Essential Factors To Consider When Switching Banks
Are you thinking of switching banks? There are some important factors to consider when changing banks and accounts.
Reliability of the New Bank
Is your new bank reliable?
The bank you trust with your money needs to be reliable and legitimate. Is the bank an accredited financial provider? Research the financial institution online and take a look at its reviews. If they don’t have reviews available, try asking around. Do they have security solutions to protect you from fraud? There’s no point in switching to a bank that won’t protect you or replace your cards in case of emergencies. Contact their customer service team to find out if their banking solutions work for you.
How Long It Will Take To Switch Bank Accounts
The last thing you need is a long wait time between switching banks or complicated processes. Closing your account shouldn’t be difficult. Typically, closing a checking, savings, or money market account doesn't cost anything. However, it’s important to note that some financial institutions will have you sign a contract if you receive an account-opening bonus (typically $50-200), which would make you pay it back if you close the account too soon.
Opening an account at some banks, however, can take some time, so be sure to look at the new bank's procedures to switch your accounts. If it’s lengthy and complicated, consider looking for a new bank.
The Charges Associated With Your New Bank
Bank charges vary between personal and business banks. You may need additional services, which can also cost more. It’s best to speak to their customer service team or visit the bank to learn about their services and charges. If the pricing does not suit your lifestyle or budget, it may not be the best banking choice for you right now.
Services and Products
Many banks provide additional services and products for their clients, such as access to financial advisers, mortgage loans, home equity loans, personal loans, and fee-free ATMs. It’s best to find out about these services in advance (including interest rates) or find a bank that provides great banking solutions and products (such as Peoples Security Bank).
Proximity of Bank Locations
How do you switch banks if the new bank is not conveniently located near you? It is not impossible, but it will certainly be difficult. Even if you choose online banking solutions, you might need to withdraw cash or deposit money in a bank at some point. Sometimes you may also need to talk to a banker face-to-face about your business or sign the forms needed for loans. If a bank is not located close to you, it may not be your best choice. Take a look at their locations and make sure it is near you, so you don’t have to travel a long distance.
Here are some of the reasons that make PSBT one of the best banks to switch to:
- Easy switch process: How to switch your bank to Peoples Security? It’s easy—all you have to do is speak to our team, and we’ll help you set up a new account. You can open a checking and savings account in less than 10 minutes! From there, you have to deposit money into your new account, switch your payments, and you’re ready to go!
- A range of online banking solutions and locations across Pennsylvania, New York, and New Jersey for convenience.
- Complete business banking solutions, including lending and deposit solutions.
- Products and services tailored to your banking needs.
- Reliable customer service teams and online support are available whenever you need assistance.
- Lost or stolen card protection, FDIC deposit coverage, and fee-free ATM transactions.
- Send and request money with Zelle. Contact our team if you're thinking of switching banks or wondering, "how do I switch banks?" today!
Open a New Bank Account and Switch to PSBT Today!
