When it comes to deciding whether or not you should switch banks, Kansas City’s Cornerstone Bank in Overland Park understands that sometimes you just need to make a change. There are factors to consider first before moving forward:
- Why should I switch banks?
- How to close a bank account?
- Can I open an account online?
- How to switch banks?
- Who will help me switch banks?
From personal to business accounts, Cornerstone Bank has helped the Kansas City metro and beyond do their banking with confidence and care.
If you’re considering switching banks, let’s talk about why you might want to do it in the first place.
When should I change banks?
We’ll compare personal and business reasons for why you might want (or should) switch banks.
Personal banking: reasons to switch
Prices & fees
When your current bank is nickel and diming your nickels and dimes, that’s a good sign you might want to switch banks in Kansas City. Shop around, because some banks charge more fees or higher ones for your banking needs.
Watch for the charges that come with balance levels on certain accounts. You can usually find a bank that provides several account options that don’t impose these charges.
Most banks have physical cash on hand, but the greater bulk of account assets are in digital form. That data is the lifeblood of families and businesses, of young and older people alike. Plus your bank has so much of your personal information—SSN, addresses, contact information, and more. This is pretty much your digital blueprint.
If your bank has had a data breach, and especially if it’s had more than one in recent years, it’s time to investigate moving your assets to a different bank. Data breaches are devastating, for the bank, and for your personal life.
Even if your bank meets federal and state regulations, it should go several steps beyond to thwart digital thieves. Always ask about the measures your bank takes to protect you.
Mobile banking abilities
Bankers’ hours? Pshaw. Banks should be available 24/7 via the internet and mobile. There’s really no reason you can’t transfer money, deposit a check, or access a number of other bank services via mobile access.
Of course, bank personnel should be available during regular business hours. And check our business cards for cell phone numbers to help when you need it.
Speaking of service, if your bank’s staff treats you like you’re just a number, or worse—that you’re a nuisance, walk away. There’s zero reason you should ever endure disrespect from your banking staff.
After all, your assets are their business. Your accounts are the reason the bank exists. You’ve earned respect, and you deserve honest, sincere service.
Low yields & high interest rates
Corporate banks earn their profit through your accounts. Don’t you deserve to also profit?
If your bank doesn’t reward you for your loyalty and your assets, you should probably look into other banks that appreciate you more. Great service is great; great service and fiscal improvement is even better.
Look for high interest savings and money market accounts, and ask about other opportunities to “share the wealth.” After all, a bank is part of the community, and the community should thrive with their help.
Local banks understand better that they have to earn your trust, and work hard to keep their community going. Larger chains don’t have to do that. They don’t seek to understand the person along with the account. Your community bank will, and that often makes the difference between feeling trapped by your bank or being uplifted by it. Should I switch banks in Kansas city? Read on for more clues.
You have moved
Your previous bank might have been great, but if they don’t have a branch where you live now, there’s no real reason to force yourself to bank long-distance. Make sure you have both personal, and mobile, access to your bank.
Bank where you live, with a bank that cares for your community.
Now that we’ve covered several solid reasons to move your personal bank account to a new bank, let’s discuss why your business might want to switch banks in Kansas City. Most of the reasons above are applicable to a small business. However, there are specific business needs that can dictate whether you keep your accounts open, or close the doors on that bank.
Small business banking: reasons to switch
Much like how a personal bank account holder should feel valued, the same goes for a small business owner. Your bank relationship is transactional, but also human. Your bank should communicate with you frequently, talk to you up-front about the good and bad, and keep you informed.
Proactive communication keeps you informed for better decision-making and forms a trust that the two of you are in business together. If your bank doesn’t communicate often, that’s a problem. Or worse, if you can’t breach their wall of auto-attendants and email blackholes to reach a real person, you’ll want to re-evaluate your business with them.
As a Cornerstone Bank side-note, ask your current banker for a number you can call them at after-hours. If they won’t do that, feel free to talk to us. We can show you what a small business relationship with their bank should be.
Poor funding options
Small business loans. Small business lines of credit. Does your current bank provide options, both static and customizable, to fit your small business needs? Access to funding is essential for growth, and your bank must have it ready.
And, does your current bank not only look at the numbers, but get to know you? Do they seek to see the balance between ledger numbers and leadership? Your bank should bet on you along with the balance sheets and revenue forecasts.
Does your current bank offer more and more “time-saving” procedures that keep getting more and more complicated? Sure, these new programs and applications might make it easier for the bank to do what it needs to, but do they make your life easier? As the customer, you matter most.
