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What to Consider When Switching Banks

Six Tips For Switching Banks Gracefully

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.

  1. Once you've found the best bank for you, open a new account.
  2. Stop using your old account, but leave some cash to cover any outstanding checks, automatic withdrawals, or automatic payments.
  3. Give your employer your new bank information so they can direct deposit your paychecks.
  4. 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!
  5. 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.
  6. 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.

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sheskaB sheskaB 5 years
Last week Bank of America declared that it will be charging customers for utilizing their debit cards. Other financial institutions are thinking about comparable moves to be able to counter brand new federal laws that limit the fees banks may charge retailers for debit card transactions. In a recent AP-GFK poll, 66 percent of Americans interviewed said they would consider changing financial institutions in the light of such a shift. But switching banks comes with its own problems. How to painlessly switch banks? Just follow the seven steps to take in successfully changing banks without encountering unexpected fees or other repercussions.
gbychan gbychan 8 years
Great advice. I recently closed an account. I'd delayed it too long because of forgetting to change my direct deposit and worrying that something might get messed up if a paycheck was in process. Unfortunately, I learned the hard way that having two checking accounts open - one with the paycheck and the other with the checks - was a big mistake!
aimeeb aimeeb 8 years
I love my bank!
Anne-B Anne-B 8 years
Wish I knew this back when WaMu had their "troubles" last year. I didn't mess it up too bad, but I did end up having to make a trek to pick up a paycheck.
bigestivediscuit bigestivediscuit 8 years
These are some great, useful and practical tips!
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