Your bank should be more than just a place to store your money - it should be a trusted financial partner. Unfortunately, some banks can feel cold, transactional, or even worse, deliver poor customer service. If you’re not satisfied with your current bank, the new year might be the perfect time to explore your options. Let’s take a closer look at what to do if you are dissatisfied with your current bank:
Your bank should empower you, not frustrate you. If your current bank isn’t delivering the service you deserve, it’s time to explore better options. At Bank5 Connect we value our customers and are truly committed to going above and beyond for them. Take a look at our bank account offerings and customer reviews, and don’t hesitate to open an account or contact us today!
- Voice your concerns. If you’re upset over a particular issue or customer service experience, make it known. Reach out to a branch manager or call into the main customer service line and request to speak with a supervisor or someone more senior. If your bank really cares about your business, they should make an effort to listen to your concerns and find a solution.
- File a formal complaint. Depending on the seriousness of your issue, if your bank is unwilling to work with you, you may consider submitting a complaint with one or more formal institutions. The Better Business Bureau, the FDIC, and the Consumer Financial Protection Bureau all accept complaints about financial products and services and can potentially help you get answers and resolution for your issue.
- Identify other banks that may be worth switching to. Ultimately, if your bank falls short of the level of customer service you expect, it might be time to move on. These days, with online banking and nationwide ATM networks, you have plenty of options outside of the banks in your neighborhood. There are plenty of online banks to consider, as well as physical banks that may be further away from your home than your current bank. When researching other banks, identify the pain points you have with your current bank. Then, see how other banks stack up in those areas. Check to see if they have convenient online banking features, rewards, or other options aimed at making customers happy. Use Google or other search engines to see which banks have earned a reputation for great customer service. Website such as Money.com, Nerdwallet.com, and GoBankingRates.com provide helpful reviews on different banks and rank them on factors such as customer satisfaction, rates, fees, and more.
- See what other customers have to say. While researching other banks, don’t just take the opinion of a professional reviewer as gospel. Make sure you read reviews from actual customers as well. See how satisfied they are with the bank overall and be sure to look at how the bank handles any negative feedback. A thoughtful and professional response to negative reviews likely indicates that they value customer feedback and care about improving customer experiences. Knowing how a bank handles customer concerns lets you know what you can expect if challenges arise.
- Switch your bank. If you’re fed up with your current bank and have found a suitable alternative, the last step is to formally go ahead and change banks. This can seem like a daunting task, but it really isn’t that difficult. Once you’ve identified the bank you’d like to switch to, open a new checking account there. Keep in mind that most banks will run your information through a consumer reporting system like ChexSystems before approving you for a checking account. In some cases you may also need to temporarily lift any security freezes you may have on your consumer reports. Once your new account is opened, you can switch over any direct deposits, automatic payments, or recurring transfers that are tied to your existing bank account. Some banks even have tools to help you automate this process. Once your new bank account is established, you can transfer funds from your old account, and then close it. In most cases you can request an account closeout over the phone, in person, or through written correspondence.
Your bank should empower you, not frustrate you. If your current bank isn’t delivering the service you deserve, it’s time to explore better options. At Bank5 Connect we value our customers and are truly committed to going above and beyond for them. Take a look at our bank account offerings and customer reviews, and don’t hesitate to open an account or contact us today!