When processes bog you down, feel free to shop around for a bank that makes your business life better and easier.
Read our blog on 5 Things to Watch for When Switching Banks.
How to switch banks in Kansas City
When you realize that your personal or business accounts need a new home, you should first find a new bank. Make a checklist of all the things you need from your bank, such as:
- Minimum opening deposits
- Minimum balance requirements
- Automatic bill payment
- Interest rates
- Online and mobile banking services
- Branch and ATM locations
- Extra benefits or features
Consider the banking you prefer or need to do online, or in person. Does the bank you’re considering address those concerns? That will help you decide whether you should switch banks in Kansas City.
And think about how deeply you want your assets to participate in your community. Locally owned and operated community banks have a tendency to put more money, and more service, back into their community. By using that bank, you will be reinvesting into the place where you live and work.
Automatic deposits and payments
Make a list of all your automated bill payments, recurring transfers, and direct deposits. This list will be crucial for your new account’s success. Mortgage payments, medical payments, utilities, student loans, your direct deposit paycheck, all of these important fiscal matters will need to be accounted for.
You’ll also need to consider the services you might use that aren’t automatic, but do access your account, such as:
- Google Pay
Business owners must do the same thing. Think about your payroll; if it’s automatically created and debited from your account, your paychecks/direct deposits could bounce because they’re being pulled from a dead account (your old bank account).
Having a complete list of what to reassign to your new account will make the process easier, and safer, for all involved.
Questions to ask your prospective bank
As you look for a new bank, here are some questions we recommend you ask them. Since we opened our doors in 1991, we have known at Cornerstone Bank that customer service and customer trust create the foundations of success. Will your new bank offer the following benefits to be successful for you?
Do they offer CardValet connectivity?
CardValet helps you protect your debit card by sending you transaction alerts and giving you the ability to define when and how your cards are used. You can download the app in GooglePlay for Android users and the Apple App Store for iPhone users.
Are check images available?
If you’re lucky, you’ll never need images of checks you’ve received or written. However, most people aren’t that lucky. Will you be able to get those images and keep them with you? Find out how flexible your bank will be for ensuring you have the records you need now, and in the future.
Does the bank use 128-bit secure servers?
Online banking transactions transmitted between you and our online banking vendor also use a 128-bit secure server by VeriSign encrypted with Secure Sockets Layer (SSL) protocol and a router loaded with a firewall to regulate the inflow and outflow of server traffic. Using this high level of technology, your online banking transactions are secure.
Will your account information be fully restricted?
Your bank should not reveal specific information about your accounts or other personally identifiable data to parties outside the banks affiliated companies unless:
- You requested or authorized it.
- The information is provided to complete a transaction initiated by you.
- The information is provided to a reputable credit bureau or similar information reporting agency.
- Disclosure is lawfully permitted or required.
The bank should not provide account or personal information to non-affiliated companies for the purpose of independent telemarketing or direct mail marketing.
Do I get refunds on some of my ATM fees?
No bank has ATMs everywhere. So if you use another bank’s ATM to access your cash, does this new bank refund some of those ATM fees? It’s an extra service/bonus that should be offered.
Is my money insured?
All banks are FDIC insured. But that doesn’t mean your deposits are completely covered. Be sure to ask your prospective bank what the account value limits are for their insurance. If they can’t cover you, do not use them.
Will switching banks affect my credit score? Get the score in our blog.
Apply for a bank account online or in person
Your new bank should be able to create new accounts for you either in person or online. In person meetings are great for more complex personal or business needs. Online account setup works well for banking that is more straightforward and streamlined.
When this is done, now is the time to update your automated deposits and payments. Do this as soon as possible, because sometimes payment processors take time to get the changes made to their systems, up to a month depending on the service.
Watch your balances in both the old account and new account. When you feel all your automatic payments and deposits are working correctly, close the old accounts.
Need help switching banks? We’re here for you.
So, should you switch banks in Kansas City? If your bank isn’t giving you these features and benefits, yes. Cornerstone Bank can help you through the process. Personal accounts, business accounts, or hybrid accounts, contact us for an appointment. Our team of banking professionals will talk you through choices, share advice, and make sure you’ve got what you need to succeed with your new accounts.
You may also apply online at your convenience. Explore our services wherever you are, whenever you want. We will always do our best to make your experience at Cornerstone Bank 100% to your satisfaction.