It may be excessive fees. Maybe it is poor customer service. Perhaps it is the need for better services, products, and features.
Whatever the reason, if you’re unhappy with your current bank, don’t be afraid to make a change. Your finances are an extremely important aspect of your life, and you need to be sure that the bank you are dealing with is helping you get the most out of your money.
Contrary to popular belief, changing banks is not difficult. There are, however, some steps you should take before making the switch. Follow these five steps to cover your bases and make the process run smoothly.
Step 1: Determine what is most important to you about a new banking partner
Why are you leaving your current bank in the first place? Identifying what is driving you to make that change helps ensure that you get what you want and need from your new financial institution. Ask yourself:
What monthly fees will I have to pay with this bank? Are they lower than what I am currently paying?
What features and benefits are available? Do they offer things like automatic bill payment and mobile check deposit?
Are the interest rates on savings better than what I have now?
Can I use online and mobile banking services? Do I also have easy access to in-person banking if I want?
What are the benefits that matter most to me? Does this bank offer them?
Answering these questions will help you find the bank that’s right for you.
Step 2: Open your new account
Now that you have defined what you are looking for and selected the right bank for you, you can begin the process of opening your new account. Whether you do it online or in person, opening a bank account usually requires the following information:
Date of Birth
Social Security number
Driver’s license or identification number
Opening an account also requires a minimum initial deposit. You can either transfer funds from your existing account using your account and routing numbers or use cash, leaving enough money in your old account to keep it open (we’ll get to that in a step). later).
Step 3: Make a list of automatic payments and deposits.
The most frequently cited barrier when it comes to switching banks is updating automatic payments and deposits. You can overcome this hurdle by making a list and going through each item with your new account and routing numbers in hand.
Start by reviewing your most recent account statements for any withdrawals or automatic payments; Think about car payments, insurance, utility bills, gym memberships, streaming services, and any other recurring subscriptions. To move these automatic payments to your new account, contact the billers directly. Fortunately, many make it easy to switch online payment methods.
Next, consider other places your account can be linked online, such as PayPal, Venmo, and Apple Pay, and replace existing payment methods with new ones.
Then move the direct deposits to your new account. You can do this by contacting your employer or the agency responsible for your deposit. Pro tip: Don’t forget to ask when you can expect the change to happen! This is also the time to set up all recurring transfers, such as check deposits to savings, to occur between your new accounts.
Last but not least, write down any checks you have ever written or plan to issue and scheduled transfers to savings or investment accounts. You will have to wait for them to disappear before moving on to the next step.
Step 4: Gradually delete your old account
To account for anything you might have forgotten on the list you just created, avoid emptying and closing your old account right away. Leaving your old account open for at least a full billing cycle after moving to a new bank can help you spot any recurring payments or transactions you may have missed and ensure that your new automatic payments and withdrawals have been postponed.
As part of the phase-out process, stop issuing checks, making ATM withdrawals, and using your debit card at least two weeks before you consider closing your old account permanently. This will help prevent articles from being posted after your account is closed, which could result in fees or your account being unintentionally reopened.
Step 5: Close your old account
Now, it’s time to take one last look and make sure all of your old bank account has been wiped out. If you have no arrears or credit, go to your old bank and close your account. Pro tip: Call your old bank before making the trip to confirm any documents or ID you need to bring. Keep in mind that there may be a charge for closing your account.
If you are ready to change banks, be sure to carefully evaluate your banking options before choosing a new financial institution to do business with. Features, services and benefits aside, you deserve a bank that has your best interests at heart. As a local community bank, Wintrust believes in the ease of life. We care less about whether a service is profitable and more about whether it is useful to you. A true community bank means putting our customers first and offering those little services that make a big difference. Learn more about community banking with Wintrust here.
Wintrust Financial Corporation published this content on September 16, 2021 and is solely responsible for the information it contains. Distributed by Public, unedited and unmodified, on September 18, 2021 01:01:01 PM UTC.