A Blog for a Bright Financial Future

clock PLAN & RETIRE

Everything You Need to Know About Switching Your Financial Institution

  • July 2, 2018
  • By Erin Palmer

    Erin Palmer

    Content Marketing Specialist

    Erin Palmer is a content marketing specialist for Suncoast Credit Union. She has written articles for numerous publications and websites, including the Chicago Tribune and Huffington Post. Erin is happiest when curled up with a book, trying a new restaurant or playing with her dogs.

    We’d love to hear your thoughts about the blog! Email us and share what you think.

Everything You Need to Know About Switching Your Financial Institution

Although you may fear the hassle of switching to a new financial institution, it doesn't have to be difficult to break up with your bank. Regardless of the reason you want to switch — tired of fees, poor service, or relocation — switching banks does not have to be painful. Don't stay with your old bank longer than you should. Let's go through everything you need to know to change your financial institution. You'll be glad you did!

Sound familiar? Unnecessary fees is just one of the things that cause people to break up with their banks.

Unfortunately, many of us put up with these things longer than we should for one reason: we don’t want to go through the hassle of switching to a new financial institution. But you deserve better!

So let’s go through everything you need to know to change your financial institution. You’ll be glad you did!

Choose a New Financial Institution

First step to leaving your current bank is deciding where you want to go next. There are a ton of things to look for when choosing a financial institution, but it doesn’t have to be difficult. One of the most important things to look for is an institution that makes it easy for you to switch.

Need a Change?
Come to Suncoast! If you need a new financial institution, look no further! Read about why you should bank with Suncoast.

Make a List of Your Current Payments, Deposits and Other Services

Before you close your old account, you want to review it. Start by making a list of anything you will need to migrate to the new account, such as:

  • Automatic bill pay
  • Automatic subscription payments (magazines, Netflix, etc.)
  • Direct deposits
  • Recurring money transfers
  • Links to other accounts

Don’t just look at your most recent bank statements when you make this list. Since some recurring payments are annual or semi-annual, it’s best to look over statements from the last year.

You should also note any services that you use your bank for so you’ll remember to get them set up at the new place. Online banking, mobile app and text alerts are good examples.

Open Your New Account and Start Moving Services

Don’t take all of your money out of the old account just yet, as you want to make sure that you don’t miss any payments or get hit with any fees while you’re transferring everything.

Opening an account at the new financial institution should be easy. And once you open your new account, go down your list and begin to move things over.

Suncoast Makes it Simple to Switch!
Find out how we make it easy to switch to Suncoast.

Even if you don’t use automatic payments, your old account information may be stored with some of your providers, like your electric company, internet provider and go-to online shopping websites. You can update these with your new account information the next time you make a payment with the service.

Close Your Old Account and Do Your Happy Dance

Once you’ve moved everything and all of your recurring payments are under the new account, you’re ready to say goodbye to the old account for good!

You can close your account in-person, over the phone or online, depending on the rules of the institution. No matter which way you choose, make sure that you get a written document that confirms the closure of your account, for your records.

Some banks have may have fees to close an account. But after your account is closed, you can celebrate the end of pointless fees for good!


Share This Article On:

Share to Facebook Share to Twitter Share to Twitter more...

Other Topics

Related Articles

Loading...

Related Articles

Loading...

Related Articles

Loading...

Related Articles

Loading...

Related Articles

Loading...

Related Articles

Loading...