4 times it’s worth closing an online bank account
There are many great reasons to open an online bank account. On the one hand, you might get benefits like higher interest rates on savings accounts and certificates of deposit (CDs). But if your online banking isn’t working for you, then it’s time to take your money elsewhere. Here are some great reasons to close an online bank account.
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1. Bad customer service
When banking online, you cannot walk into a branch and discuss an issue in person. On the contrary, you are limited to a live chat on the computer or a phone conversation. So if you have to wait a long time or sit in front of your computer before you can connect with a customer service representative, it is a sign that you may have chosen the wrong bank.
2. High fees
Banks charge fees for several reasons. Some do this when your account balance gets too low, while others charge for inactivity. If your bank charges you too many fees, it’s worth moving your money somewhere else that won’t do the same.
3. Interest rates that are not competitive
One of the main reasons that so many people open online bank accounts is that they tend to offer higher interest rates for savings accounts and CDs. Online banks don’t have the same expenses as physical banks. They don’t have to pay rent to a business owner and maintain branches. As such, they have the ability to pass some of those savings on to customers in the form of higher interest rates.
But that doesn’t mean your bank’s interest rates are very good. If you see much better rates, whether at other online banks or even physical banks, it might be worthwhile to close your account.
4. Frequent breakdowns
Sometimes websites go down or become temporarily unavailable for maintenance. But if your online banking site is often down due to outages or other issues, it may be a sign that it’s time to close your account.
Another advantage of online banking is that it can transact quickly and efficiently. If technical difficulties prevent you from doing this, consider going to another bank.
Don’t settle for the wrong bank
Considering the number of banks (online and physical) available, there really is no reason to settle for one that doesn’t work for you. If the above situations apply to you, it might be time to close your online banking account and find a bank that will better suit your needs.
In fact, if you’ve been having trouble with the online-only nature of your bank, it might be time to switch to a traditional bank or open a new online bank account somewhere else with a new account. in a physical bank. Online banking has its advantages, but it’s not perfect either. And some customers end up doing better to have access to a bank they can actually go to.