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Why Change Your Current Bank?
There are several reasons why you want to change your current bank depending on your financial circumstances. Changing a bank may allow you to take advantage of higher saving interest rates, lower loan interest rates, and other benefit packages.
Among the several banks out there, changing your current bank may not be an easy decision. Banks Ethiopia has some suggestions you need to consider before changing your bank. Here are some of the key reasons why Ethiopians are considering changing bank.
Things to Consider Before Changing Your Bank
Is Your Bank Using Modern Banking Systems (e-Banking)
Technology has made banking much faster for both customers and banks. Some banks are not growing as the technology era grows fast. Some e-Banking features you might need are
Internet Banking is also known as Online Banking is a banking service that allows you to access all banking services from a computer or a phone with internet access 24/7. Services of Internet Banking include download and print bank statements, fund transfers, online bill payments, and controlling loan progress.
Some Banks do not have these features. If you are the type of person who wants information about your finances from wherever you are it may be a factor to consider changing your bank.
Some features of mobile banking include obtaining account balances and lists of latest transactions, electronic bill payments, remote check deposits, and funds transfers between customers or another’s accounts.
Is Your Bank’s Customer Service Poor?
If your bank had great customer service at the time you opened your account but dropped over the years. Or if you don’t like the branch atmosphere you may consider checking out other banks with great customer experience.
Great customer service includes services such as
- Long customer service open hours
- Lack of ATMs and Branches
- Great in-person interaction with bank staff
- Instantaneous resolution of issues such as (canceling your card when you lose it)
If You Want Higher Saving Interest Rate
On the off chance that you’re getting near-zero rates in your investment funds account, it’s worth assessing options. But high-interest rates alone might not be cause for changing a bank.
Changing your account will make sense if you will essentially gain more somewhere else, so run a few numbers and decide on the off chance that it makes sense to require action.
Do you want loans without collateral?
Most Banks as a rule require a few kinds of ensuring mechanisms in case you can’t pay back your credit. This by and large comes within the shape of collateral—tangible or intangible resources that the bank can offer to induce its cash back on the off chance that you halt paying the credit.
Collateral can be a physical asset—a vehicle, hardware or building—or other things such as accounts receivable, stock, mental property or the commerce owner’s individual assets.
Banks as a rule require a few kind of ensure in case you can’t pay back your credit. This by and large comes within the shape of collateral—tangible or intangible resources that the bank can offer to induce its cash back on the off chance that you halt paying the credit.
Collateral can be a physical asset—a vehicle, hardware or building or other things such as accounts receivable, stock, mental property, or the commerce owner’s individual assets.
Changing your bank looks like a difficult task to do, but when it comes to your money, your comfort and fulfillment ought to be the best need. With so numerous alternatives, there’s truly no reason to stay with an unsatisfactory bank. Either attempt to make the relationship right, or make a decision – but do what’s best for you.
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