How do you know when it’s time to leave your bank behind? Maybe you’ve been a little dissatisfied over the years, or perhaps upcoming bank mergers are making you think now might be the right time to consider making a move.
Questions to ask about your current bank
If you’re wondering whether it’s time to move on, here are four things to ask yourself:
Am I feeling frustrated with fees?
Fees can add up, making you feel like your bank is getting more out of the relationship than you are. Scan your accounts for bank charges. If they seem excessive or you don’t understand what they’re for, ask your bank to explain them to you. If you’re not satisfied with their explanation, it may be time to break free from the fees.
Do they give me their attention or a sales pitch?
Beware of a bank that tries to sell you products or services without asking about your financial goals. Do they care about your financial success? If your bank has your best interests in mind, they’ll find out what’s important to you before suggesting a loan or savings product.
Do they care about my overall satisfaction?
Financial goals are important, and you deserve to have a hassle-free banking experience. Do you feel your bank is on your side? Do their employees handle any problems you have quickly and cheerfully? Interacting with your financial institution should make you feel supported and confident that your money is in the right place.
Can I count on them to be there for me?
It’s important to have a financial institution you can rely on, year after year. Some online banks have only been in business for a few years, and other larger consolidations may translate to upcoming changes to your local branches – will they be there for you next year? In 5 years?
Michigan Schools and Government Credit Union has a long history of success. We started in 1954 as a credit union serving teachers and now welcome anyone who lives in Michigan to bank with us. Once we commit to serving our communities with a branch location, we’re here to stay and continue to give back to our local communities. MSGCU has also had an average 97% member satisfaction rate for more than 20 years and is federally insured by the National Credit Union Administration (NCUA), which means deposits are safe and secure.
Questions to ask potential new banks or credit unions
If the answers to the questions above convince you it’s time to make a move, make sure you’re moving in the right direction. Talk with your friends and family about their experiences to see if they have a recommendation. Check out if they have a refer-a-friend option; for example MSGCU rewards both the new member and the one they referred as our way of saying thanks.
Review banks and check out credit unions in your area. In addition to offering full-servicing banking solutions, credit unions are owned by their members. Governed by a member-elected board of directors, credit unions, like MSGCU, put people over profits and give back to their local communities, while offering highly-competitive rates to help their members reach financial goals. Read more about credit unions in this 5-minute lesson.
Think about these questions while assessing any potential financial institution:
Do they have products and services that align with my goals?
Don’t just consider your immediate goals; think ahead to future goals as well. For instance, right now, you might want to open a checking account, but you might want a home equity loan in the future. Don’t assume every financial institution is full service; some may be limited in the products and services they provide. Ask if they offer:
- An easy online banking experience and mobile app for banking on-the-go
- Free bill pay and features to send money to friends and family
- Convenient checking without monthly service charges, per-check fees, or minimum balance requirements
- Auto loans, personal loans, mortgages, and home equity loans
- Low-rate and rewards credit cards
- Financial education
- Free ATMs near you and available when traveling
- Savings accounts and Certificates of Deposit with good interest rates
MSGCU offers all the above products and services, combined with competitive rates for loans and savings products. And right now, MSGCU also offers a 9-month promotional Certificate of Deposit with a guaranteed return of 4.10% APY.* It’s a great way to save for your financial goals. Learn more at msgcu.org/cd.
What kinds of fees do they charge?
Ask about:
- Minimum balance requirements and associated fees
- Maintenance fees
- Loan application fees
- ATM fees
- Transfer fees (for moving money between accounts)
If they charge too many fees for your liking, move on to the next candidate. “Being a not-for-profit institution allows us to provide products that benefit our members with lower rates on loans and lower fees as well. It’s just one way that we provide value to our members,” says Anisa Picalli of MSGCU.
Will they help me switch?
Switching your accounts from one institution to another isn’t difficult, but it can be intimidating, especially if you’ve been with your bank for a long time. Ask if the new bank or credit union is willing to help you make the switch. When MSGCU welcomes a new member, “We provide guidance on how to transition things over slowly, so transactions don’t end up bouncing,” says Picalli. “There is less stress with this approach. Plus we stay in contact and make sure to help long the way.” Anyone who lives or works in Michigan can bank at MSGCU, so this kind of service is available to anyone in the state.
Do they have branches near me?
Even if you do most of your banking online, it’s good to know there’s a location near you with real people to talk to, especially for big decisions or you want personalized guidance. MSGCU’s friendly team is here to support you at 24 branches in Southeast Michigan and through video, too. You can find a branch near you at msgcu.org/locations or hit the chat icon to connect with us from your couch.
Take the time to visit new banks and credit unions, then choose the one that feels right. “Do you feel comfortable with the experience you had? It sets the tone for the rest of your relationship,” says Picalli. Choose well and you’ll be more satisfied with your banking and how your money works for you.
We’re ready when you are to have a conversation and answer your questions. Stop by or make an appointment at a local branch, chat, or call us at (866) 674-2848.
Category: Finance
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