4 Factors to Consider When Switching Financial Institutions
If you're tired of being charged unnecessary fees for every transaction you make, or you're moving and want better access to ATMs, it may be time to switch your financial institution. In order to make this transition as simple as possible, OnPath Federal Credit Union has compiled some key factors to consider when switching banks.
1. Location and Number of ATMs
Having easy access to your bank's or credit union's ATMs near where you live or work is a convenience that allows you to grab cash whenever you need it. It can save you money as well, since most ATMs charge fees for non-members. If you are moving to a new area it may be a good time to switch your accounts over to a financial institution with ATMs located closer to you. Being part of the Credit Union Network, OnPath Federal Credit Union provides access to thousands of ATMs that you can use without incurring fees. Use our locations page to find walk-up ATMs or OnPath Federal Credit Union branches that have a drive-up option.
2. Interest Rates
People often make the jump to a different financial institution because of enticing interest rates. Higher interest rates on savings accounts lead to more money down the road. However, the potential savings can be eaten away by account transfer fees. This is why OnPath Federal Credit Union does not have balance transfer fees for its credit cards. This way, you can take advantage of our competitive rates without taking a step back financially.
3. Security
Wherever you choose to house your money, you want to make sure that it is protected in case of an emergency. The financial institution you pick should insure your investments so you can have peace of mind knowing that your funds will be safe and secure. Banks insured by the Federal Deposit Insurance Corporation protect up to $250,000 per depositor in each account ownership category. The National Credit Union Association (NCUA) has the same rules for credit unions. OnPath Federal Credit Union is insured by the NCUA, so you know that your savings are backed by full faith and credit of the government of the United States.
4. Switching Automatic Payments
Automatic payments are a convenient way to pay your bills, but they can easily be overlooked when switching financial institutions if you aren’t reviewing your statements every month. Before changing banks or credit unions, be sure to check your student loans, car insurance, utilities and all other accounts that may be set to automatically withdraw payments. Then, once you’ve made the switch, update your new routing and account numbers to avoid any late fees.
Do Your Homework
OnPath Federal Credit Union is here to help when it comes to changing your financial institution. If you have any questions about the process or are ready to make the change, you may open an account online or contact one of our Financial Advocates at any of our 11 branches in the Greater New Orleans Area.