Opening a checking account may seem automatic when you start working or organizing your finances in the United States. However, with the passage of time, that same account can stop being useful without you realizing it. If you feel like your bank no longer fits into your daily life, here’s why closing your account could be a good decision.
1. High commissions that affect your pocket
Many banks charge commissions for account management, that is inevitable; However, some companies offer ways to reduce or avoid them, not to mention that prices also vary. The monthly charge may be small, but when you add them up over the year, it ends up being a really intensive amount. It is money that you could use for your daily expenses or even to save.
“Some banks charge a lot of money just to have an account”explained Rachael P., a bank teller consulted by MoneyLion. “That’s a little ridiculous.”
Do you remember how we started this section, with “many banks”? That doesn’t mean everyone. There are account options without commissionsso continuing to pay for something basic no longer makes much sense.
2. Bad customer service
We all need support from the bank at some point, whether it’s a strange charge or a problem with your card, and we want the attention to be quick and clear. If every time you call they make you wait or they don’t resolve anything, that’s a red flag..
“Literally, 70% of my job is being nice to customers” the bank teller shared. “If your bank teller can’t handle that, definitely look for other options. “You deserve better!”
3. Inconvenient locations
Think about this: you need cash urgently, and there are no ATMs nearby? Or worse, you have to pay commissions for using ATMs from other banks. That discomfort becomes part of your routine. Don’t allow it.
“Banking should be easy,” Rachael mentioned.
If your bank does not have accessible branches or ATMs in your area, Changing to a closer one can save you time and money on a daily basis.
4. Uncompetitive interest rates
Although many checking accounts do not generate high returns, some do offer benefits if you maintain a certain balance. Not taking advantage of that can be a missed opportunity.
If you have money parked in your account, it’s worth doing your research and comparing options so that at least it generates something additional.
5. Poor banking technology
To check your balance, transfer money or pay for services, today everything goes through your cell phone and mobile devices. But when the app crashes or is difficult to use, everything gets complicated. A bank with good technology can make a big difference in your daily routine.
“I worked at a bank with the worst app ever,” Rachael recalled. “And it was rotten for everyone!”
6. Moving to another city or state
When you change location, your needs also change. If you move and your bank does not have a presence in your new area, accessing its services can become complicated. This moment is very ideal to evaluate whether you need a local bank or one with national coverage.. Sometimes closing your live account is simply adjusting to your new reality.
7. Security concerns
If you’ve ever had issues with fraud or suspicious transactions, you know how stressful it can be. Your money should be protected at all times and the company should be responsible for it. If you don’t feel safe, there’s no reason to stay at that bank..
“This is probably the most important: The security of your money should always be a priority“Rachael stated.
Before closing your account, there are key steps you shouldn’t skip: Open a new one first, change your automatic payments, leave a temporary balance, and ask for written confirmation of the closure. This will save you headaches later.
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