Monday, May 10, 2010

Switching Banks

Adam Baker recently explored What Does It Take to Make You Switch Banks? over at GetRichSlowly. It is a good question and one that I think is worth the time it might take to investigate what you might be missing by not banking elsewhere. Adam talked about his own experience with the same bank for years and years even though he didn't really like the bank. Why? It was what his parents used and where he first started out.

YOUniverse Deluxe ATM Bank MachineTo some degree I can relate with Adam. My parents set up my first savings account where they banked. Naturally, as I grew older and needed more services like a checking account and later a credit card - they all came from that bank.

I believe some people do not change simply because we naturally avoid change. Change is hard. Additionally, there is some amount of loyalty that is generated after being a customer for so long. Adam lists five things that might cause someone to finally have the motivation to change. Higher Rates, Customer Service, Length of History, Principle, Accessibility.

There is one thing which caused me to not to shed any tears when I closed my first account. I had seen my parents do it before. Seeing my parents go through the process taught me that I could do it, too. However, to be honest, my biggest motivator to switch banks was accessibility because I moved away from home.

Moving opens up a whole new field of opportunities. It forces you to re-evaluate all of your relationships with health care,  finances, and social circles. Sometimes, this chance to rebuild is just what people need to discover what else is available and the freedom to adjust their priorities.

Not moving anytime soon? That is okay. You can still start fresh from where you are. Look at the connections you have and imagine you are searching for those services for the first time. Becoming aware of your current situation is the first step to making any progress towards change.

Coming up soon, I hope to profile my search for financial services that served me best. I have already started with my post on why I moved my IRA to Fidelity. Simply, the pain of the same was larger than the pain of the change. Additionally, I want to reveal how profitable starting fresh can be.

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