Changing banks is an even bigger pain in the neck

You're not happy with your bank. You don't like the service. You're fed up with the fees. Will you pull your money and move to another financial institution? It isn't easy.?

In a new report, Consumers Union (the advocacy arm of Consumer Reports) says customers face a series of obstacles that can make it a hassle to change banks.?

"It's become harder and harder to move your money," says Suzanne Martindale, staff attorney for Consumers union.?

There may be a fee to close the account. And it can be a pain to switch direct deposit and automatic bill pay transactions. These automated services are a convenience that customers like, but they do make it harder to leave. The bank won't help you do it and it could take several weeks to make the transition.?

Consumers Union went on the websites of the top 10 banks and found that they don?t make it clear on how you?re supposed to close an account. In many cases, secret shoppers who contacted the banks got conflicting advice from different representative from the same bank.?

HSBC, PNC, and US Bank charge customers a $25 fee to close an account that has been open for fewer than 180 days, while BB&T and Citi charge a $25 fee if the account is closed within 90 days.

"It's really unfortunate that some people, even very conscientious consumers just feel like it's too much of a hassle," Martindale tells me. "When you can't really exercise the choice that you have in the marketplace, when it's too much of a pain to switch banks, then where is the incentive for the big banks to keep prices competitive or offer the kind of services you want?"?

Consumers Union would like Congress and the new Consumer Financial Protection Bureau to consider a number of policy changes to give bank customers more choice and improve bank competition:??

• Banks should be required to bear the responsibility for transferring a customer?s automatic payments and deposits from the old account to the new account within 14 days.
• Banks should provide same-day electronic fund transfers at no cost to consumers.
• Check hold times should be reduced so consumers can quickly access deposits in new accounts.
• Banks should be prohibited from assessing unfair fees for closing accounts.
• Banks should be prohibited from reopening accounts after consumers close them.
• Banks should be required to provide clear and accessible account closing procedures.
• Bank regulators should examine the feasibility of portable bank account numbers to facilitate easier bank switching.??

?We agree that consumers have a wealth of choices and should choose the best bank for their needs," said John Hall, senior vice president, American Bankers Association.?"If you don?t feel like you have the right account, shop your own bank first.? People?s needs change, and your bank may have introduced new products that better fit your needs.? If you still want to make a change, most banks offer ?switch kits? to make it as easy as possible.?

The bottom line: It may time a little time and cost you a few dollars, but it you don't like your bank -- vote with your feet and find a new financial institution.?

For consumer tips on switching banks, see Consumers Union?s Move Your Money Checklist.?

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