Whatever the cause, your bank switching doesn’t have to be a hassle. To switch your checking or savings accounts to a new financial institution read on for our guide.
Here are 4 tips to switch your checking into a new bank account.
1. Figure Out Where You Want to Open Your New Account
For most of us, banks and credit unions, their not-for-profit equivalents, are key to our financial lives.
First, think about what features you want. It may be necessary to find a place with branches and ATMs near you, or maybe you’d rather go with an online bank with high-interest rates and a great ATM fee reimbursement plan.
Second, remember you don’t need to have all your accounts in one place. If you’re open to any balancing you can manage your finances at various banks with multiple accounts.
For example, using an online savings account, you can take advantage of a high annual percentage yield while holding a checking account open at a conventional bank. Therefore, you can have customer support in person when you need it.
2. Open an Account at Your New Bank
Most banks make it pretty easy to open a checking or savings account online or in person. You’ll typically need to supply some basic personal information and documents, like your name, address, a government-issued photo ID, and Social Security number.
If the bank requires it, you’ll need to transfer some funds into your new account.
Your credit score probably won’t be checked. There are some banks that may do a soft or hard credit pull, but only the hard pull results in a usually short-lived dip in your credit score.
This credit inquiry might occur if you apply for an overdraft protection program or line of credit when you open a checking account.
And then, make sure you meet the minimum deposit requirement. Also, you need to make sure that you have enough money to get started before you open an account.
3. Make a List of Subscriptions, Automatic Payments, Deposits, and Services at Your Bank
Pull up a year’s worth of transaction history (to surface any annual subscription fee you might have lost track of) to note all the transactions.
For instance, direct deposits, automatic bill payments and subscriptions, recurring transfers, and linked accounts.
4. Transitioning Your Cash and Service Payments
The things you need to concern are about keeping some money in your old account, changing any direct deposits, reschedule automatic payments, and check off the rest of your list.
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