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5 Signs You May Need to Switch Banks

According to a 2014 survey by banking and payments technology firm FIS, 77 percent of customers worldwide are unhappy with their bank’s overall performance. Safety and security appear to be primary concerns among those polled, followed by transparency issues when it comes to pricing and fees. If you’re less than enthused about how well your financial institution is working for you, you may want to pursue other options. Here are five signs it may be time to switch banks. Compromised Security If your bank isn’t covered by the Federal Deposit Insurance Corporation (FDIC), consider it a red flag. This organization is responsible for regulating the banking industry and covers deposits for checking and savings accounts as well as most money market deposits. Without FDIC coverage, your cash isn’t insured – which means you could lose it. Too Many Fees While all banks charge fees for certain products and services, many…