Ben Soppitt

Ben Soppitt

10 Reasons You Should Never Change Your Bank

We know you don’t like to think about banks and banking that much and we respect that — actually it’s encouraged — never pays to look too closely at one’s finances!.

However, it’s becoming a thing now that people are being told that not only is it OK to move banks but some companies are actually encouraging it!

There are now only 96 million Americans who have never changed their bank and the average tenure of a primary bank account is a mere 16 years. This has the potential to disrupt the highly profitable banking industry and redirect these profits directly into consumers pockets. Clearly this would be an outcome that only benefits consumers at the cost of the incumbent banking industry.

In an effort to combat this insidious change we present to you 10 great reasons not to change your bank, to embrace the status quo and help support Big Banks everywhere.

  1. Loyalty — what price can you put on loyalty? you have been with your bank since you were 16! How many other decisions did you make at that age that you still live by? Probably not that many which is why it’s important to keep the ones you still have.
  2. It’s the bank my parents use — it critical to preserve family traditions, just because you moved from home, got a job and living your own life some standards must be maintained
  3. There is an ATM near me — there are only 2 million or so places to withdraw cash in the US and with the use of cash becoming increasingly irrelevant in the age of online shopping and contactless payments not to mention the lack of rewards or benefits spending cash it’s still nice comforting to live in close proximity to an ATM
  4. I have a metal card — once highly exclusive (1991 to be precise) and increasingly ubiquitous nevertheless your bank went through the effort to produce a metal card so you should repay them with blind loyalty and what might people think if you suddenly did not have one!
  5. I am collecting points! — so important to collect these points! So much better than money! It’s immaterial that they seem to rarely translate into anything of value. It’s more about the thrill of the chase — double points! 10X points! So many many points! What fun
  6. It gives me lounge/Precheck access — so much a traditional part of life for successful business travelers, who wants to sit in Starbucks at the airport. Little less relevant now no one is traveling due to Covid but nevertheless it’s so much a part of credit card lore. Many cards now carry these benefits it’s about as common as metal cards and Precheck is actually really cheap plus seems almost anyone gets lounge access anyway. But no change is good change amiright!
  7. It’s a real hassle to change — so critical this one, direct deposits, bill pay, direct debits. So many other things to do, have you seen the latest Fortnite update? And Tiktok/Instagram of course. Who has the time to ensure that your money is being efficiently managed — the savings add up to be sure with an over $300bn in lost interest annually that could be paid back to consumers — but that’s pretty good value compared to a few moments of your time switching banks
  8. My money is secure — we are lucky that it’s actually the Federal government that protects our savings not individual banks via FDIC — created for the precise reason that banks had a tendency to go belly up and leave consumers in the lurch. It’s not like Big Banks ever go bankrupt — have you not heard of too big to fail?
  9. There is a branch nearby — no reason to go to branches anymore now you can do everything on your mobile so many Big Banks have upgraded their branches to coffee shops — because you can never have enough coffee shops! And running a bank is very similar to running a cool neighbourhood coffee shop plus it’s a lot cheaper than giving consumers decent interest rates and real value for their credit card spend — win win!
  10. I am perfectly happy with my bank — exactly! what have they ever done to upset you! Why rock the boat? You owe them. It’s not like they even charge you — free banking they said! Free banking you got — how they seem to make so much money with record profits almost every year is baffling — must be all those other people paying — not you though! Oh no....

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The above does NOT constitute an offer, solicitation of an offer, nor advice to buy or sell specific securities. The opinions listed above are not the opinions of Unifimoney Inc. or Unifimoney RIA, Inc. but represent the opinions of independent contributors. These contributors may or may not hold positions in the stocks discussed. Investors should always independently research any stocks listed and form their own opinions, while recognizing that any investments made may lose value, are not bank guaranteed and are not FDIC insured.