Americans tend to stick with their banks for a long time; in many cases, it’s for more than a decade or most of their lives. Their reasons to change banks might be because of fees, poor customer service, lack of transparency, or inadequate access to local branches. As a local community bank, many of our new customers say they’re looking for a better banking experience where they’re treated like a person rather than an account number. Changing banks doesn’t have to be complicated, and we can help you make the switch as easy as possible. Let’s consider why people switch banks and how we can help.
Rising Fees with No Added Value
If you’re like many of us, you typically just look at your monthly bank statements to see how you’re doing and check your list of transactions. You might want to take a look at any fees associated with your accounts and whether they’ve increased. A 2024 survey by the accounting firm EY (formerly Earnest & Young) revealed that more than a third of American consumers had left or were planning to leave their bank because of fees.
The survey also found that Americans paid an average of $311 per year in payments and banking fees, and 45% of respondents thought their payment and banking fees were unreasonable, especially among those who were younger or lower-income earners. A whopping 90% of consumers between the ages of 36 and 45 said fees were a significant factor when choosing a new banking service or payment product.
That’s why our personal savings accounts require just a minimum $50 deposit to open and a low daily balance requirement of $100 to avoid a monthly service fee of $2.50. Additionally, you only have to maintain a $50 daily balance to earn interest. These accounts include many free services such as Internet banking, our mobile banking app, direct deposits, and free deposits and withdrawals.
Our personal checking accounts also include free online banking, mobile banking, and bill pay, and a free debit card. If you switch to us from another bank, we’ll pay you up to $10 for your old debit cards and any unused checks you still have. We also reimburse you for up to $15 in monthly ATM fees that you incur within the U.S. You can open a firstEssential checking account with just a $50 deposit, with no minimum balance requirement, and your monthly eStatements are free. You can also learn rewards by using your First Exchange Bank debit card on everyday purchases.
Poor Customer Service Experiences
Whether it’s a phone call, an email, or an in-person interaction, a bad customer experience can leave someone more inclined to take their banking elsewhere. We are well aware of an old saying in business that it’s easier to keep a customer than it is to gain a new one.
As a local community bank, we make every effort to respond as quickly and thoroughly as possible when a customer needs help. After all, each customer could be one of our neighbors. It’s no surprise to us that an annual survey by the American Customer Satisfaction Index found that regional and community banks like ours received higher ratings for customer service than large national banks.
Outdated Mobile & Online Banking Tools
As a community bank, we know we have to compete with what the larger banks have to offer. That’s why our mobile and online banking products offer first-rate service to make banking with us as easy as possible.
Online Banking
With online banking, you can view your account balances and transaction history, pay your bills, transfer funds between accounts, and view and download your e-statements.
Mobile Banking
Our free mobile banking app makes it easy for you conduct your banking from just about anywhere. You can even deposit checks without having to visit a bank branch or an ATM.
Free Online Bill Pay
You can pay your bills at any time and set up automatic payments for free through our mobile app and online banking platform. You can view your payment history and pending payments, and view and edit your automatic payments at any time.
Bank by Text
With our free Text Message Banking service, you can bank with us with or without a smartphone. Once you sign up for this service online, you can check your account balances and transfer funds with a simple text message.
Free Telephone Banking
Many of our customers still prefer to deal with a human being, so we make it easy for you to do so. Our free Telephone Banking service is available 24 hours a day, 7 days a week, with a real human ready to answer. You can check your account balances, review recent transactions, and transfer funds between your accounts. Just call 304-333-6700 or 866-313-4990 and follow the prompts.
Free E-Statements
For reduced clutter and better security, most of our customers prefer our free e-statements rather than paper and snail mail. You can view them online at any time and download and print them whenever you want.
Lack of Transparency
With some institutions, “reading the fine print” on a disclosure form might require a magnifying glass and a law degree. We make it easy for you to understand what our accounts offer, and any fees involved, by posting this information on our website. With us, there are no surprises or hidden fees.
One-Size-Fits-All Accounts
Many of our new customers are surprised that a local community bank like us offers so many options to choose from, such as four checking accounts and savings options that include a regular savings account, a money market account, certificates of deposit (CDs), IRAs, a Christmas club account, and a minor savings account for kids with free unlimited deposits. We give you the flexibility of choosing a savings plan that works for you.
Limited Local Decision-Making
At megabanks, with any request for a loan or line of credit you might have to wait for someone on the other side of the country to process your application. As a locally-operated bank, we make all our decisions right here in the community with personal banking solutions and a better banking experience. This allows for a faster and more transparent process.
Inconvenient Branch or ATM Access
The number of bank branches has declined in recent years as those megabanks expect you to come to them, rather than the other way around. A report last year by the Federal Reserve Board revealed that the number of bank branches in the U.S. peaked after the global financial crisis of 2008 and has fallen by 19% since then, giving rise to “banking deserts” without access to services. We offer seven locations in West Virginia, across Monongalia, Marion, and Wetzel Counties, so it’s easy for you to find us. Our free online and mobile banking services make it easy for you to conduct your business, and if you have to use an ATM that’s owned by another bank, we’ll reimburse you for up to $15 in monthly ATM fees that are incurred within the U.S.
Things to Consider When Switching to a New Bank
If you’re moving your accounts from a mega bank to a local community bank like ours, we can help you through the entire process and make the switch as easy as possible. Here are a few things to keep in mind:
- Change your direct deposits and set up new automatic transfers. If you use direct deposit at your old bank, you’ll need to switch it to your new bank. If you have automatic transfers, such as from a checking to a savings account on every payday, you’ll need to set that up at your new bank.
- Make new automatic bill payments. Many of our customers have their regular monthly payments automated, such as mortgage and loan payments. Make a list of your automatic payments and their due dates, so you don’t miss a payment or forget to set that up when you change banks.
- Keep enough in each account to avoid overdrafts. You’ll need to set up new accounts with us before you close out your old bank accounts. While you’re making the switch, we recommend keeping enough in your old bank account to cover any automatic payments you may have forgotten about and to make sure you avoid any overdraft fees with your old bank that could cost you money and hurt your credit rating.
- Bring us your old checks and debit cards after you close your old accounts. We’ll not only destroy them for you, we’ll actually buy them off you.
Explore First Exchange Bank’s Account Options and Speak with a Local Banker
If you’re thinking of starting an account with us, you might start by looking at our personal checking account and savings account options. If you have any questions or would like to speak with our local banking team, you can contact us online, by phone, or visit one of our locations in West Virginia.
