Comments

  1. says

    I knew it was a pain to move accounts, but 9 steps? Ouch! There is legislation being proposed that would make it much easier for consumers to switch accounts to other financial institutions. Lets hope it passes!

    • says

      yes 9 steps to reduce pain, for simplicity just combined 3 steps in to one and you have 3 steps to switch :) Switch banks but don’t pay a dime for banking privilege.

  2. says

    Changing banks can be a real pain, especially if you are one of those rate chasers and decide to change your primary institution. If you are organized and prepared, I don’t think it’s really that difficult, but more of an arduous and time-consuming task more than anything and the biggest pain is actually finding a bank that offers everything you are looking for.

      • cocoadragon says

        Yes. Wells Fargo had been perfect for me the past decade, but since that new law passed they have been hammering away at my account. I swear they are trying to get rid of me on purpose.

  3. says

    I think financial institutions count on the hassle of switching to keep customers – even when a raw deal for the customer takes place. We have multiple accounts and two of them started charging a $3.00 ‘statement fee’ every month in spite of being promising to be fee free forever when we signed up!

    Good advice on slowly and gradually moving things over.

  4. says

    This is very timely with so many people wanting to switch their banks. Since credit unions often have no charges for a checking account, there is a movement on Facebook to switch to credit unions. Thanks for the very good tips!

    • says

      I don’t have a decent credit union in my area so I had to stick to a big national bank and an online bank paying interest on balance. thanks for liking my post.

    • says

      Shaun its too much liability for one time. Rest you are worry free and don’t have to remember paying your bills every month.

  5. says

    I imagine there are a lot of people moving in that direction these days… with all the new fees, etc. I’m so glad I live in Canada where we have the most secure financial banking system… not to say we don’t get nickelled and dimed.

    • says

      Canada is perhaps the number one destination for businesses at the moment. And along with Switzerland you have one of the strongest banking system.

  6. says

    We are looking at our options currently, but the thought of changing all our bill pay recipients over is causing me to drag my feet. Thanks for the tips! Hopefully I’ll be able to get it down to about 3 or 4 steps ;-)

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