4 Helpful Tips When Switching Banks

It matters where we keep our money. And occasionally, the time comes for us to switch things up. To minimize the hassle, here are four helpful tips when switching banks.

Before jumping to a new financial home, consider all your options. Would a credit union best suit your interests? Maybe an online bank would be most convenient? Does your smaller, local bank offer better rates? A little research goes a long way when finding the perfect place to stay.

Let your old bank statements guide you through the process. Look back on a year of paperwork to highlight automatic bill payments, subscriptions or anything else linked to your previous account. This will ensure nothing is left behind when switching everything over.

Once you’ve found your new home, don’t be so quick to close your old account! Leave some money to allow leftover checks to clear and for any remaining charges to be finalized. Make sure direct deposits are correctly deposited in your new account, too. Then it’s time to say your goodbyes.

Finally, be prepared for your previous bank to try to lure you back with special offers. But you made your decision for a reason. Unless the special offers address your previous concerns, don't make a hasty choice and allow history to repeat itself.

With this advice in mind, you’re sure to stay at your new institution for a long time. If it’s time for a banking switch, these tips can help make the transition as smooth as possible.