Our Terms of Service and Privacy Policy have changed.

By continuing to use this site, you are agreeing to the new Privacy Policy and Terms of Service.

Breaking up with your bank

By Gerri Willis, personal finance editor


NEW YORK (CNN) -- According to a new study from Forrester Research, some of the nation's biggest banks have some of the worst performance when it comes to customer service.

The research firm asked consumers whether their bank or firm does the best for the customer, not what's best for them.

home_rich_cover.03.jpg
For more information on managing your largest investment, check out Gerri Willis' 'Home Rich,' now in bookstores.
CDs & Money Market
MMA 0.30%
$10K MMA 0.28%
6 month CD 0.39%
1 yr CD 0.62%
5 yr CD 1.52%

Find personalized rates:
 

Rates provided by Bankrate.com.

Here's a list of the bottom seven:

  • Bank of America
  • Chase
  • Capital One
  • TD Bank/Commerce
  • Citibank
  • HSBC

HSBC told CNN that they "Take customer feedback very seriously and providing superior service to their customers is an essential part of HSBC Bank's core business values." They say they are working with Forrester to fully understand this year's survey results.

Remember that the survey included all sorts of financial institutions -- from banks to insurers, to individual financial advisers.

Here's the list of those financial institutions that scored well:

  • USAA
  • A credit union
  • An independent insurance agent
  • An independent financial adviser
  • AAA
  • State Farm
  • A regional or local bank

So if you want to break up with your bank and switch to a new on, there are some things to keep in mind.

First off, make sure you know the fees your new bank will charge, whether it's a monthly charge for maintaining your checking account or penalty fees for overdrafts

Be sure that your new bank's ATM network is convenient for you.

Next, take extra special care with any automatic transfers or automatic bill payment that you do. It's easy to overdraft your account when switching providers.

And finally, ask for help.

If you're thinking of switching, ask a rival institution what they might do for you to entice you to switch banks.

Some even have 'kits' to help you manage the process more effectively

Talkback: Have you switched banks? To top of page

Overnight Avg Rate Latest Change Last Week
30 yr fixed3.97%4.14%
15 yr fixed3.05%3.13%
5/1 ARM3.06%3.24%
30 yr refi4.09%4.22%
15 yr refi3.16%3.21%
Rate data provided
by Bankrate.com
View rates in your area
 
Find personalized rates:
Index Last Change % Change
Dow 17,745.98 -5.41 -0.03%
Nasdaq 5,128.79 17.06 0.33%
S&P 500 2,108.63 0.06 0.00%
Treasuries 2.27 -0.01 -0.48%
Data as of 5:09pm ET
Company Price Change % Change
Facebook Inc 95.21 -1.78 -1.84%
Bank of America Corp... 18.13 -0.03 -0.17%
Microsoft Corp 46.88 0.59 1.27%
Whole Foods Market I... 36.08 -4.74 -11.61%
Ford Motor Co 15.10 -0.11 -0.72%
Data as of 4:01pm ET

Sections

Loosening state restrictions have given gun silencer sales a boost. Silencers are now legal in 41 states, compared to 37 four years ago. Also some gun makers are making it easy to attach them. More

Aclima, a startup that makes environmental sensors, is hitching a ride with Google's cars to provide everyone with data about the air they breathe. More

Fast-food chains that operate in more than 30 locations nationwide are the sole target of a new rule in New York to hike their minimum wage to $15. But consumers and small business owners, as well as some employees, may be the ones to pay the price. More

You can't blame it on the economy anymore. More Millennials now have jobs, but are still living at home. More