The reason you open a bank account is to save money. You take aid of the facilities provided by the savings account and fixed deposit scheme. But, you are not satisfied with the way your bank works. There are a number of times you have thought of changing your bank. If you belong to the category, who feels the need of changing the bank, you are definitely not alone. There are more people than ever, who want to change their bank, but not doing so due to the inconvenience involved.
What are the common problems that the account holders deal with?
There are some common problems with almost all account holders, it will be worth to take a look at them:-
- Mis-selling– A bank is supposed to take care of your investments, savings and provide you with the best option for the same. However, still if you find your bank asking you to invest in some tool, which is not profitable for your financial portfolio, it is irritating and downright frustrating. But this is exactly what is dealt with when dealing with banks. The bank should only advice those, policies that provide with good returns.
- No transparency– There are times when you are levied of any late fee or late charge and you are not aware of it. This is definitely not done; you should be made well aware of the situation which has led to the levy of late fees or some sort of penalty charges. In fact, there are times that an account holder, is not aware that he or she is not liable for the penalty. If you too are dealing with such problem you can definitely address this matter to the grievance committee.
- Technology– There is a lot of probabilities that the bank you have your account in, is not technology savvy. Opening ATMs and having a bank website is not all, if they do not work. the major problem that the account holder, deal with presently is website facing downtime or ATMs being out of order or no proper facility of net banking and so on. Hence, there adapting to the latest technology is of no use if it is not working properly.
- Rules– There is some set standard and rules as fabricated by the bank, which is mandatory to be followed. However, some of these are really very unfavorable to the customers. If this is the scenario with your bank, it is best in your interest to shift to a different bank.
- The Rate of interest– The fact, that your bank is offering low interest rate is another point you should think about. It will really be of no use if the bank you are having your account is not providing you return which is at par with the other banks.
So if you too have an account, in a bank with either of these problems it is best to switch the bank in order to gain proper advantage from the banking facilities.