Loopholes in Switching Banks


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Switching banks

Switching banks is to be considered when excellent offers are put in front of you, if you want to save a sufficient amount of money. But what you see in print and what is actually true are two different matters.

http://www.telegraph.co.uk/finance/personalfinance/8909473/Nationwide-shames-banks-with-savings-promise.html

One very interesting comment to the above article … by Garfy

They gave me a leaflet when I called in recently. It said if you pay in regular monthly amounts and save with us leaving a modest balance in we will give you 2.25% instant access. Whoopee I thought so I went back to make the arrangements. Oh, they said, you have to transfer all your Banking to us., well I thought that is a tall order as Im quite happy with Barclays and have been for many years. Cheeky …. “

Then we have to look at the fact that those banks who helped put everyone into debt are now offering help to get out of debt. It’s all so ironic. With that in mind, if your decide that you want to switch banks, do it with trepidation! Obviously there will be new banking regulations during the time you have your money in any account but who in the past has been first to put new practises in place and gained themselves rather than the customer. Can a leopard change its spots?

There is an excellent comment on switching banks, which I have highlighted below.  This is from a local bank in America. No longer are people rushing to put their money into Wall Street, Main Street is becoming their option …

“The big banks think [when they raise fees] ‘what we lose in people, we gain in fees,'” he says. “Community banks don’t think like that. We do well because of our relationship with customers. We have clients who actually cost us money. But they bring in good will and good PR and [maybe they’ll bring in] their family.”

http://www.cnbc.com/id/45420549

(I have to admit, I do remember the banks in the UK having that ethos a few years back, when we had the friendly bank manager. Banks cared about the individual in those days, so much so that one family stayed with one bank for many generations. I can’t image that would be the case today!)

Finally, check the small print carefully if you do decide to change banks. There is always the possibility that you may be losing more than you could ever gain by switching banks.

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