Step by Step Guide on to How to Switch Banks when Moving

July 2, 2021

Step by Step Guide on to How to Switch Banks when Moving

If you’re thinking, “How to switch banks?” you’ve come to the right place. We’ve compiled professional guidance into easy-to-follow instructions.

It’s not easy to move. There’s a lot to organize, plan, and coordinate. Timelines are generally strict, and assistance can be difficult to come by. It’s important to keep oneself prepared with a moving checklist, but do you remember to put transferring banks at the top of your list?

If you stay organized, doing a bank account transfer is actually quite simple. Switching banks, rather than feeling like a nuisance, maybe a positive and even pleasurable event that helps you settle into your new area and community.

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How to Switch Banks?

Switching banks may appear to be a daunting task, but it does not have to be. There may be several or only a few banks in town, so start with your local branches and work your way up.

The top banks don’t levy fees, have engaging mobile banking apps, make it simple to contact a bank person and offer affordable rates.

Here’s how to make bank shopping and switching go as smoothly as possible:

Think about the type of bank you want to start

Because not all financial institutions are the same, it’s crucial to think about which type of bank will best meet your needs before switching.

For your banking needs, there are three basic sorts of financial institutions:

Traditional

Not only do big-name banks like Capital One and Wells Fargo have physical locations, but so do your local community and regional banks. While the convenience of a local branch is definitely appealing to some, the fees and rates charged by these institutions are often greater than those charged by credit unions or internet banks.

Credit unions

Credit unions differ from regular banks in that they are non-profit organizations run by their members. They function similarly to banks, however, they frequently provide cheaper interest rates and costs than traditional banks.

Online banks

If you prefer to handle your banking digitally and don’t mind the lack of local branches, you should consider an online bank. Because these banks don’t incur the expenses associated with brick and mortar locations, they often pass these savings on to customers through low fees and attractive interest rates.

Some people use multiple types of banking services in order to best meet their financial needs. Be sure to look into whether your bank has any specific instructions on how to transfer bank accounts.

Timing

This could take a little time to fully register your account so that it is ready to use. That’s why it’s a good idea to get a head start on your accounts before you move so they’re ready to go when you arrive in your new location.

It’s a great way to give yourself two weeks to complete the procedure since, while some banks provide access via mobile apps right away, it can take up to ten days for your new banking paperwork and debit card to arrive by postal.

Make sure to move all bank account transfers to your new accounts, such as direct deposits and auto payments, and give yourself a few financial cycles before closing your old one.

Application Guidelines

Every sign-up procedure is unique. Some banks require you to mail in forms or visit a local location, while others handle the full application process online.

Many financial institutions will assist you in easing the burden of switching banks by providing unique transfer services that will make your life easier. Your new bank could be a huge help in getting your finances in order once you move, from notifying your creditors of updated payment information to automatically moving your direct deposits. Furthermore, excellent customer service may be a deciding factor when it comes to selecting a new bank when you relocate.

Set up an account

When you settle on a new residence, the sign-up process is a crucial aspect of how to switch banks. While internet banks frequently offer an entirely online sign-up process, credit unions and traditional banks may require you to verify your new account in person at a local branch. To verify your identity while opening a new bank account, you usually need to produce a government-issued photo ID.

It’s also possible that a minimum deposit will be required, so double-check your bank’s new account criteria.

Connect your old account to your new one

Before you may close your previous account, ensure sure any pending transactions and direct deposits have been completed.

You can identify the following for your new account by reviewing one year’s worth of statements:

Recurring subscriptions
Scheduled transfers
Direct deposits
Automatic bill payments

Bottom Line

Since many people starting their next journey, the question of how to switch banks when moving to a new place is a persistent one. Your financial transition is especially important at a time when so much of your life is in flux. Staying prepared and informed is crucial when transferring banks (using our five easy steps above). Take the time to research the top regional banks and online banks to pick the one that is right for you.