AM

There’s a lot of good information online about how to switch financial institutions. However, even more important than knowing how to switch to a new bank or credit union is knowing why. After all, when you go through the trouble of switching financial institutions, you’ll want to make sure you’re getting a worthwhile benefit.

As it turns out, there are some very good reasons to switch to a new bank or credit union. Knowing what they are can help you determine if your financial institution is meeting your needs.

Get our free switch kit today.

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The Fees are too High

Pile of coins in front of a clock | First Alliance Credit UnionThis is by far the biggest reason people decide to switch to a new financial institution. Many banks charge fees on everything from account maintenance to ATM withdrawals, and even if the individual fees are only two to three dollars, they can add up fast. When people realize how much they’re paying in fees, they usually start looking for a financial institution that charges less—or better yet, eliminates some of those fees entirely.

Problems with Customer Service

When you talk to an employee at a financial institution, you don’t want to feel like you’re just another account or worse, an annoyance. When people feel as though the employees at a bank or credit union are unhelpful or rude, they usually start searching for a financial institution where they’ll be treated with politeness and respect.

Having Trouble Accessing Your Account

Young woman frustrated at trying to log into her bank account | First Alliance Credit UnionWhy have a checking or savings account if you can’t access it when you need to? Many people start thinking about switching to a new financial institution when they find themselves unable to access their account. They might realize that their financial institution’s online banking platform is always offline, or that the nearest branch of the financial institution is too far away to be convenient.

Unsatisfactory Interest Rates

While interest rates will always fluctuate depending on the decisions of the Federal Reserve, you’ll find that some financial institutions offer better interest rates than others. When people realize they can get a better interest rate on their loans, as well as their savings and investment accounts, they usually decide to switch to a new financial institution.

Make the Switch to First Alliance Credit Union

People don’t change financial institutions on a whim. They switch financial institutions because they offer them a significant benefit, whether it’s having lower fees, better interest rates or just being treated like a person.

If you’re considering switching financial institutions, including becoming a member of First Alliance Credit Union, take advantage of the tools we offer to make the switch easier, such as a robust online banking platform, a same-day debit card service and a switch kit in our resource center that will guide you through the process of switching financial institutions.

We do our best to provide helpful information but we cannot guarantee the accuracy or completeness of the information presented in the article, under no circumstance does the information provided constitute legal advice. You are responsible for independently verifying the information if you intend to use it in any way. Additionally, the content is not intended to be reflective of First Alliance Credit Union’s products or services, for accurate and complete details about our product and service information you must speak to an advisor at First Alliance Credit Union.