Is It Time to Break Up With Your Bank?

Wise Loan Editorial Team
By: Wise Loan Editorial Team
the front of a bank building
Are you wondering when the right time is to switch banks? Perhaps, it’s when you find yourself paying more fees than you save or facing charges for ATM withdrawals. If these questions resonate with you, then it’s time to consider a switch.

Many individuals report five common signs that pushed them to switch from traditional banks to alternative options, including virtual banking solutions like Aspiration Summit Checking Accounts and Chime Bank.

One primary indicator is the difference in how banks handle fees. While your current bank might burden you with monthly fees, ATM fees, daily balance fees, and check cashing fees, newer fintech banking solutions often offer sign-up offers, referral bonuses, and fewer overall fees compared to traditional banks.

Additionally, traditional banks may impose specific transaction requirements or minimum balances to avoid fees, whereas newer fintech companies usually eliminate these restrictions, offering no monthly fees, overdraft fees, minimum balances, or transfer fees.

Communication is another crucial aspect. If you find it challenging to communicate effectively with your current bank and feel like they don’t prioritize customer service, virtual banks could be a more suitable option as they prioritize clear and accessible communication with their clients.

Moreover, traditional banks’ limited accessibility through apps might not fully meet your needs, while virtual banking companies are predominantly virtual, making them more accessible in the digital realm.

Furthermore, when your current bank doesn’t integrate well with other fintech apps, newer banks like Chime offer seamless connections with platforms like Stash, Acorns, and Robinhood, allowing you to set up direct paycheck deposits into your Chime savings account. Additionally, features like the roundup option automatically direct spare change into your savings with every Chime debit card purchase.

It’s essential to recognize that we all deserve better banking experiences. The newer and more customer-oriented banking companies might surprise you with their wallet-friendly and user-centric services. And if you’re looking for short-term overdraft protection, consider exploring the option offered by Dave, the app.

In conclusion, breaking up with your conventional, money-focused bank might be one of the many ways you can save money. As you step into the New Year, consider finding a better banking buddy to support your financial journey.

The recommendations contained in this article are designed for informational purposes only.  Essential Lending DBA Wise Loan does not guarantee the accuracy of the information provided in this article; is not responsible for any errors, omissions, or misrepresentations; and is not responsible for the consequences of any decisions or actions taken as a result of the information provided above.

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About the Author

Wise Loan Editorial Team

Wise Loan Editorial Team

Introducing the Wise Loan Editorial Team – a collective of experienced finance and credit professionals dedicated to enhancing your financial path. Our team boasts over three decades of expertise in the finance sector, united in our commitment to deliver reliable and practical financial insights. True to the Wise Loan ethos, our goal is to positively impact the financial well-being of our customers.

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