I still bank with the “big box banks.” I know there are better options out there and I do actually use some of them. To be honest, my bank accounts are like my post-it notes on my desk – all over the place; online, with a credit union, and with a “big box bank.”
Yet the reason I haven’t consolidated all of my accounts to one credit union or online account is that it just seems like a huge hassle to switch over all to one primary bank. Especially since I have a bunch of accounts that serve particular purposes. My online account at one time had the highest savings account rate (sad to say that’s no longer the case). My online credit union doesn’t charge ATM withdrawal fees and will reimburse me for the ATM fee, so if I need cash in a pinch, I can use that account to access my money. My “big box” bank is nation-wide and easy to access if I need a brick-and-mortar facility. However, with rewards programs vanishing and fees looming around the corner, my “big box bank” is starting to look less and less appealing.
I’m not the only one that thinks this, according to Century Link Business 38% of Americans have switched banks and others are thinking about it. Take a look at this infographic below: