5 Things to Consider Before Switching Banks – 101 Financial

5 Things to Consider Before Switching Banks

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5 Things to Consider Before Switching Banks

Don’t like the bank you have now?

Are you thinking of switching banks?

Is a new bank making an offer you can’t resist?

If so, don’t be in a rush and make hasty decisions. There are a few important things to think about before you act, or you may be sorry later.

Here are my Top 5 things to do before making the switch:

#1:  Do Your Research. 

Before making the jump to a new bank you know little about, be sure to spend time researching the services you plan to use and compare the benefits to your existing bank.

#2:  Everything Will Change.

Keep in mind switching banks means changing direct deposits, automatic bill payments, recurring transfers, safe-deposit box access and in some cases, when and where you can access your bank.

#3:  Don’t Empty Your Account Yet.

If you do switch banks, be sure to keep some money in your old account just in case you missed a written check or automatic payment. It’s good to wait 30 days after you’ve opened your new bank account someplace else, to make sure all outstanding payments and debits have cleared.

#4:  Make New Relationships. 

Banking is about relationships. Get to know the key people at the new bank, like the branch manager and loan officers. When you need something that you could do using the drive-through teller, go inside instead. Get to know one representative well by seeing that person each time you visit your bank. Do this for a couple months and your new buddy in the bank will be your best friend.

#5:  Close Your Account.

After your account at your new bank is open and you have all of your automatic payments, debits and deposits going through them, it’s safe to close your old bank account.

Once you’re done with your old bank, visit them one more time to get a written letter stating that the last automatic payments, checks and debits have cleared, and that your account is closed.

This simple yet important advice could save you big headaches down the road.