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 0.37%
$10K MMA 0.33%
6 month CD 0.35%
1 yr CD 0.67%
5 yr CD 1.38%

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

Frontline troops push for solar energy
The U.S. Marines are testing renewable energy technologies like solar to reduce costs and casualties associated with fossil fuels. Play
25 Best Places to find rich singles
Looking for Mr. or Ms. Moneybags? Hunt down the perfect mate in these wealthy cities, which are brimming with unattached professionals. More
Fun festivals: Twins to mustard to pirates!
You'll see double in Twinsburg, Ohio, and Ketchup lovers should beware in Middleton, WI. Here's some of the best and strangest town festivals. Play
Overnight Avg Rate Latest Change Last Week
30 yr fixed4.29%4.30%
15 yr fixed3.23%3.29%
5/1 ARM3.33%3.45%
30 yr refi4.26%4.27%
15 yr refi3.20%3.26%
Rate data provided
by Bankrate.com
View rates in your area
 
Find personalized rates:
Index Last Change % Change
Dow 16,912.11 -70.48 -0.42%
Nasdaq 4,442.70 -2.21 -0.05%
S&P 500 1,969.95 -8.96 -0.45%
Treasuries 2.46 -0.03 -1.16%
Data as of 11:13pm ET
Company Price Change % Change
Frontier Communicati... 6.79 0.85 14.31%
Windstream Holdings ... 11.83 1.30 12.35%
AT&T Inc 36.59 0.94 2.64%
CenturyLink Inc 39.90 2.19 5.81%
Bank of America Corp... 15.34 -0.16 -1.03%
Data as of 4:01pm ET

Sections

McDonald's may be liable for worker lawsuits, not just franchisees, in a government ruling that could change the fast-food business. More

Amgen is the latest to continue corporate America's cost cutting strategy, even as the economy is supposedly on the mend More

Bunch o Balloons allows multiple water balloons to be filled at once. Parents are loving it -- to the tune of $645,000. More

Steve Mason, a pastor from California, inherited more than $100,000 in student loan debt when his 27-year-old daughter died suddenly in 2009. With interest and late penalties, the debt has since ballooned to $200,000. More

Market indexes are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer Morningstar: © 2014 Morningstar, Inc. All Rights Reserved. Disclaimer The Dow Jones IndexesSM are proprietary to and distributed by Dow Jones & Company, Inc. and have been licensed for use. All content of the Dow Jones IndexesSM © 2014 is proprietary to Dow Jones & Company, Inc. Chicago Mercantile Association. The market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. FactSet Research Systems Inc. 2014. All rights reserved. Most stock quote data provided by BATS.