How to switch your financial institution.

You’ve decided to move to a new financial institution. Use the information below to help make the move seamless. Step one is to open your new account. Step two you’ll create a list of automated transactions and any services you frequently used at your old financial institution. Step three you’ll transition over all the items from your list. And step four is to close your old account.

Step 1: Open your new account.

This process is typically simple and requires you to provide basic personal information and documents. You’ll need to provide your name, address, a government-issued photo ID and Social Security number. Be prepared to fund your account in the event that a minimum deposit is required. This may be done with cash, check, a money transfer, an online transfer, etc. 

Step 2: Make your list.

For a seamless transition, review at least three months of your previous statements or transaction history and make a list of any automated transactions. Also note any banking services that you use. This will include:

• Direct deposits
• Automated bill payments and subscriptions
• Recurring transfers
• Linked accounts
  
  

Potential services such as:

• Banking alerts
• Mobile app
• Paper checks
• Safe deposit box

Step 3: Begin moving items on your list.

Start moving items on your list from your old financial institution to your new one. Consider this a process. Making these changes in a thoughtful order can help make this easier. Use the order below.

• Keep funds in your old account to cover any automated payments or checks that haven’t cleared.
• Switch over any direct deposits. Begin with updating your financial information first for any direct deposits, such as with your employer.
• Reschedule automatic payments to your new financial institution once you’ve confirmed that your direct deposits are funding your new account.
• Check any additional items off your list such as: downloading your new financial institutions mobile app or signing up for online baking, rent a new safe deposit box etc.
• Update your account information with any service providers including credit cards, cable company and phone carrier.

Step 4: Close your old account.

Once you’ve addressed the items on your list and your automated transactions are clearing at your new financial institution, close your account at your old financial institution. And get written confirmation from your old financial institution that your accounts are closed.

Click here to download a printable checklist.