It's Valentine's Day, so now is a good time to reflect on your relationships -- your financial relationships, that is. What? You were expecting love advice from Kiplinger's?
An important relationship to evaluate is the one you have with your bank. That's because there's a good chance you're not satisfied. More than 70% of consumers say they would like to break up with their bank, according to a recent survey of 1,050 people by McGraw-Hill Federal Credit Union, which has 20,084 members worldwide and serves more than 120 companies.
Survey respondents cited high or hidden fees, lack of relevant products and services, and the belief that their bank doesn't listen, resolve issues or provide clarity as the top reasons for their dissatisfaction. In fact, more than one-third compared dealing with their bank to interacting with their in-laws, and another 30% likened their bank interactions to dealing with the cable guy.
Sign up for Kiplinger’s Free E-Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
If you're thinking about parting ways with your financial institution, we can help. First, consider these things:
-- If you're a customer of a big bank, weigh convenience versus fees or other drawbacks. You may get lower fees and better customer service at smaller banks, but you will lose the 24/7 experience bigger banks offer.
-- If you do decide to change banks, make a list of what you want in a financial institution before making a move. Consider whether you prefer to visit a branch or bank online, how often you use out-of-network ATMs and whether online bill payment or mobile banking services are important.
To help you decide whether to make a switch, what to look for and how to find the right bank for you, see this advice from Kiplinger's:
What to Look for in a Checking Account
If your bank doesn't offer these things, you might consider looking elsewhere.
They’re seeking a monogamous relationship. But you might be better off playing the field.
Switch to a Bank With Lower Fees
If you’re ready to act, here’s what you need to do.
7 Credit Unions Anyone Can Join
Credit unions offer the same services -- checking and savings accounts, CDs, credit cards, mortgages and auto loans -- that banks provide. But they tend to charge lower loan rates and pay higher savings yields.
Where to Find Free Student Checking
Many banks offer free student accounts with no minimum balance.
-
Stock Market Today: Stocks End Higher in Whipsaw SessionThe main indexes were volatile Thursday with Nvidia earnings in focus.
-
Trump Picks Dr. Oz as Head of Medicare and MedicaidPresident-elect Donald Trump picked Dr. Mehmet Oz to lead the Centers for Medicare and Medicaid Services. Here's what to know about the former TV host.
-
Five Ways to Save on Vacation Rental PropertiesTravel Use these strategies to pay less for an apartment, condo or house when you travel.
-
How to Avoid Annoying Hotel Fees: Per Person, Parking and MoreTravel Here's how to avoid extra charges and make sure you don't get stuck paying for amenities that you don't use.
-
How to Appeal an Unexpected Medical Billhealth insurance You may receive a bill because your insurance company denied a claim—but that doesn’t mean you have to pay it.
-
Amazon Prime Fees Are Rising. Here’s How to Cancel Your Amazon Prime MembershipAmazon Prime Amazon Prime will soon cost $139 a year, $180 for those who pay monthly. If you’re a subscriber, maybe it’s time to rethink your relationship. Here’s a step-by-step guide to canceling Prime.
-
How to Haggle for Almost AnythingSmart Buying Learning how to haggle is an invaluable skill. These strategies will help you negotiate a better price for just about any product or service.
-
Disability Insurance Can Provide COVID CoverageCoronavirus and Your Money If you are concerned about long-term complications from COVID-19, consider disability insurance coverage.
-
21 Things You Can't Return to Amazon — Either Online or In-StoreDid you know there are things you can't return to Amazon? Before tossing these items into your shopping cart, be sure to read Amazon's return policy first.
-
How to Avoid a Charity Scampersonal finance Scammers never quit, even when you're trying to be altruistic. But you can avoid getting duped if you do your homework.
