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Switching banks is a PITA. I maintain typical accounts at >5 banks, most of them are well-known national brand name banks though a couple are smaller regional/

Switching banks is a PITA. I maintain typical accounts at >5 banks, most of them are well-known national brand name banks though a couple are smaller regional/local banks. I've long intended to close down several of them -- especially one of the oldest ones, which hasn't had a branch in my resident state for roughly 10 years now -- but I then realize it's a low value proposition. I've got some small ACH or card-based auto-pay stuff on it that I'd have to track down and move, and all that. Not to mention the 'fear' I have that I'll be traveling and get locked out, so may as well have other options. I realize it's probably not as bad as I think, but frankly I'd almost just rather just keep my "doors open" so to speak, even if it is a small money drain. BTW -- I very recently paid $10 for a Cashier's check at a national brand bank, wasn't thrilled about it, but paid it. That said, their online presence/capabilities make up for it (especially vs many regional/small banks). I just wish SVB did personal accounts. They rock.

vertex-four 10y ago
In the UK, we have a service called the Account Switching Service - which redirects all your incoming and outgoing payments for you, with a guarantee that it's done properly. Shame the US goes for lock-in.
- JadeNB 10y ago
  > In the UK, we have a service called the Account Switching Service Please tell me that people unhappy with this call it a pain in the ASS.
Symbiote 10y ago
A few years ago, Britain made rules that forced the banks to make it easy to switch accounts. This was to improve competition between banks, and hence improve service and prices for customers. I used it. It required closing the old account, but everything was done automatically: bill payments transferred over to the new account, the remaining balance, pending cheques, and any incoming electronic transfers for the next 13 months. They also sent some kind of electronic message to my employer, updating my bank account details on their system. https://www.gov.uk/government/news/2-million-switches-in-2-years https://www.gov.uk/government/news/2-million-switches-in-2-y...

vertex-four 10y ago

In the UK, we have a service called the Account Switching Service - which redirects all your incoming and outgoing payments for you, with a guarantee that it's done properly. Shame the US goes for lock-in.

JadeNB 10y ago
> In the UK, we have a service called the Account Switching Service Please tell me that people unhappy with this call it a pain in the ASS.

Symbiote 10y ago

A few years ago, Britain made rules that forced the banks to make it easy to switch accounts. This was to improve competition between banks, and hence improve service and prices for customers. I used it. It required closing the old account, but everything was done automatically: bill payments transferred over to the new account, the remaining balance, pending cheques, and any incoming electronic transfers for the next 13 months. They also sent some kind of electronic message to my employer, updating my bank account details on their system. https://www.gov.uk/government/news/2-million-switches-in-2-years https://www.gov.uk/government/news/2-million-switches-in-2-y...