Why did you pick the bank you use?
How did you decide what bank to get your paycheck deposited at? Where to get a checking account? Was it a carefully thought-out decision? Chances are, you made the choice based on convenience, picking a bank that you drive by regularly, close to work or home. If you’re not happy with your bank, you’re probably staying with them for the same reason: convenience.
Most people stick with their bank not because they like it, but because they don’t want to switch, even though the average American is paying $7 a month in fees, ouch!
Does paying fees to use your own money sound nuts? Make a change.
Take a look at your statements. Is your bank charging you fees? If you’ve had problems and reached out to your bank for help, did you feel like nothing more than an annoyance?
You should trust the place that you trust with your paycheck. And, in return, they should have your best interest at heart. If that’s not how you feel about your bank, it’s time to make a change. I may be a little biased, but I think you should switch to GOLD. You’re not a customer here, you’re an owner of GOLD. Our Members are the only stakeholders we report to. And fees? We’re not a fan. Our checking account is simple and free (it actually pays you!). Our mission is to empower our Members to achieve personal financial success.
Whether you decide to make GOLD your new “bank” or not, don’t stick with a bank that’s not treating you right. You and your money deserve better.
Breaking up is hard to do.
A lot of people are scared to go through with breaking up with their bank, worried about the hassle of moving money, direct deposit, and automatic payments. It sounds scary, but with a little bit of planning, you can make the switch quickly and painlessly. These are the steps to follow when you’re ready to end a bad banking relationship.
- Open the new account. Step one is to open your new checking account, get your routing and account numbers, and order your debit card/checks.
- Take inventory of your bills. If you’ve got a detailed budget created already, this step will be easy (go check out our post on budgeting if you don’t). Read through your last few months’ worth of statements looking for all your bills. Make note of which ones are set up as automatic payments and which ones you pay manually and record their due dates.
- Pick your switchover date. Set your direct deposit to change over to your new account at the beginning of the next month (or the end of the current month if that’s how your pay dates fall). Leave your money at the old bank for now to cover bill payments for the rest of the current month. As soon as your first direct deposit hits the new account, start using it for day to day purchases. Change all your automatic payments over to the new account after the first of the month and update any saved payment information in accounts that you manually pay bills for. Leave the old account open for a week or so into the new month to make sure everything has cleared, then close it out and deposit any remaining funds into your new account.
Keep a close eye on transactions and balances of both accounts during the transition period. Remember to update your payment information in places you shop online like Amazon and payment platforms like PayPal and Venmo.
Nervous? If you’re switching to GOLD, you’ve got real live humans ready and willing to guide you through it. Let’s do this! If you’re already a Member, you can open your checking account through GOLD Online Banking. Once you’re logged in, click Account Services, Open a Sub Account, then select “Share Draft Checking.”
Not a Member at GOLD? Join now!