For years I had a savings account at one of the major banks. In the beginning, everything was fine. They provided great service, and they even had excellent products. I even took the time to sign-up for my first credit card with them. The longer I stayed with that bank, the more that things started to change. The banking relationship no longer felt right. I ended up closing the savings account a couple of years after opening it. In this post, I went to share with you why I did that.
When I first opened my savings account, there were not any fees with it. It was pretty much a regular account. All I had to do was make sure that the account stayed positive. That’s what I did. About two years after I opened the account, the bank started adding new rules to it. The first thing that changed was that I had to have a certain amount of money in the account. If I didn’t, I would be charged a monthly fee. Second, I would be charged a fee if I made more than three withdraws per month from the ATM. Since this wasn’t my main account at the time, I figured that I’d keep it open and see if I could follow the new rules. After six months in, I had been charged a few fees because some unexpected expenses came up. I realized that it was worth the fees to have this account, so I closed soon after.
Something else that turned me off from the bank was the persistent selling. I worked in a bank a few years after this, so I understand that every bank has goals that they need to meet. That’s how the tellers and the managers get bonuses, but as a customer, I didn’t need to be bothered every time I’m in the branch. It got to a point where a teller was asking me if I wanted to open a checking account with them every time I went in a branch. I’m pretty sure that if I wanted to open a checking account with them that I would have done so when I opened the savings. I was also getting asked to sign up for another credit card. After a while, you get tired of hearing them every time you go into a branch. It made my decision to leave that bank very easy. Unfortunately, I still have my credit card with them because it has a balance on it. I haven’t been inside a branch in over a year because I don’t want to be bombarded with questions.
Another reason that I left the bank is that I wanted to feel like a valued customer again. At the bank, I felt like another number. They just wanted to sell me crap so that they could reach their sales goals. I wasn’t having that. I think that banks should show you that they care for you by making sure that you’re accommodated instead of trying just to sell you stuff.
Since I’ve left the bank, I’ve opened up a few more accounts at the credit union. The difference in service is night and day. I don’t have to worry about people trying to sell products to me every time I’m in a branch. I also don’t have to worry about unwarranted fees either.
Do you use a bank?