Switching banks doesn’t have to be complicated. With a bit of preparation, the transition can be smooth and hassle-free.
Follow these easy steps to ensure you cover all your bases:
1. Choose Your New Bank (psst, we think First Savings Bank is pretty fantastic 😉)
-
Look for services, locations, online capabilities, fees, and customer service that meet your needs.
2. Open Your New Account
-
Visit your chosen bank to open an account.
-
Deposit an initial amount if required.
3. List Your Automatic Transactions
-
Direct Deposits: Paychecks, pensions, social security, or other recurring deposits.
-
Automatic Payments: Utilities, subscriptions, mortgages, insurance, or any regular payments.
4. Redirect Your Direct Deposits
-
Provide your employer (or other payers) with your new account details.
-
Check processing times to avoid gaps in your income stream.
5. Update Automatic Payments
-
Contact service providers with your new account information to avoid missed payments.
-
Keep track of the confirmation numbers or emails.
6. Transfer Recurring Payments via Debit/Credit Cards
-
Update your billing information for online subscriptions or services linked to your previous debit or credit card.
7. Monitor Your Old Account
-
Leave enough money temporarily in your old account to cover any unforeseen expenses or automatic charges.
-
Regularly check your old account statements.
8. Close Your Old Account
-
Once all automatic payments and direct deposits have successfully moved, contact your old bank to close your account.
-
Request a written confirmation of account closure for your records.
9. Safely Dispose of Old Checks and Cards
-
Shred unused checks, deposit slips, and old debit or ATM cards to protect your identity.
Switching banks is a fresh start! Follow these steps, and you’ll be confidently managing your finances in no time.
For even more information, check out our Switch Kit!
