By Jennifer Calonia • Posted in Banking , Financial News • February 14, 2013 - reprinted from www.gobankingrates.com
Love is not in the air for a majority of banking customers this Valentine’s Day week. A recent survey released Monday by McGraw-Hill Federal Credit Union reported that most customers carry ill sentiments toward their banks, so much so that should a better offer from a competing institution happen to come by, 71 percent of respondents said they’d be “likely” to “extremely likely” to call it quits with their current bank.
Hidden Fees a Turn Off in Banking RelationshipsIn an online survey of 1,050 Americans ages 18 and over, McGraw-Hill Federal Credit Union found that in addition to the 71 percent of respondents who said they’d dump their bank, 40 percent said the cost of “high hidden fees” was the primary reason for their dissatisfaction; followed by insufficient products and services; and the feeling that their financial institution doesn’t listen to their concerns, find appropriate solutions to issues or “provide clarity.”
The results of the survey were so sour that 36 percent of respondents compared interactions with their banks to being as unpleasant as engaging with their in-laws, while 30 percent said the exchange is more akin to “dealing with the cable guy.” Still worse is that 25 percent of Americans found dealing with their banking representatives as bad as dealing with the IRS, and a significant 23 percent claim their relationship with their bank is as painful as a visit to the dentist.
With so many banking relationships on the outs this year, customers can take this greater sense of awareness as an opportunity to locate the best bank in their area for an emotionally and financially balanced relationship moving forward.
How to Find the Best Bank for You
Determining which financial institutions will give you the most positive banking experience can be difficult, especially with the slew of banks out there vying for your business. Here are a few tips to find the best bank in your city, if a break up is imminent in your future:
•Know what you want. Without knowing exactly what kinds of products and services you can’t live without, you’ll never find a bank that the perfect fit. Is online banking a hands-down requirement, or are you searching for a genuine, neighborly customer service experience? Write down the products and services you won’t compromise on, so you can focus on finding the best bank that can offer them.
•Give the underdogs a chance. While big banks are known nationwide, local banks and credit unions have stepped up their appeal as full-service financial institutions. As a bonus, these institutions often provide competitive interest rates on deposit and loan services that can help you reach your financial goals faster.
•Always ask questions. Before signing on the dotted line, it’s important to review an account or service’s contract line by line to avoid the headache of hidden fees. If something is unclear to you, or may present a concern later on, resolve the matter with a bank representative before jumping into a new banking relationship
Cited from: http://www.gobankingrates.com/banking/71-percent-americans-break-up-banks-valentines-day/#ixzz2L07a6GmW
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