Here’s Why You Should Open A New Bank Account Amid The Covid-19 Pandemic

Coronavirus has taken a toll on humanity and has turned life upside down. With the virus spreading across the world at a fast rate, things are no longer the same in our society. The banking procedure has also changed. People who had the habit of interacting with tellers might not interact through the drive-up window. Things have become more difficult as several account holders have found that their bank’s nearest branch has pulled the shutters down temporarily.

This is probably the reason why banks are asking their customers to avail digital channels instead of that. Though many Americans find it easy using their banks’ online features, others are finding it hard. If you face problems with the new experience, it’s high time you should open a new bank account.

You May Find More Support From Other Banks

Banks across the United States have taken the onus upon themselves to lend a helping hand to the customers. However, you won’t be getting the same kind of help from all of them. Some have announced that they intend to help the customers who would come in touch with them, while some have decided to waive off any penalties and fees. For instance, if you take Ally Bank, they did not charge excessive transaction fees until July 18.

Besides that, the bank won’t charge its customers expedite shipping costs of debit cards and checks. Citi, a much popular bank worldwide, won’t charge the monthly maintenance fees from its customers. If you are disappointed with the way your bank has been performing amidst COVID-19 and keeping track of all the help that other customers are receiving from other banks,  you should open an account with a different bank.

You May Get A Bonus

Regional banks, big banks, and online banks have also come up with a pleasant surprise, and that is – customers will be receiving a bonus if they open a savings or a checking account with them. The bonus amount can fall anywhere between $100 and $400 or can be even more, and the exact figure will vary from one bank to another. Of course, the scenario won’t go through a massive change overnight. But, when you are getting some $200 extra, there is no harm.

There are a few hoops before you become eligible for a bonus. Either you opt for direct deposit or transfer a particular sum of money to the new account. Also, you might have to wait for months before you lay your hands on the cash. However, the waiting might seem worthwhile. What’s more important than getting a bit of extra cash is opening an account in a bank that looks after your necessities. Before you open a new account, make sure that you can comply with the bank’s rules and regulations.

New Banks Are In The Market

Over the last few months, the financial sector has witnessed the emergence of several new banks. The list includes Neobanks too. Neobanks do not have a physical branch and operate through digital platforms. This coronavirus pandemic might be an excellent opportunity to try out something new and venture into a territory that’s entirely new for you. One of them could be trying out brick-and-mortar banks if you wish to open a checking account. You can opt for Cogni, which happens to be a banking platform that operates digitally.

It boasts of several features. This includes instant fund transfer (free of cost), card control, and single-use cards that protect you from fraudulent activities. The target customers usually belong to the age group of 18 to 30 years. However, features, such as accessing over 55,000 ATMs without shelling out a single penny, attract the senior citizens.

More And More People Are Opting For Online Accounts

In the past, customers always prefer to open new accounts within the branches of their banks. But, a change in this pattern was evident even before the pandemic outbreak. According to a survey, 31 percent of new accounts are opened online or with the help of mobile applications.

The figure was around 22 percent in the year 2019. This surge has happened primarily because more and more people choose online accounts at banks like Wells Fargo, PNC, Chase, Citi, U.S. Bank, and Bank of America.

Customers are slowly switching to online banking, and more so during the ongoing pandemic. Only time can reveal whether this trend is here to stay,  or it will wither away as soon as we get a definite solution for the pandemic.