If you are tired of poor customer service, high fees or interest rates, or a lack of online options? You might be among many other Americans who are breaking up with their bank. A survey by J.D. Power in 2020 indicated that as many as 14 percent of Americans were looking at changing their bank.
Why People Switch Banks
Fees
According to an April 2019 study by Javelin Strategy & Research, the number one reason why people switch banks is dissatisfaction with their bank’s high fees. According to a survey at MyBankTracker.com, U.S. households paid more than $1 billion in checking account maintenance fees in 2018. Furthermore, Americans paid $34 billion in overdraft fees in a single year.
Interest Rates
The second main driver for customers switching their banks is for higher interest rates on their savings and money market accounts.
Online Options
A third major reason for switching banks are the banks’ online options. One study showed that 13 percent of respondents cited better online options as the reason for moving to a new bank, and conversely, 55 percent of respondents cited the online capabilities of their bank as the reason they don’t switch banks.
A Bank Just For You
Did you know that if you are a member of Florida Farm Bureau Federation, you are eligible to bank with Farm Bureau Bank?
Farm Bureau Bank is committed to helping you grow traditions, give back to your agricultural communities, and offer financial convenience to the lifestyle and unique needs of farmers and ranchers across America. Farm Bureau Bank is proud to offer Farm Bureau Federation members benefits such as:
- High-earning deposit accounts that are FDIC-insured
- No maintenance fees on personal checking accounts
- Personal and business credit cards
- Vehicle and equipment loans
- Mortgages
- Business loans
- And more…
Farm Bureau Bank also offers safe and secure 24/7 internet banking and online bill pay. They offer business solutions, so merchants can accept more types of payment and protect businesses from fraud. When life’s most challenging moments strike, Farm Bureau Bank has a disaster relief program to help you rise and recover.
Another Farm Bureau Benefit: Farm Bureau Insurance
Once you’ve opened an account with Farm Bureau Bank, take advantage of another member benefit: insuring with Farm Bureau Insurance. We’ve been providing Floridians with high quality insurance policies for over 70 years, and there’s an agent that lives near you. Start by using our Agent Finder.