There are several reasons why you might feel compelled to break up with your bank: You found better interest rates, cheaper ATM fees, more reliable customer service, or a more user-friendly website. Whatever your reason for wanting a change, make sure you keep these tips in mind on the path to making your ex-bank history.
- Once you've found the best bank for you, open a new account.
- Stop using your old account, but leave some cash to cover any outstanding checks, automatic withdrawals, or automatic payments.
- Give your employer your new bank information so they can direct deposit your paychecks.
- Move all automatic withdrawal and online bill pay information to your new bank account. You're fully committing to your new bank, so don't forget anything important!
- If you're using an automatic transfer to move your account from one bank to another, keep both accounts open until the transfer is complete. Also, your old bank may charge a fee for this transfer, so ask them about any fees before initiating the process.
- Ask your old bank what their procedure is for closing the account, and be sure all outstanding checks and automatic debits have cleared the account before you officially close it.