4 Reasons to break up with your bank

Jan 18, 2021

January 18th 2021 - written by Amanda Huinink

If you are like most people, you may be with the same bank you opened your first account with when you were a kid.  Your parents banked there, and it was the closest branch to your house – that’s where most of us went.  But that doesn’t necessarily mean it is the best suited financial institution for you and your financial needs now. Breaking up with your bank doesn’t have to be time-consuming and costly!   If you agree with any of the below statements, it probably means it is time to start looking at different options that match your financial needs now.

1. The rates you are receiving are terrible.

You have never really looked at other rates for your investments or your mortgage because in your mind, your current financial institution has been the only financial institution you were going to consider. And while your loyalty is appreciated, just because you have had an account at your current financial institution most of your life, sadly doesn’t mean they are offering you the best rates. Shop around when it comes to your mortgage, loans, line of credit, as well as your savings and investment accounts like a TFSA or RRSP.  There are so many more options out there now, and even though a branch may not be close by, online and telephone banking is all you really need!

2. You are paying high monthly fees.

You may think you are receiving free monthly features such as bill payments, point of sale transactions or e-transfers, but what you may not realize is that you are paying a high monthly fee for those features.    Many credit unions (including Member Savings) provide ways for their members to bank for free and avoid large monthly service package charges at the end of the month.

3. You want to consolidate your finances.

Merging all your financial products to one financial institution can often provide you with the option to take advantage of other free services. The more you do with one financial institution, the more they can offer you for free. For example, with Member Savings, the more business you have with us the more free, monthly services you can qualify for such as unlimited point of sale transactions or free unlimited e-transfers. Having all your financial products with one credit union allows you to easily pay your mortgage, loans and bills, completing all your daily transactions from the same place. At the end of the day, you know exactly how much money you have left for yourself.

4. It doesn’t take as long to switch financial institutions as you may think.

Think about all the things that eat up your time each day, like scrolling through social media, reading articles online or watching television. Take an hour or so and focus on switching over your banking – especially when it means saving yourself money each month! The task will be much simpler if you sit down and focus on it, much of it can now be done online. Don’t forget to ask your credit union representative what they can help you with and use their tips and suggestions for switching your banking over seamlessly. Again, a huge bonus of switching your financial institution and consolidating all your accounts is the likelihood of qualifying for free monthly service packages that save you even more money each month. 

Convinced it’s time to switch to a credit union? Talk to us and we can help make the process quick and easy.