• March 11, 2024
  • Posted by General Electric Credit Union
  • 6 read

5 Reasons to Break Up with Your Checking Account

Don’t settle for someone that’s not there for you or who creates issues every time you turn around. You need somebody that’s reliable. You deserve a better bank and a better checking account experience! (We were talking about the same thing, right?) 

It’s time for a change

Did you know, the average U.S. adult holds onto their primary checking account for roughly 16 years, and more than 26% of the people in that same study keep their checking account for more than 20 years?1 That’s a big commitment! When’s the last time you evaluated the features of your current checking account and compared them to other options? You may find you’re missing out. 

5 reasons to switch your checking account

1. High fees

The average checking accountholder pays $5.31 toward monthly service fees.2 If you’re required to pay any kind of fee no matter how much you have in your account, you should rethink the relationship. The best banks and credit unions offer a free checking account option with no minimum balance requirement. 

2. Inconvenient access to your money

In today’s on-the-go world, saving time and effort is extremely important. When looking at checking account options, be sure to review the accessibility options, including the:

  • ATM network. How big is the network, are there options nearby home and work, and can you access your cash fee-free at select ATMs
  • Digital banking options. In today’s digital age, simply having an online banking option isn’t enough. The financial institution you have your checking account with should offer digital banking options that are robust, secure, and convenient. Look for extras like in-app Bill Pay,3 budgeting tools, and access to your credit score
  • Digital payment network. Zelle® is a fast, safe, and easy way to send money to friends, family, and other people you know and trust, wherever they bank.4 Opt for a bank or credit union that offers Zelle® through their app. 

3. No rewards

You’re likely familiar with reward programs for credit cards, but did you know some financial institutions have debit card rewards, too? While they differ from one institution to the next, the best kinds are designed to boost your savings efforts. For example, a program may round up your purchases to the nearest dollar and deposit the difference into the account of your choice. Some banks or credit unions even have a savings match to reward you for using your debit card. 

4. Free overdraft protection options

It’s easy to get caught up in day-to-day life; an emergency comes up or you forget to check your balance before buying lunch, then oops! Look for options to have your funds automatically transferred from another linked account to cover the overdraft, for free.6

5. Poor customer service

Your relationship with your financial institution should be a trusting and positive one. While problems may arise, they should be resolved properly and in a timely manner. If you’re currently banking elsewhere, consider joining Cincinnati’s Best Credit Union to experience top-notch service alongside competitive rates and products. 
It’s okay to stay loyal to your financial institution if you have a good, rewarding relationship and the features and services you need. But can you say that about your current bank, and the checking account you have with it? Now is a great time to consider making the switch. GECU has a range of checking account options–including some that earn interest—with a wide range of perks. Find your perfect match, then open your account online in minutes.

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