I’m a Retired Boomer: 3 Reasons I Switched Banks After Decades With the Same Institution
Written by
Laura Bogart
Edited by
Kristen Mae
Commitment to Our Readers
GOBankingRates' editorial team is committed to bringing you unbiased reviews and information. We use data-driven methodologies to evaluate financial products and services - our reviews and ratings are not influenced by advertisers. You can read more about our editorial guidelines and our products and services review methodology.
20 Years
Helping You Live Richer
Reviewed
by Experts
Trusted by
Millions of Readers
One of the biggest stereotypes about Baby Boomers as consumers is that they’re loyal to a fault. Once they’ve become a fan of a brand or a regular customer at a business, they’re set — pretty much for the rest of their lives. Banking is no exception. While savvy businesses use that loyalty as a foundation for building relationships, other businesses take these customers for granted.
Newsflash: Boomers are just as honed in on finding the best deals as younger generations. They might even be able to teach these whipper-snappers a thing or two about switching banks. That’s exactly what Kay Catmull, 77, did. A retired owner of a successful plumbing and heating business, Catmull was a loyal customer of a large national bank for decades. But when circumstances changed, so did his approach to banking.
1. Competitive Loan Rates
Catmull remained with his bank even after he retired. However, he found it harder than expected to secure a loan at the rate he was looking for. Disappointed by his bank’s unwillingness to offer rates that worked for him, he decided to explore other options.
At a local community bank, he not only found a lender willing to approve his loan at a lower rate — he discovered a branch staff eager to work with him on his home and car loans. “It was a game-changer,” Catmull said.
2. Personalized Service
As he worked with the team at his local bank branch, Catmull noticed how much time and attention they dedicated to him. It was a stark contrast to his experience at his old bank, where he’d come to feel like he was simply another number. Over time, he had come to believe his former bank lacked the capacity or willingness to truly meet his needs — starting with something as simple as human contact.
“At my community bank, I can walk in or call and speak to someone who knows me,” he said. “It’s the personal touch that I, as a retired Boomer, really value.”
3. Overreliance on Technology is Off-Putting
Beyond the enjoyment of everyone at his local branch knowing his name, Catmull also appreciated that his local bank didn’t pressure him into using a multitude of online banking features or apps.
Freely admitting he’s not “the most tech-savvy guy,” Catmull valued being able to pick up the phone and speak to a live person instead of navigating a chatbot or app. This human connection was key to his satisfaction, especially when troubleshooting issues with the bank’s main app or other services.
Catmull is far from alone. Many Baby Boomers are willing to shop around for a better banking experience, often turning to local banks right in their own backyard. While Catmull found what he was looking for in a community bank, banks of all sizes would do well to heed the preferences of his generation: competitive rates, personalized customer service, and accessible solutions that don’t rely too heavily on technology. For Boomers like Catmull, banking isn’t just about convenience — it’s about trust, relationships, and being treated as a valued customer.
More From GOBankingRates
