Changing your checking account is by no means a small ordeal. If you are dissatisfied with your bank account, and are looking to switch, you will need to follow a certain process. Banks, like every other business, have had to increase rates and consider charging customers higher interest to keep their businesses afloat. However, no longtime customer should be over-paying for the bank to keep their money safe.
1.) Start by choosing the right bank account for you. Try looking for free bank accounts that need a low minimum balance. This will give you a chance to see the features and terms of your bank account clearly. Make sure to find out all you can about your online banking options as well.
2.) Start transferring money from the old bank account. Take into account any automatic payments that are tied to your old account before transferring money. Once the new account has enough money to cover the bills for one month, you can change your automatic payments.
3.) Change direct deposits. Call your payroll office and change your direct deposit information, as well as anything else that gets directly transferred to or from your bank account. This includes any automatic savings plans you have set up.
4.) Consider Internet banking. A quick search on the best interest checking accounts on google revealed that 5 internet-only banks ranked in the top 10. Switching all banking to online could help you save money easily and conveniently.
5.) Keep some money in the old bank account for at least a month or two to cover any uncleared or forgotten debits. After you have done everything, don’t forget to close out the old bank account, especially if there is a fee associated with a low balance.