How Do You Change Bank Accounts?


Quick Answer

When switching bank accounts, taking certain steps such as searching for a new banking provider, opening a new account, transferring automatic deposits and bill payments, and discontinuing the previous checking account are suggested, according to Bankrate. As of 2015, numerous banks make it simple to switch banks by offering switch kits. These kits enable faster switching of bank accounts.

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Full Answer

When searching for a new banking provider, an individual should focus on his personal banking preferences. Some banks may have lower costs or better benefits than others. Take the time to review the new provider's banking requirements, such as fees and minimum balances, Bankrate advises. After choosing a new bank, opening the account in person is recommended because it makes it easier to ask questions. Various documents, such as an individual's personal information, photo identification card and a minimum deposit amount, are usually required when opening a new bank account.

To transfer direct deposits and bill paying services, these first need to be canceled at the old bank. Canceling payment services will keep the old account from being overdrawn, explains Bankrate. Make sure all types of income, including Social Security benefits and pension and investment income, are transferred to the new account, notes About.com.

Following the completion of the previous steps, make sure all payments have cleared from the old bank and close the account, Bankrate advises.

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