Switching banks: The benefits

While we wrote a post about Switching to Kasasa: Easy as 1-2-3 in November of last year, we wanted to explain the benefits in more detail given some new information that:

“Roughly 10 to 15 percent of households move their checking account from one bank to another each year, a figure that hasn’t changed substantially in recent years, according to several industry consultants and market researchers,” says Ron Lieber of The New York Times.

That’s a fairly low number, but why would it be high? Moving your money from one bank to another can seem time-consuming so people are more hesitant to do it and instead settle for an institution and a product that they are underwhelmed by, at minimum. We think the benefits of moving your money need to speak louder than the hassle of doing it currently does. And when you’re dealing with Kasasa products, you know we’ll be talking about the benefits of moving your money to a community bank or credit union = better service, a Kasasa account that gives you something back, and knowing that your banking partner is supporting the economy as a whole.

These benefits range from a higher interest rate on deposits (several times higher than the 0.13% national average on free checking*) to getting money to support a cause you care about or getting downloads from iTunes^® every month; simply by choosing a Kasasa account that interests you most and a community provider to partner with. But this post isn’t to only talk about the benefits, it’s to enlighten you on making the switch and what a few minutes are worth in the long run.

First, here are just a few of the main concerns you may relate to when thinking about moving your money:

1. “I have a lot of automated payments set up with my current bank account. I don’t want to go through the hassle of switching them all to a new one.”
2. “I don’t want to learn how to use a new service or brand.”
3. “I currently have my checks deposited through direct-deposit. How do I make this switch to a new account?"

Tips & benefits to keep in mind:

1. Switching your bank accounts really is as easy as 1-2-3. We suggest keeping your old account open for at least one billing cycle with money it to make sure the first payment (or deposit) goes through. This will ensure that everything is set up correctly so you’re paying your bills or getting your money with your new account before you close out the old one.
2. We understand it’s initially hard to start something new. Make it easy to start by listing out all current automated statement and direct deposit information you have in place, then start moving! The long-term benefits of banking at a COMMUNITY FINANCIAL INSTITUTION are well worth a few minutes to get organized and switch to an account that actually puts you first.
3. Kindly ask your payroll department to give you a new direct deposit form to fill out and ask what their standard time is to make the switch so you can expect when your money will reach the new account. You may get a hard paper check at least once before your new account is set up. We also offer a direct deposit form for easy switching purposes or check out our FAQ page for more help.

We hope this helps ease your concerns about switching accounts, and if there’s still something you have a question on let us know and we’ll be happy to help out! Again, while it can seem like a hassle when considering a switch, it’s worth it in the long-run to know you’re getting the most for your money and treated like a person, in addition to supporting local communities, the backbone of our country.