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Things to Consider About Switching Banks

Published on: May 18, 2012

ParentMap and Verity Credit Union bring you helpful family financial planning and money management information. This month: Things to Consider About Switching Banks.

Things to consider when switching banksWhen most people think about switching banks, the task of migrating accounts seems daunting. No matter how much they want to leave their current financial institution, the prospect of having to set up direct deposits, auto payments, online banking, and all of the other aspects of account management can feel like too much of a hassle to bother with. We spoke with Verity Credit Union to learn why it isn’t as difficult as it may seem to switch financial institutions.

You aren’t alone. Widespread disgruntlement about rising big-bank fees have many people considering getting on the path to a new financial institution. Often — and this is definitely the case at Verity — the new institution is incredibly happy to have you on board, and more than willing to help you make a smooth transition. Many banks provide forms that you can sign to make the process of transferring your existing automatic payments and direct deposits easier.

It is worth the effort. If you aren’t happy with your financial institution (maybe the customer service isn't as accommodating or friendly as you would like, or the rates aren’t as competitive), it is worth making the switch. You will be much happier in the long run — especially if you take the time to find programs that work better for you and your family. Verity even provides kids activity stations at four of its branches to make it easy on mom and dad to handle their business in a reasonable amount of time and collect the kids when it is time to go. The process becomes far less stressful without the constant refrain of “Are you done yet?”

There are real people to help you. Banking can seem so impersonal, but many institutions work hard to give you highly personal service. Recently, a new Verity customer commented on how amazing it was to have a live person pick up the phone and put in the effort to help him with his questions. He needed routing numbers and some information from his previous institution, and the Verity staff member stayed on the phone with him while calling the other bank to make sure everything was done right — he said that made it so easy he knew he made the right choice.

You could save money and enjoy more convenience. If you decide to switch to a credit union or community bank, you may find you will save money. Credit unions are not for profit, so they pay interest on accounts and funnel profits into better products, services and rates for members. For example, if you switch an auto loan to Verity, we will beat your current payment and your first loan payment isn't due for 90 days. For qualifying checking accounts Verity also offers a $25 reimbursement for ATM fees every month. The bottom line is that it literally pays to shop around and see what benefits you will gain by switching to another institution.

Some banks, including Verity, offer account conveniences like mobile banking, which allows you to check your balances, transfer funds and pay bills on the go. Mobile multi-tasking gives busy parents more family time instead of fussing with finances at home.

Parent have enough to worry about — there is no need to experience stress about banking on top of everything else. If you are not happy with your financial institution, procrastinate no longer! Evaluate the competitive benefits of other institutions and commit to taking the minimal time up front (maybe 30 minutes) to make the switch. Better banking helps your sanity and saves you time and money!

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