When to switch your bank or bank services

Posted by Felix Okoli on Wednesday June 19, 2013 at 11:11:4:

In Nigeria, banks are replaceable and people are allowed to switch to a different bank anytime they want and with little or no consequences. People may change their bank or just move the services they want to a new bank while maintaining a weak relationship with their old bank as a result of unsatisfactory service.

Say you've got a relationship with a bank that doesn't give you back what you want or how you want it, perhaps it time to end that relationship. Moving away from your old bank may be emotional but it may very well be the best thing to do for the sake of moving forward.

If your current bank doesn't give you the services you want, then it's time you move to a new bank.

Emeka always complains that his bank is always debiting his savings account on a monthly basis even though he did no transactions on the account. Well, if you don't like their arbitrary charges, just switch to a new bank that does not charge saving accounts

Sola always complains that every time he does to his bank on emergency, he ends up staying in the queue for more than 30 mins due to the fact that his branch has a lot of customers. Well, if Sola doesn't like staying in the queue at his bank, then he should move to a bank that practically has cashiers waiting for customers.

Mohammed is tired of having to go to customer service every time he wants to check his bank account balance since his bank doesn't send him sms alerts. Well, Mohammed can either approach his bank to correct that problem or go to a bank that offers sms alerts automatically once an account is opened.

Richard has a domiciliary account with his bank and he normally receives a cheque every month but his banks takes about 90 days just to clear one foreign cheque given that other banks use only 21 days. Well, Richards has the option of moving to the other bank rather than dying in silence at his old bank.

Akpan is student who wants to be able to operate a savings account and at least operate a zero balance but his bank would rather have him keep at least N2000 minimum balance. Well, Akpan has the option of moving to a new bank that offers zero minimum operating balance which will suit his status as a student.

Ikoli is above 60 years and is a retired pensioner that has received his benefits and entitlements but does not want to do any other business. He just wants to invest in a bank that would pay him the highest interest so that he doesn't have to work again for the rest of his life. He has a capital of N10m and just wants to receive a payment of at least 10% per annum so as to retire peacefully from active work. His current bank only offers him around 3% on fixed deposit. Ikoli has the option of moving to a new bank that can pay him at least 10% per annum on his N10m invested.

There are many banks in Nigeria and there are many accounts you can invest in. They all do offer customer service but not to the same degree. They offer interest rates but not uniformly.

The banking industry is not a monopoly yet and we pray it never does so if you are fed up with the way your bank is treating you or the services they are offering you, it is simply time to move to a new bank that can give you what you want and how you want it.