'Switch kits' help depositors jump ship |
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Kelly says the operative word is "stickiness."
"You do have to get a new doctor and a new dentist probably when you move, but you may not have to get a
new bank," he says. "What we want is to have the chance to save a customer."
Switch kits come in particularly handy when one bank takes over another.
"In a takeover, depositors usually have a couple options: Come and get your money out or open up a new account
with the bank that's taking over," says Kaplan. "Fortunately that doesn't happen too often, but when it does, a switch kit would
certainly make that easier."
Although switch kits may seem tailored to young, mobile depositors already comfortable with online banking, Kaplan
says the real target may be the older, wealthier demographic.
"Those people who have been with a bank for 50 years often have a lot of assets," she says. "Those are the people
for whom switching banks can be most difficult because they have so many different accounts and automatic payments and direct deposits.
"I think the older you are, the more likely it is that you have more complicated finances, greater assets, and all
of that makes switching banks more cumbersome. Having these kits makes that easier."
Switch kits can help you change banks with less fuss.
However, they don't ensure a smooth transition on their own.
Here are some switching steps to take in addition to filling out the switch kit.
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| Steps to switching banks: |
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