5 things to consider when switching banks — including 1 you probably haven’t thought about
No one looks forward to switching banks. If you have made the decision to start shopping around, you want your next bank to be your last bank.
As you begin your search for your next bank, here are a few things to consider to help you find the best possible bank for you.
Banking locally means decisions are also made locally, by people who understand the Madison-area economy, local factors that impact community needs, and often know their clients and their situations. When decisions about your finances are made locally, you can be sure that you are more than just an account number.
Consider the role your bank plays in the community. When you bank locally, your money goes back into the local economy. Banks use deposits to help fund loans for your neighbors and local businesses. Local banks also spend their charitable giving budget locally, helping the community thrive. So when you bank locally, you make an impact right here in Dane County.
Mobile and online accessibility
Today, we have access to our bank in the palm of our hands, in our back pocket, or sitting on the charger because we spent half the day binging podcasts at work (just kidding, boss).
Whether you use mobile and online banking options exclusively or occasionally, you want to make sure your bank has what you need. Mobile banking apps and online banking have become the industry norm, but here are some features to look for:
- Mobile banking apps. These have become standard, but you will want to make sure you can use them to do the things you need, like pay bills, pay people, transfer funds, and deposit checks.
- Card control apps. Card control apps like CardValet allow you to set transaction type and dollar limits on your card, and turn it on and off quickly and easily.
- Card-free payment methods. Whether you forgot your wallet, or simply don’t want to get out of bed to make that online purchase, mobile wallet has you covered. Make sure you can use your bank’s cards within your phone’s mobile wallet so you can use your phone to pay online or anywhere you see the contactless icon.
- Credit score monitoring. It’s important to stay on top of your credit. That’s why many banks are now offering tools like CreditSense to help you manage your credit score, get tips to improve it, and more.
With the features available via mobile and online banking platforms, we use the branch differently today, but there are still clear benefits to building a relationship with a banker who has your best interests in mind. You want your next bank to have figured out the balance of investing in new technologies while also providing the one-on-one service in the branch.
Tools to make switching easy
Last but not least, you want to find a bank that makes moving easy. Look for tools like ClickSWITCH, which does the hard work of changing over direct deposits and automatic payments, and can even close your old account for you.
With careful consideration of the things that matter most to you, you can feel confident that your next bank is your last bank.