Why It Might Be Time to Switch Banks

Worried couple paying bills online.
Switching banks is easier than we think, according to a recent survey.

Conducted by Harris Poll for BancVue, the study of more than 1,000 U.S. adults found that 61 percent of those who have never switched banks believe that switching would be at least somewhat difficult. That figure goes as high as 69 percent for millennials, the generation defined as people ages 18 to 34.

But 81 percent of people who have switched banks say it wasn’t difficult at all. BancVue is a Texas-based financial services company whose products include Kasasa, a national brand of free checking accounts offered at nearly 300 community banks.

BankVue Chief Executive Officer Gabe Krajicek says in the release:

“There’s no reason for Americans to stick with a bank that isn’t serving their needs. … And the long-term benefits of finding the right institution far outweigh the short-term hassles of moving.”

Americans seem to be enticed by higher interest rates and better banking products, according to the survey.

Forty-five percent of people would switch banks for a higher interest rate, and 25 percent of people who have switched banks did so because they were dissatisfied with the products their prior bank offered.

For a step-by-step guide to finding a new bank or credit union, check out “Loathe It? Leave It! 5 Simple Steps for Switching Banks.”

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