If, like many Americans, you’re fed up with big bank fees and poor customer service, you might be considering other options when it comes to banking. Three of the most popular alternatives are online banks, credit unions, and small local banks.
While switching financial institutions is a good idea in the long run, the initial choice can be intimidating and overwhelming. People worry that they are sacrificing the security of a larger bank, along with the convenience of having a branch on every corner. Closing an account and making large transfers is time consuming and inconvenient. Top all of this off with the fear that you will bounce an important check or payment in the transition, and you’ve got some major deterrents from making the big switch.