How to Switch Checking Accounts

Switching checking accounts is easy.

With so many banks competing for your business, there is no reason to stick with a bank that charges you fees or does not offer a competitive interest rate. Some banks charge a monthly maintenance fee, while other banks charge to use non-branch ATMs. You can make money by switching to a free interest-bearing checking account. Switching checking accounts is not difficult.

Things You'll Need

• Driver's license
• Social Security number
• Checking account information
• Bank statements

Instructions

1. Open a new checking account either online or in person at a branch. Provide the bank with your personal information such as full name, address, Social Security number and financial information.

2. Sign the necessary forms to order checks and a debit or ATM card.

3. Provide the bank with a cash or check to cover the initial deposit.

4. Write down the checking account number and the bank's routing number.

5. Make a list of any automatic withdrawals or deposits made into your current checking account.

6. Balance your current checking account; make a note of the amount of any outstanding checks.

7. Notify your employer that you wish to transfer your direct deposit. You will be given a form to complete and sign. Fill out the form completely with the new account information and return it to the HR or financial department.

8. Verify that the direct deposit works correctly.

9. Set up your automatic bill payments to use the new checking account. Do this through your bank's online bill payment option or through the company that bills you directly.

10. Withdraw the remaining money from your old checking account and transfer it into your new checking account. Leave enough of a balance in the old checking account to cover any outstanding checks.

11. Activate your new ATM or debit card by calling the number listed on the front. Sign the back of the card.

12. Close your old checking account once any outstanding payments have cleared. Notify the bank in writing or in person that you wish to close the account.

Tips & Warnings

• Monitor your old checking account for at least a month to catch any automatic payments you may have forgotten about.

• Do not close your old account until you are sure all payments have cleared.

References

• Go Banking Rates.com: How to Switch Checking Accounts Smoothly
• OnPoint Community Credit Union: Checking Account Switch Kit