I Want A Divorce!

Are you ready to divorce your big bank? Too many fees, long lines, bad customer service and other assorted reasons…Has your bank pissed you off but you do not leave because it is too much of a pain to switch? Most Americans say they will leave their bank if the fees go up but in reality most stay put because the hassle of switching the electronic services are just too damn complicated!

Well a couple of months ago I divorced my big bank and it was the best thing that I have done in 2012! My new financial institution is smaller in size but in Colorado is has plenty of branches.  The process was quick and easy (I opened my account online); and when I went in to the branch to make my opening deposit I did not get sold additional products and services. The best thing about my divorce is I can now make a deposit and get credit for the deposit all on the same day!

Before you take the big leap consider a few things first:

  •  Examine your banking needs closely
  • Do you need a large network of banks and atm’s?
  • Do you need better customer service and attention?
  • Do you want higher savings rates?
  • Do you need free checking?

Once you have organized your needs research potential banks

  • Read the fine print!
  • What are the additional fees?
  • Do you need an assortment of accounts and services to become a client?

Gather your information to open an account

  • Photo identification
  • Secondary I.D. (usually a credit card or debit card will suffice)
  • Enough cash to open new accounts with minimum balance
  • Ask for free checks

 Cancel old account

  • Close old account after about a month
  • Make sure all checks and debit authorizations have cleared
  • Make sure your direct deposit is going into new account

 Switch Information over to new account

  • Change your direct deposit info
  • You will need the routing number and account number from the new bank
  • Enter in your Bill Pay information into new system
  • You will want your personal banker to help with the system demo

Shred! Shred! Shred!

  • Shred your old checks
  • Shred you old debit cards
  • Usually your new bank will have a shred bin for you

I had to carry two banks for a while but ultimately it was a rather painless process. So if you are tired of the abuse; if you are tired of being taken advantage of; if you are tired of the poor customer service then do something about it!