Changing banks is a major pain. Most of us don't do it often, but consumers are more interested in switching banks now after recent fee increases and government bailouts.
Unfortunately, the bank doesn't make it easy for you to leave. They don't tell you how to close accounts, and they fight to keep you around if you try to leave. They may even reactivate closed accounts (and continue charging fees) if you don't make a clean break. In some cases, you'll pay a fee to close your bank account.
Technology is another part of the problem. Online bill pay and direct deposit make everyday life much easier -- except on the day you want to switch banks. Changing all those electronic instructions takes time, and you may be long for the days of paper checks (when you could just take your check to a different bank).
Even though it's difficult to switch banks, it's probably worth the effort. Just prepare yourself for an unpleasant task, and set aside a block of time for updating direct deposit and online bill pay instructions. Once you leave the old bank behind, you can forget about it for good.
Further reading:
- Consumer Reports: New Report on Bank Switching
- Before You Change Banks
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