Is Your Bank Holding You Back? 4 Warning Signs to Switch Banks

It may be time to move on.

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Your bank might play an important role in your life, even if you don't realize it. After all, it's the place you send your paychecks to, and it's the place you might turn to when you need to take out a loan. 

That's why it's so important to find a bank you're happy with. And if these signs apply to you, it may be time to cut ties with your current bank and move your money over to a more deserving one.

1. You're saddled with costly fees

One way banks make money is to collect fees for various things -- overdrafts, account maintenance, and more. If your bank imposes hefty fees, it may be time to search for another one that doesn't. Doing so could save you a lot of money.

2. Your bank pays minimal interest

The upside of keeping money in the bank -- besides knowing that it's safe and your principal is protected -- is to earn interest on the cash you aren't using immediately. But if your bank's interest rates for savings accounts and CDs leave much to be desired, then it may be time for a switch.

Granted, right now, most banks aren't paying very much in the way of interest. But if your bank's interest rates are substantially lower than other banks' interest rates, it's a sign you may want to take your business elsewhere. 

3. Your bank is slow to adopt technology

These days, many people do their banking online (specifically, on their phones), even if they have a brick-and-mortar bank. If your bank doesn't make that easy -- say, its app is buggy or hard to use, or its website is difficult to navigate -- then it may be time to get yourself a new bank.

4. The customer service is awful

Whether you're calling your bank on the phone or visiting a branch to address an issue, you deserve to be treated courteously. If that doesn't happen, it's time to take your business to a bank that will give you the respect you deserve.

Plus, you shouldn't have to wait on hold for 30 minutes or stand in a 17-person line to get an answer to a simple question. So if your bank is sorely understaffed on the customer service front, that's another reason to leave.

Finally, you need bank representatives who are knowledgeable. If the people who work for your bank aren't very helpful, it pays to consider a switch -- even if those people are the nicest folks in town.

Are you ready to find a new bank?

If you've come to the conclusion that it's time to switch banks, take a little time to research your options. If you're used to a physical bank, you may decide to move your money over to an online bank -- or vice versa. It also wouldn't hurt to talk to people about their banking experiences. A few rave (or negative) reviews could help you narrow down your choices and make the process of switching over easier.