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WSJ Your Money Briefing

The Benefits of Using A Smaller Bank

WSJ Your Money Briefing

The Wall Street Journal

News, Business News

3.81.6K Ratings

🗓️ 7 March 2024

⏱️ 8 minutes

🧾️ Download transcript

Summary

Some consumers frustrated by their experience with large banks are closing their accounts and moving their money to smaller institutions. Wall Street Journal personal finance reporter Imani Moise joins host J.R. Whalen to discuss. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0

This podcast is brought to you by Alex Partners.

0:03.0

Read the results of the fifth annual Alex Partners.com.

0:18.0

Here's your money briefing for Thursday March 7th. I'm J. R. Wayland for the Wall Street Journal.

0:23.0

Bigger isn't always better.

0:25.0

That's how some banking customers see things.

0:28.0

Many are ending their relationships with large banks

0:30.0

in the hopes that a smaller bank will better serve their needs.

0:34.0

The biggest thing that actually gets people to move is really customer service.

0:39.0

You would think that would be rates because everyone's interested in more money,

0:42.0

but usually it takes a big

0:46.2

incident to make people realize that they're fed up and they're actually going to go through the process of switching bank accounts

0:53.6

because that can be a pretty tedious process. We'll talk to Wall Street Journal

0:56.6

Personal Finance reporter Amani's, after the break. Are you ready for a Monzo business bank account? It's made to help you navigate cash flow and tax season.

1:12.6

Perfect for bosses with a growing business, freelancers searching for financial freedom,

1:18.1

side hustlers juggling 9-5s with 5 to 9s and over 350,000 businesses already with us.

1:25.0

Sail through your business banking, apply for an account in minutes.

1:29.0

Search Monzo Business. Tees and sees apply.

1:31.0

Soul traders or limited company directors in the UK can apply. Some people have become frustrated with large banks and are switching the smaller ones.

1:46.0

Wall Street Journal Personal Finance reporter Amani Moise joins me to discuss.

1:50.0

Amani, why are larger banks falling out of favor with some customers?

1:54.7

Some customers are just starting to get frustrated and they're feeling like they're getting

1:58.1

lost as banks get bigger.

...

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