You’ve decided to make a bank switch. Congratulations—you’re going to save yourself some money! But it isn’t as simple as just transferring your money over. You’ll need to do a few things in advance to ensure that the switch goes smoothly and without any hiccups. Check below how to transfer banks without the hassle:
Compare fees, features and customer service
The first step in your bank switch is to compare each bank’s fees and features. You should also compare their customer service, as this can be a significant factor when deciding who to open an account with.
Banks must offer convenient ways for you to access the money in your account—and not just through ATMs or online banking, but also through branches and tellers. If there aren’t any branch locations near where you live or work, consider opening an account with another institution that does have them nearby (or at least one within driving distance).
If a particular bank charges high fees for accessing funds at non-branch locations such as ATMs or by phone—or if its website doesn’t work well on mobile devices—it’s worth considering other options. A good rule of thumb: if your current bank does not offer this service reasonably priced or free of charge (e.g., no ATM charges), then it’s probably time for a change.
Consider your local branches
Understanding the local branches in your area is also essential to consider. For example, you don’t want to change banks and have a new branch be too far away from where you live or work, as it’s inconvenient and will make your banking experience that much more difficult.
It might seem obvious, but with all these things to think about before switching banks, it’s easy to forget the most basic step: checking the hours of operation at each branch location. This should be one of the first things on your list before making any decisions.
Open an account at the new bank
When you move to a new city, you should first open an account at your new bank. This can be as simple as opening a checking account, savings account and credit card at a national or regional bank that has ATMs all over town.
Transfer direct deposits and automatic withdrawals
If you have direct deposit and automatic withdrawals set up with your old bank, it’s important to let them know that you are switching banks. That way, they can change the way money gets deposited into your account at the new institution.
For example, if you’re getting a paycheck directly deposited into your old account on Friday and then have $100 automatically withdrawn from that account every Monday morning, have their human resources department change those dates so that the payroll arrives on Thursday and the automatic withdrawal goes out on Wednesday instead.
As per SoFi advisors, “Make sure to set up direct deposit from your employer directly into your new account. This will ensure that your pay appears in your account without having to deposit a physical check.”
You’re now ready to make the switch! In this post, they have talked about how much time it will take for your bank switch to happen. Remember that you can always contact your bank for more information about specific timelines.