7 Easy Steps to Move Your Checking Account

  • 7 Easy Steps to Move Your Checking Account

    Moving your checking and savings accounts is not as simple as switching grocery stores. You’ll have to maintain both your new and old accounts for a few weeks until everything switches over. That can be a little tricky, especially if you’re living paycheck to paycheck. After you’ve found your new financial institution, follow this simple sequence and keep an eye on things. It should go smoothly and, in a few weeks, you’ll be in a brand new BLACK Community Banking relationship.

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    1. Open your new account.
    In most cases, you should be able open a checking account with an initial deposit of between $25 and $100. At a credit union, you’ll also become a member and co-owner at the same time.

    2. Order your new debit/ATM card and checks.
    These typically arrive within 1 to 2 weeks. You may also want to apply for a credit card from your new local institution.

    3. If you use direct deposit, ask your employer to reroute your paycheck to your new account.
    When you open your new account, ask the bank or credit union for a direct deposit authorization form that includes your new account information. Give this form to your employer and anyone else who makes direct deposits to your account. It may take one or more pay cycles for the change to be made, so keep your old checking account open and watch for the switch.

    4. Contact companies that direct-debit your account.
    Using your last bank statement, make a list of any businesses that you’ve authorized to directly debit your account. Ask your new bank or credit union for an automatic payments authorization form that includes your new account information. Send this to the businesses on your list.

    5. Set up online bill paying for your new account.
    If you like to pay bills online, set up bill payment information for your new account. Meanwhile,stop any automatic recurring payments you have established through your old account.

    6. Close your old account.
    Once you have started receiving direct deposits into your new account and are sure that there are no outstanding checks or automatic debits that need to clear, close your old account. Warning: do not just withdraw the last dollar and assume the account will fade away on its own. Your old big bank may start charging you fees for having an empty or inactive checking account. Instead, follow the bank’s procedure for closing out the account.

    7. Enjoy your new local Black Banking relationship! :)

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