Look Before You Leap to a New Bank

Chances are, you know someone who is dissatisfied with their current bank. Rising fees and benefit cuts are being seen across the country, in all types of banks. So, when you see an enticing bank account advertisement that seems much better than your current account, it can be tempting to switch accounts right away. However, before you make the switch, not only should you investigate the fees and rules that govern the account today; you should also make sure the bank isn’t planning any changes to the account in the coming months. If it is, you should make sure you’re okay with the upcoming changes before you make the switch.

For example, Citizens Bank Green$ense program has been one of the best checking account deals around and has been highlighted in BestCashCow blogs before. Each time you made a paperless transaction (including non-PIN debit purchases), the account would pay you 10 cents for each transaction. Additionally, new accounts can earn up to an additional $240 in bonuses by making qualifying online bill payments each month for six-months. The extra $240 in bonuses is still a great deal, but customers should be aware that the current Green$ense program is being discontinued on November 30, 2011. While new customers will be able to earn Green$ense rewards until that date (and can continue to earn up to the extra $240 new account bonus, even after that date), they should be aware they will no longer be able to earn 10 cents on each non-PIN debit purchase after November 30^th. Citizen’s Bank Customer Service advised me that there isn’t a Green$ense replacement plan, but they will be rolling out a new optional “value plan” later in November which will cost $6.99 per month if customers elect to participate. The details of the plan aren’t yet available to the public.

Likewise, the CitiBank checking account is also undergoing changes effective December 9^th, 2011. Through December 8^th, customers just have to complete one debit or credit transaction per statement cycle in order to qualify for ThankYou points. After December 9^th, customers must have one direct deposit and one bill payment in order to qualify for ThankYou points. The structure of the ThankYou points rewards is also changing.

Even after the change dates, the accounts may still be a great deal for you, depending on your banking habits. However, it’s important to know what changes to expect, so you can make sure you’re in the right account for your needs.

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