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Does your bank leave you on hold for an hour? Do you get hit with seemingly endless fees? Is it practically impossible to find your bank’s ATM on a night out? It might be time to break up with your bank. This might seem like an impossible task, but don’t worry! We have some tips that can help you get started.

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Most of us don’t spend much time about our bank. How does it compare to other banks? Could you avoid exorbitant ATM fees? Could you be getting a higher interest rate? Could you be receiving better customer service?

Many people put the task of switching banks in the ‘too hard’ basket, but it is easier than you might think. Setting up an account won’t take too long, from there you can redirect your income by giving your employer you new account information. Then it’s just a case of setting up any automatic payments and transferring the balance across from your old account.

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Why choose a new bank?

If you are receiving excessive fees, or find it nearly impossible to locate an ATM nearby, it might be time to go bank shopping. Decide what is important to you in a bank. Some point to consider are:

  1. Customer service. Many banks will not give their customers the respect they deserve. If you find yourself constantly on hold when you call your bank, or are treated with rudeness in branches, it might be time to look elsewhere.
  2. ATM convenience and fees. If you are in Australia, consider looking for a bank that is part of the rediATM network, as these ATMs are plentiful, and will not incur any withdrawal fees. Two or three dollars may not seem like much as a one off, but consider how much it’s costing you if you are withdrawing money often.
  3. Website and app experience. In the age of internet banking and being able to transfer money across accounts in an instant, the usability of a bank’s website and mobile apps is very important. If your bank’s app is hard and confusing to use, consider making a change that will make it simpler to split the dinner bill with a friend.
  4. Overdraft and other fees. If your bank charges excessive fees for overdraft and credit card interest, it’s worth having a look at an alternative. Lots of banks will be competitive with fees, and will sometimes even waive certain charges if you are a customer in good standing.
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Happy bank shopping!

 

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