How to Switch Banks: A Step-by-Step Guide
But after you've made the decision to switch, the actual process of transferring funds from one account to another is more complex than simply hitting a button. Your old bank has worked hard to integrate itself into your daily life. "The ability to do the direct deposits, the ability to do the auto debits ... it causes people to keep the business at the bank," says Bill Schretter, a certified financial planner at Allworth Financial, an education-based fiduciary financial planning firm. "It makes it difficult (to switch).” In order to ensure a smooth transition from one bank to the next, there are a number of steps experts advise you to take.Here's how to switch banks:
Open the New Account
Take Inventory
Redirect Automatic Payments and Direct Deposits
Link Your Savings and Checking Acc...
