I'm currently a customer with one of the "big 5" banks.
I'm considering closing all accounts/cutting all ties with this bank. In fact, I'm considering avoiding ALL big banks and going an alternate route (such as PC Financial).
What I'm wondering is: for what reason(s) SHOULDN'T I do this? Am I limiting myself or handcuffing myself in any MAJOR ways by cutting all ties/accounts with my current bank, and the "big 5" in extension?
One specific example/question I have is; at one point I had a Line of Credit with this bank - it's entirely paid-off in full now though - and I currently have a Visa credit card with this bank. Will cutting ties with this bank negatively affect my credit rating for some reason, or somehow reset it, or anything along those lines?
Seriously, why shouldn't I avoid the "big 5" banks altogether and just go with PC Financial (or similar)?
Would this be a huge mistake?
Any insight you could provide would be greatly appreciated. Thanks!
(p.s. - I'm aware of minor inconveniences, such as only being able to use machines instead of tellers, but I'm wondering about more potentially major issues...)
I'm considering closing all accounts/cutting all ties with this bank. In fact, I'm considering avoiding ALL big banks and going an alternate route (such as PC Financial).
What I'm wondering is: for what reason(s) SHOULDN'T I do this? Am I limiting myself or handcuffing myself in any MAJOR ways by cutting all ties/accounts with my current bank, and the "big 5" in extension?
One specific example/question I have is; at one point I had a Line of Credit with this bank - it's entirely paid-off in full now though - and I currently have a Visa credit card with this bank. Will cutting ties with this bank negatively affect my credit rating for some reason, or somehow reset it, or anything along those lines?
Seriously, why shouldn't I avoid the "big 5" banks altogether and just go with PC Financial (or similar)?
Would this be a huge mistake?
Any insight you could provide would be greatly appreciated. Thanks!
(p.s. - I'm aware of minor inconveniences, such as only being able to use machines instead of tellers, but I'm wondering about more potentially major issues...)