4 Signs You Should Break Up With Your Bank in 2024

Having the right bank account is important. Your checking account is kind of like the train depot for your money. Cash comes in there, stays for a while, and then is transferred elsewhere to wherever it needs to go (like your savings account, brokerage account, or to pay your bills).

Unfortunately, if there are problems at the depot, this can have a very negative impact on your financial life since all your money is routed through it. If that's the case, it's time to make a switch -- even though doing so can seem like a big hassle.

So, how do you know if it's time to break up with your bank (not to mix metaphors too much here!)? Just watch for these key signs.

1. You are paying bank fees

Banks collect billions in fees each year. That's billions with a "B," not millions. In just the fourth quarter of 2022, banks collected $1.6 billion in overdraft fees. And this was a huge decrease, down from $3.1 billion in the fourth quarter of 2019. And that's just one type of bank fee -- there are others, like monthly maintenance fees or ATM fees.

There is no reason for you to add your hard-earned money to the billions the banks are already collecting. Look for a free checking account that doesn't charge you to be a customer and that has eliminated other costs like ATM and overdraft fees. SoFi is a good example of one, but there are plenty of others.

If your bank charges you and you're sick of making bankers rich, break up with your bank now and explore your other options.

2. You are receiving poor customer service

You are a customer of your bank. If you experience poor customer service, switch to one that wants to earn your business.

Your bank should be accessible to you and willing and able to answer questions when you need help. Ally, for example, offers both online and chat support, has flexible hours for its call center, and has always responded to me very quickly on chat when I've needed support.

If you frequently have a hard time getting an appointment, have to wait on hold for a long time, or just find customer service to be unresponsive, then it's time for a break-up.

3. You can't accomplish what you want with your money

Your bank should make it easier to use your money the way you want. If it doesn't allow you to access and use your funds when and how you prefer, it's time to switch.

For example, some banks have very low limits for mobile check deposits, sometimes capping the amount you can put in to as low as $500 per day. If you don't want to have to go to the bank to put your money into an account, switch to one with higher daily limits (Ally, for example, will allow you to deposit up to $50,000.)

You should also pay attention to ATM access, daily withdrawal limits, and other bank rules that could affect your ability to use your money in the way you see fit.

4. The app is a pain to use

Let's face it -- most people do their banking on their phone or other mobile device. So, if your bank has a bad app, it's time to make a change, as there are plenty of alternatives out there.

Chase, for example, has an app that earned 4.8 out of 5 stars on the iOS store. The full-featured banking app not only makes managing your bank account easy but also allows you to create a customized budget so you can use the funds more wisely.

If you spot any of these signs, it's time for you to initiate a split today. You don't owe your bank your business, and there are plenty of better fish in the sea.