What are the signs that I need a new bank?

Spanish bank customers used to have a high degree of loyalty to their bank, but the crisis in the reputation of the sector, added to the preference of younger customers for a service more focused on online channels and that do not require too much connection, has transformed this situation .

NewsEditor
NewsEditor
20 September 2022 Tuesday 01:43
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What are the signs that I need a new bank?

Spanish bank customers used to have a high degree of loyalty to their bank, but the crisis in the reputation of the sector, added to the preference of younger customers for a service more focused on online channels and that do not require too much connection, has transformed this situation .

The truth is that it is not always very clear whether or not it is necessary to change banks. The signals that warn that the time has come do not always come all at once. Sometimes they are more like the alarm of an alarm clock. It rings, but it doesn't always manage to wake up at the first beep, sometimes it finishes doing its job after the third or four rings. The same thing happens with attention calls: one is not enough for the client to wake up and make the decision to change financial institution, but the accumulation of them ends up being a deafening screech.

“The regulations regarding the amount and justification of commissions for account maintenance, transfers or card position is very lax. And although individually they may seem small costs, if they add up to hundreds of euros per year. This, for example, is a clear indication that the time has come to break up with the bank”, they detail from the financial comparator HelpMyCash.com

It is not always about breaking completely with the financial institution, sometimes it is useful to continue maintaining the relationship with the bank, but that this is no longer the only one. "It may be that you seek to have a second account to use for leisure expenses, or as a backup, in case the other account is blocked," add the specialists.

The experts at the financial comparator HelpMyCash have detected the most obvious signs that alert customers that it is time to choose a new bank, and if not at least open a new account in another financial institution.

"Today there is too much competition both in the field of neobanks and in traditional banking for the client to be forced to accept paying any type of commission, especially for having an account," they say from HelpMyCash, the comparator that is dedicated to helping users save money, find the best accounts, mortgages and credits.

There are many commission-free accounts that have no requirements to be completely free. And more and more banks are eliminating or at least reducing overdraft fees, so there's definitely no need to pay.

The truth is that communicating with the bank should be simple, fast and efficient. In addition, entities should offer as many service channels as the customer demands.

“Do you prefer to communicate through chat or email, but the financial institution does not offer you online assistance? Then look for a bank that is used to responding to questions and requests from its customers through social networks. If, on the other hand, the idea of ​​sending a tweet to a bank gives you chills, the ideal is to look for an institution that offers customer service options in an agency, or by phone. And if you are one of those who values ​​having several alternatives to contact: from a live online chat, or by phone call, make sure that the bank has all those options”, exemplify the experts.

If the bank offers high-interest loans, the client should consider finding one that grants credit at more competitive interest rates. The same happens if what you are looking for is a mortgage, sometimes it is convenient to move to the bank that has granted the mortgage to benefit from better interest conditions.

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